Friday, March 22, 2013

Was the Cyprus Crisis a Mistake?

Thursday, March 21, 2013 – By Staff Repor, Daily Bell
Daylight robbery in Cyprus will come to haunt EMU ... One's first reflex is to gasp at the stupidity of the EU policy elites, but truth is that most EU officials handling the Cyprus crisis know perfectly well that their masters have just set the slow fuse on a powder keg – and they can only pray that it is slow. The decision to expropriate Cypriot savers – even the poorest – was imposed by Germany, Holland, Finland, Austria, and Slovakia, whose only care at this stage is to assuage bail-out fatigue at home and avoid their own political crises. – UK Telegraph
Dominant Social Theme: This Cyprus thing was a terrible mistake.
Free-Market Analysis: Did the Eurocrats miscalculate? This is the message now being sent by a number of respectable mainstream columnists as well as alternative journos.
There is perhaps some truth to it. Ambrose Evans-Pritchard – who wrote the above excerpted article – points out that German Chancellor Angela Merkel is facing both bailout fatigue at home and an upcoming national election.

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