![\"some_text\"](\"http:\/\/a133.idata.over-blog.com\/452x600\/2\/86\/47\/38\/2010-semestre-2\/Mi-esquizofrenia.jpg\")
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Off with the masks. Multinational debt bubbles, propped up by nothing more than confidence, have given way to a glimpse \u2013 for the time being, nothing more than that \u2013 of harsh reality. And that reality is none other than Northern Europe\u2019s refusal to continue committing its money to the black holes of the South and the periphery.<\/p>\n
Some will try to justify it by saying that it was a publicity stunt on the part of the Neurogroup<\/em> against the Russian mafia\u2019s unchecked slush funds; others will simply put it down to President Anastasiades\u2019 negligence in the way he has handled yet another bailout in extremis<\/em>, with negotiations taking place in the early hours of what was supposed to be a \u2018corralito\u2019 over a long weekend, and which could last for months. But no. What happened in Cyprus marks a radical departure from the mantra repeated ad nauseam by all the leaders of the Neurozone<\/em> since the start of this crisis, back in 2007. A repetitive narrative that has always sought to square the circle of peripheral debt with promises of money that does not exist.<\/p>\n We have thus seen how the bailout and financing schemes, with their outlandish names coined by neurobureaucrats<\/em> Aspiring financial engineers have amassed multi-billion sums based on mere promises and the leveraging of those promises. The fact is that money \u2013 real money, as it were \u2013 has never actually been put on the table by the northern countries with sound economies. At most, they have provided small sums which, whilst welcome, have never and will never jeopardise the strength of those economies within Germany\u2019s sphere of influence, nor do they serve any purpose whatsoever. Yet despite this, the rhetoric remained the same: we must trust the extraordinary financing mechanisms provided by the EU because they are sufficient. Even Draghi himself said last July 2012 that the ECB would provide \u00abwhatever it takes\u00bb, in a bold verbal gambit that seemed to work until some neuropyromaniac<\/em> Cyprus went up in flames just over a week ago. After all, it had been a death foretold for almost four years: \u00abThe UEM\u2019s Titanic<\/a><\/strong>\u00ab<\/p>\n But everything has changed in recent days. The statements by the President of the Eurogroup, J. Dijsselbloem, and by Merkel herself \u2013 who is three months away from a very long and gruelling pre-election campaign \u2013 explicitly warn that the citizens of insolvent countries will have to shoulder their national debt one way or another. The party of promised bailouts and life-support measures based on mechanisms backed by nothing more than leveraged promises of money is over. From now on, the money will come from those who have it, and those most at risk will be the most trusting \u2013 that is, the domestic savers in every country teetering on the brink of the abyss. After all, it is less unfair for those who have taken the risk of becoming bondholders, shareholders and\/or bank depositors \u2013 banks that are only still breathing thanks to widespread blind faith and the leveraged promises of local and European governments \u2013 to foot the bill.<\/p>\n In short, we are facing a grim, very grim situation in which, as long as the markets tolerate the debt and deficits reflected in the macroeconomic figures of the periphery, nobody will make a move. But as soon as investors turn their backs on a peripheral country (Spain or Italy are in the firing line) and that country requires a bailout, the Neurozone will pressure governments to dip into their citizens\u2019 money with impunity in order to bail out their banks and\/or governments using local, fresh and defenceless funds.<\/p>","protected":false},"excerpt":{"rendered":" Fuera m\u00e1scaras. Las pelotas multinacionales de deuda apalancadas con mera confianza han dado paso a un atisbo -por el momento s\u00f3lo eso- de cruda realidad. Y esa realidad no es otra que la negativa por parte del norte de Europa a seguir comprometiendo su dinero en los agujeros negros del sur y la periferia. Algunos […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,51,45,40,52,37],"tags":[],"class_list":["post-2978","post","type-post","status-publish","format-standard","hentry","category-actualidad","category-banca","category-asesoramiento-deportistas-artistas","category-gestion-financiera","category-asesoramiento-patrimonial-multi-family-office","category-reflexion"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/2978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=2978"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/2978\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=2978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=2978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=2978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}