In These New Times

A new paradigm for a post-imperial world

EU aims to take bailout pressure off taxpayers

Posted by seumasach on March 31, 2013

“We want to reach a situation where taxpayers no longer have to pay for the banks,” said a spokeswoman for Barnier Tuesday.

Amidst the near universal condemnation of the Cyprus “bailout” it is necessary to point out that it is not a bailout. A bailout is what happened in the UK in 2008 when massive amounts of public money were given to banks without conditions. The Cypriot banks have not been indulged in this way: one of them no longer exists and the other has been completely restructured. Behind all this is the strategic thinking of Michel Barnier: nemesis of Anglo-Saxon finance.

EU Business

27th March, 2013

(BRUSSELS) – The Cyprus debt rescue and its ‘bail-in’ provision to make large bank depositors pay part of the cost is largely in line with European Commission plans to ensure taxpayers no longer carry the can when banks fail.

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