Sunday, March 31, 2013

Dan Atkinson: How the euro turned into the biggest theft in history

Smaller savers may not have been hit by a levy on their bank accounts, but they will be swept up in the economic storm that is sure to descend on Cyprus as a result of such draconian measures.

It’s tempting to wonder why any troubled eurozone country like Cyprus was ever let into what was obviously a rich man’s club.

But that is unfair – the poorer members were welcomed with open arms, with the assurance that the euro would turn them into German-style economic titans. It was like persuading a pauper to join a casino.

Yes, Cyprus let its banking sector balloon wildly and, yes, it is the Cypriot government that has dreamt up some of the more masochistic features of the various bailout plans.

But all this human sacrifice in the eurozone – austerity, mass unemployment, arbitrary bank account levies – is about saving the euro. You wonder how much pain there has to be before someone realises that what must be sacrificed is the euro itself.

http://www.dailymail.co.uk/news/article-2301737/Its-robbery-New-Cyprus-bombshell-Britons-told-lose-EVERYTHING-85k.html