Socialists should applaud this. Prevents austerity.
what socialists would applaud the taking of money from the poor to be given directly to capitalist bankers? it's almost as if none of you people with so many opinions on socialism have the slightest clue as to what it actually is.http://thenextrecess...iot-bank-heist/
So here we have Cypriot banks who have been laundering money for Russian oligarchs, lending to all and sundry in speculative ventures, Icelandic style. Now they are bust and who is to pay? Not the Russian oligarchs. If it had been them, all their deposits could have been forfeited or the bank levy could just have been applied to those with over €100,000 on deposit. And it’s not the owners of Cypriot sovereign bonds who bet on the government continuing to allow the banking spree. No, the Greek and Russian banks that own Cypriot debt, or the hedge funds that bet on a bailout,will be laughing all the way to the banks. No the main payers are the poorer Cypriot deposit holders and Cypriot taxpayers. If you have €30,000 in the bank as your only savings, you will be losing €2000 forever. And that €2000 is much more important to the small saver than the rich Russian oligarch.