C’est en toute connaissance du caractère parfaitement insoutenable des pratiques prédatrices des banques chypriotes que l’Europe a invité Chypre dans la zone Euro, et donc, en toute connaissance du caractère spéculatif de son économie et du bail-out à venir :
In a so-called convergence report dated 2007, one year before Cyprus joined the eurozone, the ECB mentioned the large influx of capital.
“Much of the financing of the deficits in the combined current and capital account over the past two years has also come from capital inflows in the form of ’other investment,’ comprising non-resident deposits and loans,” the report says.
“Other investment inflows amounted to a sizeable 11.3 percent of GDP in 2006. Since capital inflows exceeded the current and capital account deficit between 2004 and 2006, Cyprus experienced an accumulation of official reserve assets in this period,” it adds.