Quote:
Originally Posted by SGS
Why should the EU bail out banks built on corruption and incompetence?
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Geeezes. The EU doesn't have to do shit - the Cyprus issue was pure stupidity + spite + upcoming elections in Germany. The bailout was tiny (20 billion) compared to the Greek one (400 billion), yet instead of making it a routine operation, the issue was messed up big time.
If the EU was so badly concerned about its last tax haven (Cyprus) and their quite lax banking, they could have easily applied enough pressure to make the necessary legal changes.
This is where this is heading - "haircut" on the big deposits, which means very unhappy Russians and all its short and long term implications PLUS some (hopefully not too many) jumpy investors who would think twice before depositing large amounts of money in any EU bank.