Quote:
Originally Posted by martyh
Many people feel aggrieved that the government put the Cypriots in the position of needing such a bail out in the first place .They will also feel aggrieved that Cyprus has been the only country to have their accounts raided .The EU could have given Cyprus the full amount and imposed stricter and longer austerity measures ,even put one of their own in power as they did with Greece(i think it was Greece) Demanding that joe public stump up their savings to bail out incompetent bankers is a not on ,no matter how it is dressed up .
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Well yes but if there was another way to fund their part of the bailout then they would have taken that. I agree that the EU probably could, maybe should, have given the entire bailout but that would have had the effect of lumbering them with massive debt that greatly exceeded their GDP - which itself it about to be drastically reduced.
There really was no easy solution to this. What I think is especially disingenuous to complain about Germany giving them this debt and to complain that savings are being raided. There was no solution that allowed the EU to stay out of it and for the savings to be protected.