[quote=The-Shoveler]You would think telling the EU and Russian’s to both pound sand would be the correct choice.
This is what happens when you give up your rights in exchange for being in the EU.
Not like people would stop coming to vacation or they could not write a better contract for the offshore rights,
What the heck maybe they plan to nationalize later anyway.[/quote]
I don’t think they need to tell the Russian’s to go pound sand. As far as I’m aware as of right now they could allow an orderly bankruptcy of their local banks, wipe out equity, junior bond holders and some senior bond holders and still honor the depositors. The problem is that entities like the ECB which aren’t allowed to take loses, hold some of the senior bonds that would be wiped out. This potentially would start a domino effect and the Euro would eventually fail. It’s the mountains of debt that is guaranteed by other debts that this crazy house of cards was built on. You default on a small part of that debt and everything falls apart. Realize that Lehman was smaller than Cyprus and you see where the trouble lies.