The dreaded abolition is here de facto the free movement of money between Eurozone countries. And it has happened as always, quietly, behind closed doors, and in the country of Mediterranean soda experiments: Cyprus. The first case to come to the New York Times forum It was Marios Loucaides, a Cypriot businessman who had the audacity to try to buy a flat in neighbouring Athens a few weeks ago.
Don’t think this was some massive purchase or a deal worth millions of euros – no. It was simply a matter of buying a modest flat for €170,000. Mr Loucaides agreed with the Athenian owner that he would transfer the amount upon his return to Cyprus, something that should be perfectly normal and routine between EU countries sharing a currency in the much-vaunted Eurozone. But no. The money could not leave the country after endless obstacles, and the sale fell through. The Athenian owner will have to find a buyer with real money – that is, euros, not Cypriot currency.
As we mentioned in our previous article, «
By the spring of 2011, some of us had already realised that we were facing the most complex situation we had ever experienced in the markets, and indeed, 2011 was a a year of misfortune. However, this was not so much due to the results (the markets fell much more sharply in 2008), but rather to unprecedented upheavals in the financial system. That autumn, we wrote an article entitled «
It is curious to see how, on the European periphery, there is still a belief that our states retain their status as public entities. As sovereign countries with decision-making power over all their state affairs, just like any other nation in the world. For example, that, as the independent states we are, we continue to determine our own economic, fiscal and monetary policies, as well as our labour, social and economic policies in general. That we are and will remain sovereign countries, whatever happens to our economies. Whether poorer or richer, whether banana republics or prosperous countries aspiring to join the G20 (sic), we are always masters of our own destiny. We are mistaken. 
