3 ms·
Frustrated Greek Cypriots ‘feel cheated by the EU’
- jballanc 14y agoThis is probably the most complete summary of everything happening in and around Cyprus. There is so much more to the story than "yet another EU bank bail out". When you consider that the situation involves the EU, Turkey, Russia, and Syria...it's a fascinating story for any student of international politics as well as economics.
- claudius 14y ago> Greek Cypriots feel cheated by the EU. They used to get support; they used to get whatever they wanted. When in the past Greek Cypriots blocked certain issues in the EU with logical or illogical motivations nobody punished them. They were always helped out, but now they are treated much more severely than the others who asked for a bail out. Certainly, the same rules could have been applied to Greece, Spain, Portugal and Ireland, but it obviously makes more sense not to guarantee more than you committed to if you don’t have to take your own voters’ money but (predominantly) Russian money. Add to this the low corporate taxes in Cyprus (similar to Ireland) and it becomes very, very hard to justify giving more than necessary. The other option would of course have been to take these 10 billion and compensate private European losses occurring by Cyprus leaving the EU (and, again, that could/should also have happened to Ireland/Greece/Portugal etc.).