For the ‘colleagues’… The Cyprus Mail reports that:
EU funds co-financing Cyprus-based development and growth projects will be exempt from the deposit haircut, communications minister Tasos Mitsopoulos said yesterday.
Mitsopoulos said that the 37.5 per cent haircut on deposits larger than €100,000 held in the Bank of Cyprus would not impact EU funds.
“This development secures the smooth flow of resources from EU funds to Cyprus, and the continuation of any projects underway,” Mitsopoulos said. He said that the happy outcome was the result of coordinated efforts by the government of Cyprus.
I’m sure every Cypriot depositor, whether an individual or small business owner, who has seen a large chunk of the money they have worked hard to accumulate stolen by the decree of the Cypriot government, European Union, European Central Bank and International Monetary Fund, will be delighted to see that government saw to it deposits in the banks belonging to the favoured few were exempt from confiscation. A happy outcome indeed.
But then, why should the EU not benefit from the same shady deals that have been quietly arranged for political parties, politicians and their families, senior civil servants and corporate businessmen? One rule for the elite, penury for the rest.
The moment you put your money in a bank it becomes theirs for the taking. You’re only a creditor. Now they’ve established the principle of the game, the only question is one of scale. There is nothing to stop them deciding to hoover up the deposits of those with less than €100,000 on deposit if they call it a tax and confiscate the money before a bank goes under.