Cyprus last week became the fifth eurozone country to get a bailout to save its banks. But the rescue package, which includes a tax on the bank deposits of ordinary Cypriots, risks destabilizing the entire continent’s banks and should be revised.
The tiny island nation ran into trouble because Cypriot banks are heavily exposed to Greek debt. With their $13 billion bailout, the EU’s finance ministers and International Monetary Fund no doubt hoped to contain this most recent threat to the euro.
Comments
Said Lagarde:
I do not understand.... I only meant to steal from the peasants and give to my banker friends.... Everyone (who matters to elitists like me) should have been very supportive...
The Cyprus situation is major financial news, yet the Globe prints nothing about it on its front page. The WSJ has given it as headline news for the past 3 days.
Probably under orders from the DNC....
I agree! I thought it would be front page news! May have some connection with this editorial not mentioning Cypriots and Greeks spending more than they take in and creating huge national debt. Too close to home?
What the Greek govt and IMF must do is requirte Greek citizens TO PAY THEIR TAXES. Not paying taxes in Greece has been THE problem for 30 years.
Either pay their taxes or stop expecting services!