Cyprus pulled back from the brink of Euro collapse last night, as a deal was struck which is likely to see the breaking up of one her biggest banks and a massive levy, of up to 40%, on bank accounts with over €100k.
The pain will be long lasting for Cyprus.
Laiki, the country’s second largest bank, employs 10,000 people and despite the accounts under €100k being guaranteed, there is still likely to be a run on the banks when they fully reopen.
I think the pain unleashed on common working people in various parts of Europe in order to save a doomed common currency is immoral. I would rather see countries do what they are there for – defending their citizens. (more…)
Giveaway George has me left in a quandary.
Despite the constant calls for him to let Britain grow its way out of this never ending downturn, he decided, in this week’s Budget, to put all of his economic eggs into the housing basket.
“Owning your own home is the most basic human aspiration” said Gorgeous Gideon as he explained that, despite saying the cupboards were bare, he had managed to come up with £12bn for his mortgage guarantee scheme, £3.5bn for his Help-to-Buy scheme and £130bn to underwrite mortgages.
He also increased the maximum Right-to-Buy discount for council tenants who want to become home owners from £75k to £100k.
I’ve lived in one council flat or other for almost my entire life.
The flat I live in now, on a slightly grimy Tooting council estate, has been my home for over 20 years. (more…)
This is in response to Toby Young’s Spectatorblog
Not a day passes that I am not overjoyed to have broken free from the overbearing self absorbed prick, who treated me as a skivvy for years.
I was an academic in Russia, teaching geology but my life fell apart somewhat with the collapse of communism and I was forced to eek out a living being at the beck and call of a snivelling little man. (more…)