Shame on the EU –  Would You Do to Your Country What You Did to Cyprus?

By Shlomo Maital   


  Here is how the Economist describes the scandalous theft the EU has committed, against the savings of ordinary Cypriots:

   ” IT IS not a fudge, but it is still a failure. The euro zone’s bail-out of Cyprus, which was sealed in the early hours of Saturday, did get the bill for creditor countries down from €17 billion to €10 billion, as had been rumoured. But the way it did so was somewhat unexpected.   Almost €6 billion of the savings for taxpayers in euro-zone countries came from losses imposed on depositors in Cyprus’s outsize banks. A one-off 9.9% levy will be imposed on all deposits over the insurance threshold of €100,000 before banks reopen after a bank holiday on Monday. That idea had been in the air for a while, not least because a lot of those uninsured deposits came from outside Cyprus, and from Russia in particular. The politics of saving wealthy Russians with money loaned by thrifty Germans were always going to be tricky.  “  

      Cyprus has only about 750,000 people.   The people of Cyprus do not understand, nor do I,  why the EU geniuses are imposing an enormous 6 billion euro tax on their savings, including even the poor, at a time when no major EU nation has even dreamed of
doing the same thing to their own citizens!

      The Biblical rule is, don’t do to others what is hateful to you.   Let Germany first impose a 10 per cent tax on ITS citizens’ life savings in the bank, THEN let them dump it on Cyprus.  I’d love to see the election results should Angela Merkel try this.   Reader, how would YOU react, if tomorrow they announced that you were 10 percent poorer – for no real fault of your own, because YOU did not make the decisions that led to the crisis.  This is scandalous, unacceptable, and it will not fly.  Just when we thought the EU was out of trouble, the EU puts itself back into hot water again by its own stupidity and cupidity.