Today is the Greek Independence Day. EU finance ministers have agreed today to raid bank deposits of over €100,000 in Cypriot banks. They could lose up to 40% of their deposits. The irony couldn’t be clearer.
It’s a deal no one offered the Cypriot people in their recent elections. It’s even more callous that the EU put off the bailout talks until after the elections. No one will need to vote for this bailout or the theft from bank deposits. There will be no democratic approval.
This is what the EU has resorted to. It is theft by another name.
The precedent is set. The EU will now likely use this tactic on other countries in need of another Eurozone bailout. The bigger the bailout, the deeper EU hands in your pockets.
They will spend and waste every penny keeping the Euro alive for as long as they can, bringing us down with it.