Comments on: Why Cyprus must leave the euro http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: traducator daneza romana http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/comment-page-1/#comment-53757 Mon, 29 Sep 2014 14:05:58 +0000 http://blogs.reuters.com/felix-salmon/?p=21219#comment-53757 Simple and easy exclusive design

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By: MattJ http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/comment-page-1/#comment-46621 Thu, 11 Apr 2013 20:16:51 +0000 http://blogs.reuters.com/felix-salmon/?p=21219#comment-46621 Why wouldn’t they redenominate their debts to the ECB along with everything else, if not just immediately repudiate them as nixonfan wrote? The whole point is that those are debts that cannot be repaid.

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By: nixonfan http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/comment-page-1/#comment-46616 Thu, 11 Apr 2013 17:00:23 +0000 http://blogs.reuters.com/felix-salmon/?p=21219#comment-46616 In the end, Cyprus will exit, redenominate, default AND effectively repudiate its debts to the troika including Target2.

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By: samadamsthedog http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/comment-page-1/#comment-46610 Thu, 11 Apr 2013 12:38:24 +0000 http://blogs.reuters.com/felix-salmon/?p=21219#comment-46610 How about a kickstarter project?

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By: Urban_Guerilla http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/comment-page-1/#comment-46609 Thu, 11 Apr 2013 10:09:25 +0000 http://blogs.reuters.com/felix-salmon/?p=21219#comment-46609 It is true that people rarely move en masse. But the movement of people from Poland et al to the UK on the accession of Eastern European nations really was a mass movement.

Besides, a large number of Cypriots have relatives in the UK already. That makes any move much easier.

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By: y2kurtus http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/comment-page-1/#comment-46607 Thu, 11 Apr 2013 01:27:13 +0000 http://blogs.reuters.com/felix-salmon/?p=21219#comment-46607 I think the article misses two huge… possibly the largest two reasons that Cyprus can’t leave the Euro.

#1 they still have massive amounts of (now captive) slim shady offshore deposits in their still bloated banking system. If you look out a year or even two years the Cypriot banking system will still likely be a larger % of the economy than the financial system is in the United States. Most digital music is still downloaded illegally despite cheap and easy alternatives… Why is that… because the odds of getting caught are miniscule. It’s the same with offshore tax avoidance. If you’re a medium sized fish you’ll probably never see the inside of a net and even if you do get pinched you might have to pay 3 years worth of back taxes but a good lawyer will keep you on the right side of the bars. The capital controls and inertia will keep more money on the island than you would expect.

The other reason is legitimate tourism. I think right now the papers and websites of Europe are probably filled with the equivalent of 4 star beach front hotels for 99$/night. That’s worth a bunch of money year in year out.

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By: johnhhaskell http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/comment-page-1/#comment-46604 Wed, 10 Apr 2013 18:40:28 +0000 http://blogs.reuters.com/felix-salmon/?p=21219#comment-46604 All of the arguments above also, incidentally, explain why it was impossible for Russia, Belarus, Ukraine, Armenia, Uzbekistan and Tajikistan, inter alia, to give up the Soviet ruble.

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By: Chris08 http://blogs.reuters.com/felix-salmon/2013/04/10/why-cyprus-must-leave-the-euro/comment-page-1/#comment-46603 Wed, 10 Apr 2013 18:25:13 +0000 http://blogs.reuters.com/felix-salmon/?p=21219#comment-46603 Well Cyprus is, in fact, already out of the Euro since Cyprus Euros are “disabled” and “crippled” by the restrictions put on their use. Euros were and are intended to be used anywhere in the Euro zone and to be free to go from one Euro country to the next. None of this is true re the Cyprus Euro that isn’t anything but a Cyprus currency with a wrong name on it.

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