As a long-time student and critic of all things Euro, I didn’t think I could be shocked by any new stunts Brussels could pull. But the bank account grab in Cyprus is just staggering. The proposal is that between about 6% and 10% of savers’ income will be taken from their accounts.
As the credit crunch hit, the EU proudly announced a savers’ safety net, the first 100,000 Euro (about £85,000) of anybody’s savings would be protected and exempt from any defaults.
But Brussels (egged on by Angela Merkel) has blown this promise wide open just in the interest of keeping the broken Euro staggering on for a few more months.
If anyone has any lingering affection for the EU, this broken promise must sweep it away.
Cocker Hill, Foulridge