23 March, 2013

Cyprus again

As I write there is still no approval from the Cypriot Parliament for the terms of the EU bailout.

They should put it into perspective: in Britain the Government's monetary policy has caused inflation to exceed the approved level of 2% for several years,. As this ate away at our savings we were given the double hit of artificially low interest rates. Savers in Britain have been losing out at least 2% a year, sometimes 3%, which over the three year life of this government amounts to what the Greek Cypriot depositors are being asked for in a one-off. The difference is that we can look forward to the same thing happening for another three years.

They should pay up and be grateful they aren't in Britain.

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