Angela Merkel blames Cypriots for bankers’ gamblings
German Chancellor Angela Merkel said today that the new rescue program for Cyprus is “right” because it forces “those who have caused the problem.” to take “responsibility” for their actions. In saying this Merkel blames the people of Cyprus for the debt incurred into by the very same banks the German leader so strongly attacks publicly but defends in private.
The head of the German government was said to be “satisfied” with the result reached this weekend, after seven days of media controversy, political unrest and turmoil that followed in the stock market and that stopped the conditions of the first bailout from taking place.
The plan as it is now known includes a 40% charge on depositors who may not even see their savings ever again. According to the plan imposed by the European Union, Cyprus will liquidate both the Laiki and Cyprus Banks and has already mandated the confiscation of almost half of the funds in accounts with more than 100,000 euros.
“The result reached is right and puts the onus on those who have created the problem. Way it should be,” Merkel argued in a brief meeting with media in Langenfeld.
She added that she is “happy” that a “fair division of the burden” has been achieved with Cyprus temporarily bribing its way out of a financial collapse by stealing 7,000 million euros from its people, while the European Union supposedly lends the country 10,000 million euros.
“First, banks must take responsibility. On the other, it has become clear that Cyprus can count on the solidarity of the European countries,” said Merkel. The Chancellor said in this regard that the EU will support Nicosia in the “difficult road” ahead. In other words, Merkel sees the Cypriot people as responsible for the banks gambling on behalf of the Mediterranean nation, whose people will now suffer greater pain than those in Greece, for example.