It still seems disproportionate to me
Okay, you manage to recoup something from the Russian investors, but you still hit the average Cypriot in the pocket hard and immediately. Like I say, it's a carpet bombing approach. In any case, the Russian investors were only taking advantage of favourable rates being offered by Cypriot banks - in that sense they're no more liable for the damage.
FWIW my reading of the situation is that Northern European Eurozone leaders have decided to attach a deposit tax condition on bailouts as a way of disincentivising further reliance on the ESM. But I think it'll prove to be miscalculation given the negative effect it will have upon confidence in all Eurozone banks, not to mention the political fallout. The fact is this kind of situation can only be avoided by full fiscal union in the Eurozone but clearly that's a long way off.
Posted By: King on March 16th 2013 at 20:19:27
Message Thread
- FAO King (General Chat) - Tricky Hawes, Mar 16, 20:09:43
- It still seems disproportionate to me (General Chat) - King, Mar 16, 20:19:27
- but what do you do about the losses that banks have now? (General Chat) - Tricky Hawes, Mar 16, 20:21:20
- Can't they nationalise the banks using the ESM funds? (General Chat) - King, Mar 16, 20:23:31
- so Northern European taxpayers pay for the losses? (General Chat) - Tricky Hawes, Mar 16, 20:26:35
- I suppose it comes down to the idea of solidarity (General Chat) - King, Mar 16, 20:36:22
- France and Germany were the first to break the original fiscal compact (General Chat) - phrankin, Mar 16, 21:52:14
- I suppose it comes down to the idea of solidarity (General Chat) - King, Mar 16, 20:36:22
- so Northern European taxpayers pay for the losses? (General Chat) - Tricky Hawes, Mar 16, 20:26:35
- Can't they nationalise the banks using the ESM funds? (General Chat) - King, Mar 16, 20:23:31
- I agree (General Chat) - Sugbad The Bad, Mar 16, 20:21:01
- but what do you do about the losses that banks have now? (General Chat) - Tricky Hawes, Mar 16, 20:21:20
- In my opinion (General Chat) - Sugbad The Bad, Mar 16, 20:12:04
- At least you're celebrating the rugby result though (n/m) (General Chat) - Tricky Hawes, Mar 16, 20:15:16
- Yes, you're extravagantly funny aren't you! (General Chat) - Sugbad The Bad, Mar 16, 20:19:14
- At least you're celebrating the rugby result though (n/m) (General Chat) - Tricky Hawes, Mar 16, 20:15:16
- It still seems disproportionate to me (General Chat) - King, Mar 16, 20:19:27
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