While UBS and a certain Mr Draghi are still warning that a state bankruptcy would trigger a bank run on all European banks, Mr Schäuble and we do not believe in such bollocks any more. Draghi thinks that Schäuble, who holds a degree in law, is not enough economist to judge. We rather think that a psychological education would be more useful to understand markets than being an economist.
In times of improving confidence, it is time to let go countries go bust and recover thanks to a cheap exchange rate. Or at least make Russians believe that the EU want Cyprus to go bust. See why Cyprus should replicate the Icelandic success, banks should go bankrupt and Cyprus will switch from being a Russian offshore and FX scam banking center to a simple cheap tourist destination, a great example that Greece should follow later. And if somebody wants to bailout Cyprus, then it should be Russia.
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