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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (220248)	3/22/2013 3:06:26 PM
From: Steve Lokness	Read Replies (1) \| Respond to of 542229

Clearly here Krugman is talking about Iceland. But remembering what he said in total about Iceland in his previous post on Cyprus; .......... <<<<<<So then what? As a number of people have pointed out, Cyprus is arguably better positioned than Iceland to do an Iceland, because devaluing a reintroduced Cypriot currency could bring in a lot of tourism. But will the Cypriots — who haven’t even reconciled themselves to the end of their round-tripping business — be willing to go there?>>>> This clearly suggest to me that Krugman is thinking that Cyprus leaves the EU starts up its own currency again and then devalues it. BUT how the holy shit do you do that now? How do you do it in a timely manor to save anything? And if you do that, why would the Russians keep using Cyprus to stash their money in? The reason Cyprus works for Russia is because they are on the Euro. Iceland was able to devalue because they had their own currency - Cyprus doesn't! BUT, now in this later blog entry Krugman brings up Iceland again as if others have said to him; what the heck you talking about devaluing Cyprus like Iceland! Of course - like I tried to point out in the original post on this - there are few similarities. Iceland joined the EU to help get out of their mess - Paul wants Cyprus to leave the EU to get out of their mess. In Iceland, the Russians helped bail out Iceland - in Cyprus the Russians and their dirty money are the problem. I could go on............