New Normal

Perhaps World War Two never really ended, just an armistice between xenophobic nationals pretending to be Euro – tolerant under the guise of the EU. 

Britain wants nothing to do with European currency and Bulgarian immigration (although European football players get a pass)

Italy can’t decide whether to part their hair on the left or the right. 
Spain rule on the soccer pitch while the country is heading for the ditch. 
Ireland and Portugal want fifteen years to pay back EU loans and France - well the French are the French aren’t they?

Meanwhile…

Just when you thought there was some continuity on the European crisis here’s Cyprus implementing unprecedented measures to stem bankruptcy.

Under orders from Germany’s headmistress Angela Merkel who is fighting for re election, the Cypriot government in voting mode have declared a levy on bank deposits to fund the bailout. 

To touch the holy grail of insured deposits is a might bold attempt at pissing off just about everyone you could imagine. 

However the German taxpayer takes a different view, in true German pragmatism they scream why bailout Russian Gangsters whose plundered gains rest a sunny Mediterranean piggy bank? 

I see their point, except of course legalised robbery and one needs energy, and in case of Russia they have gas and in the past have held Europe to ransom when it comes to pipelines and heating another crappy winter. 

Russia supplies 36% of gas to Europe; that’s a lot power in every sense. 
Despite the German Chancellor’s eagerness to shield the German nation from higher taxes, Vladimir Capone has the upper hand - Stalingrad minus the shelling.  

Could this new standard have repercussions throughout mainland Europe? Quite possible, if nothing else, confidence is in short supply and a new tactic of austerity dictates - your deposits or more taxes. 

If European leaders see this as a trial balloon for bigger economies, it could have catastrophic consequences. For now stock markets in Europe are down, but so far no rush to the ATM.

A fiscal Détente please.