The Cyprus economy amounts to something like 0.5% of the EU total so it was easy for the Troika to experiment with the new method favoured by Berlin in terms of dealing with deficit problems. Instead of going for huge long term bail outs those with savings in deposit accounts of the affected state would pay a massive contribution towards the problem. So people who have been encouraged to save by successive government are forced to pay for the mistakes made by bankers.
In Cyprus there are around 60,000 Brits who retired there they will now be forced to pay a huge tax to bail out the fucked up bankers who have messed the whole economy up.
Worth noting that an EU official went public on Sunday saying that what the Troika are doing in Cyprus is a future model for Europe. No smoke without fire then. It it certain that Portugal, Spain and Greece will soon be following the Cyprus punishment and of course others will follow after that! Why the hell is anyone ion favour of the Euro any more?
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