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Merkel ally admits European authorities underestimated Cyprus 'mess'

Elmar Brok, the chair of the European Parliament’s Foreign Affairs Committee, has admitted he can foresee a situation where Cyprus could exit the single currency and said that authorities underestimated the current situation there.

http://www.youtube.com/watch?v=O2Pyczg_NPY

YouTube: Thejournalvideo

A LEADING GERMAN MEP, who is a key ally of chancellor Angela Merkel, has said that the current situation in Cyprus puts the entire credibility of the eurozone at risk.

The chairman of the European Parliament’s Foreign Affairs Committee, Elmar Brok, admitted that the current situation in Cyprus is “a mess” in an interview with TheJournal.ie in Dublin today.

But Brok, a member of Merkel’s Christian Democrats party, said that the reason for this was that the Cypriot government wanted to protect large bank deposits from Russia, a stance which had been “underestimated” by EU and IMF negotiators.

“I think the Cypriot situation is that they do not want tax the Russian deposits and [they want to] find it somewhere else including pension funds, which is a problem,” he said.

Brok acknowledged acknowledged that the situation is “a mess”, saying: “That’s true but it came to this situation because the Cypriot government refused to keep [deposits] under €100,000 out [of the agreement].”

One of the longest-serving MEPS in Brussels, Brok said that he could see a situation where Cyprus would exit the euro but said: “I believe we should help them. In my opinion, every country is systemic relevant… It would give a wrong expression if the European Union is not able to protect the smallest part [of it].”

Meanwhile, the head of the Eurogroup, Jeroen Dijsselbloe, has said that eurozone finance ministers will assemble in Brussels from 5pm GMT tomorrow in a bid to nail down a bailout for Cyprus and get the island’s banks back open next week.

“Eurogroup tomorrow 6pm will be in Brussels,” the Dutch finance minister, who chairs the group’s meetings, said on Twitter this afternoon.

More: Cyprus president prepares for Brussels as parties debate 25pc deposit tax

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43 Comments
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    Mute Charlie Wrex
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    Sep 13th 2016, 8:43 AM

    Gardai believe it was the INLA who thought, incorrectly, he had a large sum of cash they could extort. More freedom fighters liberating Ireland one civilian murder at a time.

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    Mute ray.farrelly
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    Sep 13th 2016, 9:08 AM

    Charlie. Do you have any evidence to support that statement??

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    Mute Charlie Wrex
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    Sep 13th 2016, 9:32 AM

    @Ray, it’s called Google. Now this is the best bit: You’ll be brought to newspaper reports that actually quote the Gardai. Hopefully you can find use for such technology in the deep night of your wilful ignorance.

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    Mute Darren Tully
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    Sep 13th 2016, 9:33 AM
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    Mute Nick Drake
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    Sep 13th 2016, 9:55 AM

    lol Charlie, that shut him up…

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    Mute Paul Devlin
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    Sep 13th 2016, 10:48 AM

    Darren, the article you link to specifically states that Gardai don’t think there was any paramilitary involvement in his murder. Perhaps you could change your smug comments and stop using the murder of a man to score your tedious political points

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    Mute Paul Devlin
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    Sep 13th 2016, 10:58 AM

    Apologies, Darren, it was your link but Charlie’s smug comments that ground my gears. Won’t happen again, guv!

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    Mute Rory
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    Sep 13th 2016, 12:35 PM

    Ray the dogs on the street in South Kerry know the organisation that was involved

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    Mute ray.farrelly
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    Sep 13th 2016, 1:14 PM

    Charlie. Google the free library. Give’s a different slant to your’s .maybe you should read more before you call someone ignorant?

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    Mute Zero Disco
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    Sep 13th 2016, 5:05 PM

    Charlie Wrex! Only people of minimal intelligence believe what’s in google as it’s only Stories from reporters (sometimes freelance)
    You are an absolute nut job to even quote google as your point of reference.
    So get of your computer you know all and get a life .
    Back to school you dope..sorry! TROLL!!

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    Mute Brian Finucane
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    Sep 13th 2016, 8:52 AM

    Now if only they’d dig up the garden that Philip Cairns is supposed to be buried in.

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    Mute Ross Stewart
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    Sep 13th 2016, 8:16 PM

    Or the land where Mary Boyle disappeared

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    Mute Reg
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    Sep 13th 2016, 9:15 AM

    Awful what happend ro this family as a result of their father’s death.

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    Mute Bobby Phelan
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    Sep 13th 2016, 9:21 AM

    why not investigate Mary Boyle as well.

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    Mute John
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    Sep 13th 2016, 9:30 AM

    There’s too many careers on the line.

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    Mute Leo Lowe
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    Sep 13th 2016, 9:28 AM

    Another victim of republican terrorists. It did not take long for the first what about comment to be posted in order to deflect attention away from this particular murder.

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    Mute Paul Devlin
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    Sep 13th 2016, 10:54 AM

    Well it didn’t take long for you to pop up even though the Gardai believe it was a criminal gang involving an ex-INLA man and not a paramilitary gang or murder. That’s why this poor man is not included under the remit of the Disappeared Commission. Stop being an oaf, Leo

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    Mute Seth Cheffetz
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    Sep 13th 2016, 9:40 AM

    Better late than never…. Right?

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