Citing an overrunning meeting with the International Monetary Fund (IMF) the Eurogroup (basically the European Union minus the UK) meeting on Cyprus has been delayed until 19:00 GMT.
This provides me with the opportunity to point out that while I haven't fully run the numbers it might actually be a good idea for the EU to simply refuse to bailout Cyprus. After all the Cypriot economy is so small that the effect of it's economic collapse on the Eurozone as a whole would be negligible. Then once Cyprus leaves the Euro, reverts to the Cypriot pound, devalues and then has the entire financial world round on it for refusing to pay it's debts it would make a example of what could happen to other Eurozone nations such as Greece and Italy who think they can debate austerity measures.
Also on a completely unrelated note my brother is going to have dinner with my father in Wetherspoons at around 19:00. I won't be joining them for the simple reason that my feet hurt, my back hurts and I'd much rather be sitting at home in the warm drinking wine than being out in the cold dealing with people.This was a decision I made when I failed to get up this morning long before I'd even remembered that there was such a thing as Cyprus.
18:15 on 24/3/13.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment