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View Diary: BREAKING NEWS: Parliament of Cyprus Rejects "Bailout," Bank "Haircut" (143 comments)

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  •  This is not a tax (4+ / 0-)
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    Siri, JesseCW, dfe, mrkvica

    There's no precedent for suddenly dipping into people's bank accounts in order to cover problems and losses in other sectors of the economy.

    There's also no reason to believe that this would be a "one time" thing, when:

    1) the precedent will have already been set, both for Cyprus and for the rest of the EU, and
    2) because in Greece, Portugal, etc. we've heard the same thing again and again.  "There will be no new measures."  "The measures are designed to not adversely impact the poor."  "No new cuts will be needed."  And lo and behold, every single time such words have been uttered, there's been more cuts, more austerity, and more promises to be broken.  Why, after three years of EU lies, should the people of Cyprus suddenly believe the EU and their pro-EU president?

    And please, again, explain this double standard to me: why is it perfectly okay for countries such as Luxembourg and Lichtenstein to be tax and banking havens, but not Cyprus?  How does a tiny country like Luxembourg amass $1.8 trillion in debt?  Is that not "outsized"?  Or is the fact that they are German speaking and part of the EU core the cause for the double-standard?

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