Quote:
Originally Posted by heero_yuy
Seems to me that they'll do anything and everything to save their vanity project. If it's savings today that they're contemplating raiding what else have they got in store? Pension funds? A tithe on all EU residents property? If you think out-of-the-box, I'm sure they are, there's any number of funds that could be raided.
It's the same way that they sneak in rules by the backdoor and pump up their own salaries and expenses. The whole EU setup stinks of corruption. A very compelling reason to get out ASAP and take back full control of our destiny and stop paying out £billions for no return.
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They are being raided to save their own banks, and therefore maybe their savings
anyway. It's a bad decision and it's good they've ditched it and are exploring alternatives but it is a bad decision caused by an impending disaster. The consequences of no action at all could result in depositors losing far more than 10%, their savings could be wiped if the two banks go under.
The way people are portraying this is that Germany wants some money and decided to bully the poor Cypriots out of their hard-earned savings. Cyprus is in serious trouble and the idea from the EU is that they'll bail Cyprus out but effectively wanted depositors to take some of the hit, to write off some of their money instead of more of it. This was a bad idea for all the reasons given (causing a bank-run, setting a dangerous precedent) but it's not really corruption.