People who rob old ladies in the street, or hold up security vans, are branded as thieves. Yet when Germany presides over a heist of billions of pounds from private savers’ Cyprus bank accounts, to ‘save the euro’ for the hundredth time, this is claimed as high statesmanship.
It is nothing of the sort. The deal to secure a €10 billion German bailout of the bankrupt Mediterranean island is one of the nastiest and most immoral political acts of modern times.
It has struck fear into the hearts of hundreds of millions of European citizens, because it establishes a dire precedent.
If democratically elected governments are willing to impose outright confiscation of up to 40 per cent of balances over €100,000 upon depositors in Cyprus, then why not another such hit tomorrow — in Spain, Italy or, most plausibly, Greece?
(...)
More than two years ago now, I heard a senior central banker flatly declare that the eurozone is unsustainable. He has repeated the same view every time I have seen him since, most recently a few weeks ago.
He believes that if the southern Europeans left the system, after a period of turmoil they might be amazed how quickly they can restore themselves to prosperity, once they can trade in their own heavily devalued currencies. But he has always believed that if, alternatively, the southern Europeans attempt to cling on in the euro, the consequence will be an interminable crisis, with unending austerity imposing huge and perhaps uncontainable social and political strains — riots on the streets. Full story...
Related posts:
It is nothing of the sort. The deal to secure a €10 billion German bailout of the bankrupt Mediterranean island is one of the nastiest and most immoral political acts of modern times.
It has struck fear into the hearts of hundreds of millions of European citizens, because it establishes a dire precedent.
If democratically elected governments are willing to impose outright confiscation of up to 40 per cent of balances over €100,000 upon depositors in Cyprus, then why not another such hit tomorrow — in Spain, Italy or, most plausibly, Greece?
(...)
More than two years ago now, I heard a senior central banker flatly declare that the eurozone is unsustainable. He has repeated the same view every time I have seen him since, most recently a few weeks ago.
He believes that if the southern Europeans left the system, after a period of turmoil they might be amazed how quickly they can restore themselves to prosperity, once they can trade in their own heavily devalued currencies. But he has always believed that if, alternatively, the southern Europeans attempt to cling on in the euro, the consequence will be an interminable crisis, with unending austerity imposing huge and perhaps uncontainable social and political strains — riots on the streets. Full story...
Related posts:
- It's official: Banks in Europe may now seize deposits to cover their gambling losses...
- The European destruction of Cyprus has begun...
- Get all your money out of Europe now...
- Cyprus 'Eurogeddon': deserted streets of a country closed for business...
- Farage: Leaders utterly unplugged from thoughts & hopes of ordinary people...
- Nigel Farage: the Eurozone is a ponzi scheme run by communists...
- Farage: Break up the Euro, restore democracy and human dignity...
- Europe moves closer to banktatorship...
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