[ExI] cyprus banks

spike spike at rainier66.com
Fri Mar 22 16:27:07 UTC 2013


>... On Behalf Of BillK
Subject: Re: [ExI] cyprus banks

On Fri, Mar 22, 2013 at 2:48 PM, Mirco Romanato  wrote:
>>... This imply they will stop giving them paper cash monday.
> The Cyprus bank will become immediately illiquid and insolvent.


>...Or they might be issuing Cyprus pounds instead of euros.
They can print as many of these as they require.

BillK
_______________________________________________

One of the memes on InTrade was: any nation currently using the euro would
stop using it or withdraw from that currency.

Had not InTrade gone out of business suddenly under suspicious circumstances

(http://www.intrade.com/v4/home/)

it would be interesting to see how they would adjudicate that meme.  If
Cyprus technically still used euros but started minting their own currency
as well, would that pay as a true on euro withdrawal?

That euro-withdrawal thing was one I would have bet on, had I ever gained
sufficient confidence in InTrade.  Reasoning:  the price on that meme was
crazy low.  It was trading in the 30s when I estimated the likelihood of
Greece's withdrawal at somewhere in the 70s.  It looks as foreseeable as the
sunrise that the less responsible nations must gain control over their own
currency, so they can devaluate it at will.  I just don't see how they can
maintain a common currency with the highly industrialized, self-disciplined
countries such as Germany and Sweden.

Note to any Greeks present: my humble and sincere apologies, no insult
intended, honest.  This is me, I have no malice, I am just reading the
numbers.  I am just reading the numbers on my own nation too, and I know
what is coming here as well.  We yanks, and most of Europe, have been and
are now living way beyond our means, waaaay beyond.  Eventually the bills
come due.  Ours are due.

spike





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