And here we GO!!! Again. Just yesterday I published a blog questioning Europe’s long-term prospects and more importantly, the European Unions’ stability. To wit, Cyprus’ international creditors (IMF, Euro-Zone Members, esp. Germany), want Cyprus to impose levies on deposits held in Cypriot’s Banks, in exchange for a Bailout. The proposed levies are as follows:
- 6.75% on deposits of less than €100,000
- 9.9% on deposits exceeding €100,000
A lot has been written about Europe and The Great European Crisis. Many in the media have proclaimed, without any reasonable explanation, that the European Crisis is behind us now and the global economy is about the hit escape velocity and propel itself into the ether of space and time. Though I personally would love to see that scenario play-out, the truth is far from what the media and the politicians want us to believe. In reality the European Crisis is getting worse and worse every single day. Though this may not be reflected directly in the Bond Yields of the European nations (Yet), it’s certainly visible in the economic data coming out of Europe.