Belfast Telegraph

Saturday 23 August 2014

Cyprus bailout's a very raw 'deal'

Just when you think EU and IMF officialdom couldn't be more out of touch with reality, they come out with this bailout 'deal' for Cyprus and prove they are even more out of touch than anyone ever realised.

I wonder how many Cypriot politicians and senior government and IMF/EU officials were able to move their money out of the country in the hours before this announcement was made?

It's not even as if the robbery of people's savings can be sold as fair given the senior bondholders – in the case of Cyprus, mostly Russian – are left untouched.

The IMF and EU would be mistaken to think that if the Cypriots appear to meekly accept their punishment that it means the seeds of further conflict haven't already been sown.

Those who do not learn from history are doomed to repeat it.

DESMOND FITZGERALD

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