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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…)