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21 March, 2013

The new big trick of neoliberal bankdebtocracy

by system failure

The road was well prepared long ago. More and more information was coming to the surface such as that the Cyprus economy is in bad condition and there is a need for a memorandum for Cyprus, similar to that of the eurozone periphery countries.

The European Central Bank and the European institutions did not choose the same way this time. They strike Cyprus at the point which hurts most, in order to enforce the desirable and favorable policies for the expansion of neoliberal experiment which is repeated renewed in eurozone countries. The tax-haven Cyprus will be soon converted into another state controlled through debt by the European neoliberal economic empire, as the first necessary moves have already been done by the ECB and Mario Draghi. This is why the ECB announced that - despite the desicion of Cyprian parliament which decided (for the moment) to withdraw the “plan” for the haircut of deposits – will continue to supply Cyprus with liquidity. (

What are the main reasons behind the recent scandalus decision of Eurogroup for the haircut of deposits in Cypriot banks?

First, the elimination of the Cypriot banking-tax haven, which in the euro zone, is the only one located out of the German sphere of influence (and therefore mostly of German big capital). Therefore, the banking-tax havens (Switzerland, Luxembourg, Liechtenstein) in euro area , are restricted to the limits of influence of the hard core.

Second, the decision will probably trigger a mass flow of Russian capital out of the Cypriot banks, therefore, the decision also aims to unblock Cyprus from the Russian capitals and will force the country to turn easier and faster to the exclusive source of funding, the ECB, which will enforce the desirable policies applied to the other eurozone countries which adopted the troika memorandum. Therefore, the statement of the Cypriot president Nikos Anastasiadis that "the solution is the less painful because above all, leaves the management of economy in our hands", could be characterized, at least as misleading.

Third, the decision aims to hit the Cypriot-Russian relations, as it will hurt Russian interests concerning the exploitation of energy resources in the region. Moscow reacted strongly against the possibility of haircutting Russian deposits in Cypriot banks. At the same time, EU partners will press Cyprus to “open the door” of its energy resources exclusively to the western big companies. A recent statement of the Greek prime minister Antonis Samaras - who is also a prisoner of debt to European creditors and US-influenced IMF – speaking about a unified European Exclusive Economic Zone, is pointing the way towards the unification of Greek and Cypriot EEZs and widening the field of potential reserves in the south-east Mediterranean for exploitation from the same companies.

But , above all, the one thing which resounding collapses, is the supposed guarantee of deposits within the euro zone, which is supposed to be secured permanently, based on the decisions of the European Summit in October 2012. At least this was supported by Antonis Samaras at a press conference, claiming that the proposal of Mario Monti, concerning guarantee of deposits, has been entered for the first time in section 9 of the final outcome text:( Only five months later, the facts are proving that there is no guarantee of deposits, that the decisions of the political institutions of EU cannot be taken for granted, and that decisions are, actually, entirely in the hands of the ECB and financial control mechanisms.

What actually the European neoliberal economic empire does, is to deregulate the system continuously for the benefit of banks and big capital. It is not only the dissolution of labor rights and the welfare state. The haircut of deposits, will allow major shareholders of Cypriot banks to reduce the legally required capital in cash, through the fractional reserve rule, while a large part of the bailout package will be returned to the banks for the sake of "stabilization" of the banking system. But the money will just take a trip to Cyprus and then return as major shareholders' funds back to the ECB, after robbing the depositors.

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