Quote:
Originally Posted by Damien
It's only over €100,000 Euros this isn't it? Thus avoiding breaking the ECB's deposit protection. It was either that or people lose their entire savings as the banks collapse.
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My understanding is that the Cypriot parliament has also approved a 1% levy on everyone else, which as it is so much smaller than what was previously mooted, everyone seems to either be ignoring entirely, or else accepting with relief as it could have been far worse.
This is of course standard operating procedure for the EU. Its will is democratically refused, so it invites the voters to think again and produce the 'right' result second time out. In the background it makes cosmetic changes to its proposals designed to make it look as if they have backed off, when they haven't. (cf. dropping the constitution and reintroducing it as the "Treaty of Lisbon, thereby circumventing both the French and Dutch electorates).