WHERE IS ALL THE BURIED TREASURE IN GREECE?

The rightfully gained money in every part of the world is rightfully belonging to the people who gained it. What is the problem of Cyprus currently is the depositing of moneys that were gained in various ways and mostly illegally.

Cyprus for many years was the land of the off-shore companies's paradise in the Mediterranean and people took advantage of the existing laws and the benefits of high interest rates that the banks in Cyprus offered to depositors.

That is the reason why so much money was accumulated there and the banks had totally more than the GDP of Cyprus.

From one point of view the taxation of that money is a correct act but the Cypriot Government was forced to enforce it on all amounts deposited regardless of the sum. That affects the small depositors who had their money in the banks and under the assumption that their deposits were lawfully protected, found themselves in front of heavy taxation.

The actual aim of EU, wanting to eliminate the "black money" and all its loopholes, enforced that decision.

The problem is that those measures mostly affected the ordinary small depositors and it is only natural that people should react the way they did.

Now, regarding people saving money under their mattresses, it is only a human natural reaction to feel that their work's hard earned money is safe and sound. And that is not the actual problem. Also, that is not where the big money is.

I remember, that soon after the Turkish invasion on the island and for a few years later a lot of Cypriot entrepreneurs appeared on the Greek economic scene and many businesses either were taken over by them or were established by Cypriots. Now, that makes you wonder. Where all that money came from? Was that money under the mattress? Was it legal? The fact remains that some very wealthy and financially strong businesses were established then and still thriving today.

Of course money has no home country and its role is to circulate. Be it Cyprus, be it Greece, be it Russia or be it Europe as the song says "Money makes the world go round", and Germany wants some of that circulation.

The problem that Greece and Cyprus would face if they reverted to some form of New Drachma / New Cyprus Pound , is simply that no foriegn firm would accept those as payments for what both states need to import ( because as an already defaulted economy the new currencies would be looked at as just worthless xartotoualetta , you see .)

Initially both countries could try to use the foreign money the many tourists would be paying , plus what both countries gained as income from their exports , and buy some essential supplies with that bag of hard currency , but it would not be enough .

Many of the ordinary people in both countries are already dealing only in cash , and they would continue to do so , but only accepting payment in their own country's new currency when forced to do so .

That " black " cash economy would cause a great fall in tax revenues , further hurting the new currencies .

Eventually the rest of the world would have to put a " floor " under the new currencies ( basically buy semi-worthless new Greek + Cypriot paper currency using hard currencies like the Euro , £ , and $ .)

So you see simply defaulting and hoping that the problem will go away will simply not work . it would actually create even more problems .

Greeks and greek-Cypriots are understandably cross and humiliated at their situation , but the Troikas are trying to help .

Naturally that help is conditional on some painful measures .

Or would you rather stand queueing for hours in the street waiting for the Nato army trucks to bring you your food-aid gift parcels to keep you from starving next week ?

I know where it's buried but although I could use some extra wealth, I don't want to disturb our rich archaeological inheritance.

Yesterday i found some .,..

but

you have to look to find

dont expect to tell you