So for the sake of capitalism, I hope the Cyprian Parliament votes [down the €10 billion euro bailout that would impose a tax on bank deposits], that public protests and demonstrations stop it, that Putin threatening to “turn off the gas” stops it… Basically, anything is better than letting the EU proceed with this madness.
Lawmakers in Cyprus have rejected government plans to impose an unprecedented tax on bank deposits, throwing into doubt a €10 billion euro bailout agreed with the European Union just three days ago. Failure to secure emergency loans from the EU would leave Cyprus facing a banking collapse and default.
The bailout, while small compared to the rescue packages for other troubled EU nations like Greece, represents more than half the size of the €18 billion Cyprus economy.
The proposed tax on deposits, unprecedented in a eurozone bailout, led to a run on cash machines in Cyprus over the weekend, sparked big protests outside parliament and shook financial markets Monday.
Sooner or later, the rich are going to have to realize that they are not as rich as they think they are, that the money to repay all of these debts does not exist.