PDA

View Full Version : Total Fiasco: Germans are the Poorest, Cypriots the Second Richest in The Eurozone




sailingaway
04-11-2013, 10:06 AM
In March, six years after inception, the first ECB-organized Eurozone-wide household-wealth survey results were trickling out. But when the Bundesbank refused to publish the German data, insiders leaked the reason: too explosive for the current debt crisis and bailout environment because Italian households were far wealthier than German households. Shocking! And a red herring. The truth turned out to be far more shocking.

Now the ECB has finally published the all-country report—and it’s far worse than feared. Italian median household wealth was indeed over three times larger than Germany’s. But that wasn’t the problem. The problem was Cyprus.

Cypriot households (CY), as measured by both their median and average wealth, were the second richest in the Eurozone. Median household wealth—half the households had more, half less—of €266,900 was over five times Germany’s puny median of €51,400. Average household wealth reached a phenomenal €670,900 (that’s $872,000!), 3.4 times Germany’s €195,200, and just shy of Luxembourg’s €710,100. Rarefied levels of wealth achievable only by small countries with huge and murky banking centers, or lots of oil. Few countries in the world are in that elite club.

And Germans (DE), based on median household wealth, were the poorest in the Eurozone.

http://www.testosteronepit.com/storage/Eurozone-Median-Average-Wealth-by-country.png?__SQUARESPACE_CACHEVERSION=13655600129 13

http://www.zerohedge.com/contributed/2013-04-10/total-fiasco-germans-are-poorest-cypriots-second-richest-eurozone

sailingaway
04-11-2013, 10:08 AM
However, I suspect it is released now to push the idea that Cypriots can afford their lifes savings being stolen by the banks as if a particular person who just retired and had saved money for life owed back his savings to the IMF.