Cyprus paying price of eurozone hegemoney

The deposit tax debacle in Cyprus is rich in historical resonance, as well as showing that, frankly, as Leigh Phillips has suggested on EUobserver.com, Europe is run by the Three Stooges.

Cyprus paying price of eurozone hegemoney

In 1571, at the height of the Venetian-Ottoman War, the defenders of Famagusta stood staunchly against the Ottomans. On surrendering, the leader was, despite promises of safe passage, skinned alive. Now we see that, despite promises to “do whatever it takes”, the ECB has supported skinning Cypriot deposits.

Europe seems unable to work in a sensible manner, and is devolving into a crisis junkie. Again we see a meeting at 3am making decisions that, in a fog of fatigue, may have seemed sensible but, on waking, perhaps less so. The historical ironies pile up. Cyprus is a small nation, far away.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €120 €60

Best value

Monthly €10€5 / month

More in this section

The Business Hub

Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited