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LaRouche Movement Representatives Speak at Anti-Bail-In Seminar in Cyprus
October 20, 2013 • 9:20AM

NICOSIA, Cyprus - On Oct. 17, two representatives of the LaRouche Movement were among four speakers at a conference called to take the Cyprus bail-in to the European Court of Justice. The conference was attended by up to 70 people, most of whom were victims of this policy. It was organized at the initiative of the Anglo-Cypriot Law Association and its President Dr. Katherine Alexander-Theodotou. Speakers included Prof. Takis Tridimas from King's College of London (an expert on European law) and Barrister Alexander Milner, also London-based, specialized in financial litigation. The other two speakers were Dean Andromidas of EIR and Elke Fimmen, representing the Schiller Institute and the BüSo in Germany.

After an introduction by Dr. Alexander-Theodotou, the two barristers presented the grounds on which the cases are to be filed against the Troika. Mr. Milner identified violations of the right to property (as defined in the EU Charter); selective and unequal discrimination against depositors and a violation of fair procedure by the Troika as a main body of the case. Mr. Tridimas elaborated more on these points, stressing that nobody is above the law and that the Eurogroup of Eurozone finance ministers did not have any formal juridical power to impose these measures. Making the point, that the law is not like the rules of chess; so that is why we have courts to determine points of law. This was important for two questions, which came up: One, on defining depositors as creditors, as is done in the Troika memorandum. You cannot consider that depositors, who keep their money in a current account, which can be drawn upon any time, as investors, i.e. as creditors. Second, on a question as to whether it was not the Cypriot government, which is the responsible party, due to signing the memorandum, instead of taking the case to the ECJ against the Troika. Prof. Tridimas said, that this was irrelevant, because the Troika determined the policy, which the Cyprus government then put into practice. Prof. Tridimas, who insisted on the illegal and unprecedented way of the bail-in in Cyprus, also pointed out, that this is a policy envisioned by the Single Resolution Mechanism, was also clear, that the bail-in policy is becoming standing Troika policy for all of Europe. Elke Fimmen intervened to strengthen that point, by elaborating the planned centralized European Bank Resolution regime, which led to a discussion whether such laws to be passed in the future could be applied retroactively, which of course they cannot.

The two legal experts had to leave after a lengthy Q&A period. A smaller group stayed to attend the presentations of the LaRouche movement representatives. Dean Andromidas presented an impressive analysis of the utter bankruptcy of the derivative-based international universal banking system, and the utter failure of the bail-out, bail-policies in southern Europe, with its murderous results. He stressed that if the human race is to survive, Glass-Steagall is the only solution, to bankrupt this system and build a new credit system for the future.

Elke Fimmen explained how the establishment of the euro as a geopolitical policy to prevent economic development of sovereign nation-states in Europe following German reunification laid the basis for the catastrophic results we are witnessing now, counterposing it to the economic development programs of the international Schiller Institute and the BüSo. She then elaborated in detail our mobilization in the various European countries, to get Glass Steagall passed in the United States and the status of the various national legislative moves for Glass-Steagall. She strongly emphasized that as patriots and world citizens, we have to join hands now to defeat a crumbling oligarchy and make sure that human progress and development is put into the center, as exemplified by bringing the world economy onto a new scientific and technological platform through the development of a fusion-based economy. The University of Cyprus participates already in a European fusion program, and since Cyprus has a highly educated youth, which is its real treasure, this is exemplary of how mankind can take the Promethean torch of fire and creativity forward to build the future.

The meeting which concluded very late, was preceded by a press conference, with statements from all the speakers. That same evening, two national TV programs broadcast a report about the seminar, which was picked up by viewers in London also. We have yet to view how extensive the coverage was.

Apart from the seminar, there has been a series of meetings and in-depth discussions with representatives of political parties, economists and journalists. Great interest was expressed on the Glass-Steagall fight in the U.S., and the implications of this policy being implemented in the U.S. for a change in Europe. More to come.


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