PEOPLE AND IDEAS ART NOISE LITTLE STROUTHOKAMILOS ECO BLOG GREEN CLIMATE CHANGE POLICIES last minut

PEOPLE AND IDEAS ART NOISE LITTLE STROUTHOKAMILOS ECO BLOG GREEN CLIMATE CHANGE POLICIES last minute appeal degrowth melanima WHOSE CRISIS ENDOGENOUS PRODUCTION DEVELOPMENT RECONSTRUCTION taxpayers uninsured melanima THE PURPLE SEX BEAUTIFUL TROUBLE WE SOLIDARITY
ELA to see ... Theodoros Skylakakis The American Revolution took place with the fundamental demand "no taxation without representation (no taxation without representation). Then history parliaments, melanima representing the peoples, are responsible for taxation, but also the approval of debt creation, in training and execution of budgets melanima of the state. All this until we reach the "magical world" of the eurozone and the European melanima Central Bank, which, as demonstrated by the People's Bank of case in Cyprus, there are other ways to potentially increase debt and to lead a country in complete deadlock, through the Central Bank (in this case the Central Bank of Cyprus and the European Central Bank). As known the People in Cyprus had received from the mechanism of Emergency Liquidity Assistance (ELA - "emergency liquidity melanima assistance melanima ') over 9 billion. EUR. This money was the biggest part of the hole he was looking all last week to cover the Cyprus and came to be loaded is largely unrelated to the case depositors of Bank of Cyprus (and possibly at the end, one that will give additional ELA Bank of Cyprus, the Cypriot taxpayer). The scary amount, equivalent to over 50% the Cypriot GDP, not recently been, or even the last few months. Based on the list published by the newspaper Phileleftheros of Cyprus, borrowing from the ELA began 18 months ago and has nearly reached prohibitive melanima levels (3.5 bn. in November 2011, when still called Marfin Popular Bank), to peak at 9.6 billion. in July 2012. We will here a necessary digression what is and how it works the ELA. At the European Central Bank is a tool offered melanima assistance by central banks "in exceptional circumstances and where appropriate, temporarily without liquidity but solvency organizations" ( to temporarily illiquid but solvent institutions) . According to Reuters, summarizing the relevant information on their (non-publicly available melanima detailed rules governing ELA), central banks offer help in exchange for "adequate collateral ( against adequate collateral ), each change of ELA's limits approved with a 2/3 majority of the 23meles Board of the European Central Bank, "who" adopt the maximum amounts of ELA for each particular bank "and States" is ultimately responsible for any damages caused by ELA-up by central banks as guarantee for them. " The ECB itself declares that the information on the ELA is "necessary to remain confidential." The hard question melanima that arises from all this is: complied by the Central Bank of Cyprus and the European Central Bank rules governing the granting of ELA; What may be considered "temporary illiquidity" administration for 18 whole months in a single amount bank reached 50% of the country's GDP? And how felt that this bank was creditworthiness when the amount itself, but as demonstrated by the events, even haircut of deposits, money is not enough for ... to meet the obligation resulting loaded in unrelated People with another bank depositors? As characteristically reports Daily "the Good People", which will assume the obligations for ELA ... can cover about 60%, ie from 5.4 to 6 billion. Euro ... the remaining part of the ELA , an amount of 3.2 to 3.8 billion. euros will be loaded on the backs of Bank of Cyprus melanima ". Given that no path and last depends on the reactions of shorn depositors and Eurogroup agreement granting additional liquidity provided ( again through ELA) the BoC is likely that a significant melanima part of the final account will result in the Cypriot taxpayer. melanima The most serious question of all, which concerns every European citizen is how to leave a few institutions so uncontrollable that they can give 50% of the GDP of a country for 18 months to manage as some private money without parliamentary approval and without substantial collateral (or to be exact, with obvious from the events lack collateral)? Do they say to lend, give small or major interest melanima to allow the withdrawal of deposits, etc., money is neither their own nor Mr.