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| Version 1 | Version 2 |
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| Fallout from the Cyprus bailout | Fallout from the Cyprus bailout |
| (about 1 month later) | |
| The EU, after spending hundreds of billions on the European banking crisis, has decided that for less than €20bn they will force a member state to confiscate depositors' money (Report, 26 March). For €20bn they have brought the possibility of bank runs in larger countries the next time trouble hits. The EU negotiators warned the Cypriots they were playing with fire. Well, they are playing with much bigger fire. Penny wise and pound foolish. John Kennedy Tokyo | The EU, after spending hundreds of billions on the European banking crisis, has decided that for less than €20bn they will force a member state to confiscate depositors' money (Report, 26 March). For €20bn they have brought the possibility of bank runs in larger countries the next time trouble hits. The EU negotiators warned the Cypriots they were playing with fire. Well, they are playing with much bigger fire. Penny wise and pound foolish. John Kennedy Tokyo |
| • The Cyprus bailout deal seems iniquitous. Government theft. Should not the Cyprus government at least offer customers with bank deposits over €100k bonds that can only be redeemed progressively when the economy recovers sufficiently? OK, a lot of people lose access to their bank deposits, but at least there would be the incentive to restore the financial situation of the country and a prospect of return of assets. John Chubb Cheltenham, Gloucestershire | • The Cyprus bailout deal seems iniquitous. Government theft. Should not the Cyprus government at least offer customers with bank deposits over €100k bonds that can only be redeemed progressively when the economy recovers sufficiently? OK, a lot of people lose access to their bank deposits, but at least there would be the incentive to restore the financial situation of the country and a prospect of return of assets. John Chubb Cheltenham, Gloucestershire |
| • You report German disdain for Cypriot cartooning of Angela Merkel as Adolf Hitler and note that the effect of this caricaturing in Germany is to increase support for Merkel. It is, of course, Merkel who is stoking this demonisation. When this intelligent and well-advised politician allows herself to be quoted as saying that Cyprus is "exhausting the patience of its euro partners", she is echoing Hitler's famously rhetorical declamation "My patience is now at an end" from his 1938 speech on the Sudetenland. This is a dangerous game. Chris Williams London | • You report German disdain for Cypriot cartooning of Angela Merkel as Adolf Hitler and note that the effect of this caricaturing in Germany is to increase support for Merkel. It is, of course, Merkel who is stoking this demonisation. When this intelligent and well-advised politician allows herself to be quoted as saying that Cyprus is "exhausting the patience of its euro partners", she is echoing Hitler's famously rhetorical declamation "My patience is now at an end" from his 1938 speech on the Sudetenland. This is a dangerous game. Chris Williams London |
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