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Statement by the Spain LaRouche Movement:
Cyprus Poses the Choice:
Either Leave the Euro and Implement Glass-Steagall,
or We All Go Down With Our Accounts Seized
to Bail Out the Bankrupt Banks

Sterling, Virginia
March 23, 2013

March 25, 2013

The new phase of the Euro crisis, unleashed by the dictates imposed on the tiny nation of Cyprus by the European Central Bank and the International Monetary Fund, with the seizure of bank accounts imposed by European authorities, and the resistance of the Cypriot population, shows dramatically the true nature of the "Troika" that governs the Eurozone on behalf of the financial centers of the City of London and Wall Street, and their total contempt for the welfare of citizens.

Unlike the hundres of billions of euros handed over to the big European banks since the world financial crisis exploded, on March 16 the European Union authorities imposed on Cyprus, in exchange for a EU10 billion credit line, a "tax" on all bank deposits in order to steal an additional EU5.8 billion. In other words, starting immediately, all citizens have to pay for the gaping "hole" created by the private financial bubble, not only through brutal cuts in health, education, pensions, social security, etc. (as has been occurring in Spain, Greece, Italy, Portugal, and elsewhere), but also directly with their own bank deposits.

Among other things, this measure has shattered one of the pillars of the European Monetary Union: the absolute guarantee on bank deposits of up to EU100,000. This has immediately unleashed a wave of lack of confidence in all of the European banks, and instability in the stock markets, which las led European authorities to repeatedly modify the plans they are trying to impose through a humiliating ultimatum of March 25 given to Cyprus.

A week into the crisis, the Cypriot economy remains paralyzed and the Eurozone is threatened with a crisis that has led to the closing of banks in that country, and the failure of the first European bailout plan, after it was unanimously rejected by the Cypriot parliament.

But regardless of what the Cypriot authorities decide, the dam has already been breached and the Euro system has shown its true colors. No amount of austerity is sufficient to save the euro, and what now awaits Spain, Greece, Italy, Portugal and other nations in the area, is what is now happening in Cyprus. As was stated by Athina Kyriakibou, a member of the Cypriot Democratic Party, this is the time for unity among all citizens of the affected countries, to jointly defend all of our nations from the criminal looting and to stop it from spreading to the rest of Europe.

The Spain LaRouche Movement declares its full support and solidarity with Cyprus, and calls on the Cypriot government, the Spanish government and all of the governments of the Eurozone to urgently adopt the following measures:

  1. All nations must do what the Cypriot parliament did: say "No!" to the genocidal austerity and the unending robbery perpetrated by the banks.
  2. Leave the euro and return to national currencies, to reestablish monetary and financial sovereignty.
  3. Create a National Credit Bank to implement the original Glass-Steagall law of Franklin D. Roosevelt, to strictly separate productive credit banks from speculative financial activities and other toxic instruments, and defend the former while allowing the latter to sink under the weight of the financial cancer which they represent.
  4. Begin a program of national economic reconstruction of productive physical capacity, based on the Program for Southern Europe and the Mediterranean, in the context of the large-scale infrastructure program known as the World Land-Bridge, both of which have been developed and circulated international by the LaRouche movement.
For more information and Spanish version of this release:,