Yesterday on Twitter I promised to write about Luxembourg and the end of banking secrecy.
The Luxembourg Finance Ministry came out with a press release stating that automatic exchange of information will come in to force on 1.1.2015.
Unfortunately after being on the phone and writing email after email on the subject for nearly 48 hours straight I am mentally fatigued on the subject. I’m all out of juice people, and tomorrow it's set to continue. I will have to recharge my batteries and have another stab at it next week. Sorry.
You can always sue me... If you can find me.
But I do have something for you. Cyprus.
“Oh no. Not that old olive grove!” you all scream. Well my dear readers, the thing with this Euro Crisis is that things only get interesting after the bailouts.
The way these things go is that everything coming out of the EU before the bailout is baloney and when the bailout is done, everyone in the EU does a mad scramble to hide and cover up all the baloney and pie in the sky numbers they spewed before the bailout.
Basically, post bailout in the EU is a project in covering up the truth.
And that brings us to Cyprus today. For those of you who have been reading my articles on Cyprus, you might recall that the Cypriot share of the bailout was touted at about 6 billion euros.
Yesterday a EU Commission document was leaked in which the cost to Cyprus is now estimated at a whopping 13 billion euros. It doubled! Where are the emergency meetings of Euro finance ministers? What is the Commission saying about this? What about the Troika?
Silence. Complete and utter silence.
Here’s the actual document. It’s boring, I read it so you don’t have to, just go to point 24 to see the the 13 billion. Click here.
Let me put that number in perspective for you. That means 20 000 euros for each and every Cypriot! 20 Gs!!!! Where is the scandal I ask you? Where is the justified uproar? Where is the Facebook group?
Will any of the tax-free salary enjoying Eurocrats who came up with the same hocus-pocus figures be brought to account? (Note: It was clearly stated on this blog at the time that those figures were erroneous) Will any heads roll? Of course they won’t, the same incompetents will be put in to run the next Euro debacle. Mark the Banker's words now: There will be a next Euro debacle.
And so the merry go round goes on.