If the issue here is that a bunch of Russian crooks get to keep their money (which is interesting in itself, because had the Cypriot banks stashed that money away in, say, German pension funds or other AAA assets rather than dodgy Greek bonds at a high apparent return, none of this would have happened and the Russians would be home clear), then the remedy is surely legal.
Clearly, again, the current set-up of the EU does not provide for this legal remedy.
Which is a serious flaw and an error.
And one would (purely theoretically, of course) assume that the solution would be to put a future framework in place to deal with this sort of nonsense. Not to punish both the guilty and the innocent large-scale depositors at the same time on an arbitrary basis, using a stooge Cypriot president as the fall-guy.
So the choice here is stark: "we" (Dijsselbloem and Schauble and everybody behind them) can admit that "we" made a mistake. But now "we" will get our own house in order.
Or alternatively "we" can watch as the central and east Mediterranean catches fire and completely fucks up the whole concept of European Unity.
I think I know which way "we" are going.
It was only €30 billion, for fuck's sake. You could amortize that over ten years and you'd hardly even notice it. What are "bad banks" for?
Re: Nice cat, btw
If the issue here is that a bunch of Russian crooks get to keep their money (which is interesting in itself, because had the Cypriot banks stashed that money away in, say, German pension funds or other AAA assets rather than dodgy Greek bonds at a high apparent return, none of this would have happened and the Russians would be home clear), then the remedy is surely legal.
Clearly, again, the current set-up of the EU does not provide for this legal remedy.
Which is a serious flaw and an error.
And one would (purely theoretically, of course) assume that the solution would be to put a future framework in place to deal with this sort of nonsense. Not to punish both the guilty and the innocent large-scale depositors at the same time on an arbitrary basis, using a stooge Cypriot president as the fall-guy.
So the choice here is stark: "we" (Dijsselbloem and Schauble and everybody behind them) can admit that "we" made a mistake. But now "we" will get our own house in order.
Or alternatively "we" can watch as the central and east Mediterranean catches fire and completely fucks up the whole concept of European Unity.
I think I know which way "we" are going.
It was only €30 billion, for fuck's sake. You could amortize that over ten years and you'd hardly even notice it. What are "bad banks" for?
I stand aggrieved.