It is strange that countries like the UK whose best interests business-wise lie within the European Union want to leave the EU while countries like Greece whose best interests would be to leave the EU and have a devalued currency want to stay within the EU.
In the global kleptocracy of off shore tax havens, the Russian, Chinese, British, American Elite etc. etc. all rub shoulders after looting their respective countries (or some other third world country if they can get away with it). And they wonder why we don't trust our elected representatives or the free market?
More likely it is just easier for the Western elite to milk the taxpayer by scams such as Savings & Loans, Junk Bonds, Internet bubbles, CDOs /CDS and bank their loot in off shore tax havens than compete in the global marketplace. Technological innovation in general is slowing down with many innovations being refinements of inventions from the 20th century. These days, corporations are engaged in Patent Wars to milk profit from the court settlement system
Depends upon what the objectives of the Euro elite were: Bailout Cyprus? Send a message to the Southern European nations and the markets that the credit and patience is not infinite? To precipitate capital flight and lack of confidence in some banking systems? To weed out some weaker members out of the EU? Or simply to muddle on in typical EU fashion with compromises and messy arrangements? The last objective, I suspect......
The Germans might be right to force a default by the Cypriot banks. It would be extremely messy and spread to Greece, Spain, Italy and France. Everyone would feel the pain including the northern European countries. It would mean the end of the Eurozone as we know it and possibly Cyprus, Greece, Spain and Italy out of the EU. But at least it might be some sort of resolution to the never ending Eurocrisis, two to three years down the track. The main trouble is that no one can quite predict the exact consequences of such a default