Fortunately for the people, there haven’t been catastrophic bank runs, although the fear and anxiety showed on the faces of the people who lined up to withdraw long withheld funds. Add to that it’s just one more draconian measure to insure IMF and EU bailout funds. Europe continues in a dogged recession because they can’t seem to generate the “economic growth” that everyone sees as the alternative to austerity. Obviously Cyprus proved that the latest model for austerity is pretty harsh and I don’t see as being effective.
Chillbilly about 11 years ago
Don’t cry too hard for a nation that tried to be a tax haven for Russian mobsters while simultaneously giving away their sovereignty to Angela Merkel.
Mickey 13 about 11 years ago
Fortunately for the people, there haven’t been catastrophic bank runs, although the fear and anxiety showed on the faces of the people who lined up to withdraw long withheld funds. Add to that it’s just one more draconian measure to insure IMF and EU bailout funds. Europe continues in a dogged recession because they can’t seem to generate the “economic growth” that everyone sees as the alternative to austerity. Obviously Cyprus proved that the latest model for austerity is pretty harsh and I don’t see as being effective.
Comic Minister Premium Member about 11 years ago
NOOOOOO!
OmqR-IV.0 about 11 years ago
Ordinary Cypriots shouldn’t have to pay for the bad policies of banks and lax government policies.
Olddog1 about 11 years ago
The accounts were insured up to 100,000 euros. No money taken from taxpayers, but from people who put large amounts in unstable banks.