[Re: Europe’s political elites betray the middle class, yesterday]
There are three particularly egregious features to this bailout. First, it goes entirely against the spirit of €100,000 depositor protection and statements made as recently as two weeks ago by the Cypriot President. Secondly, bond holders are seemingly protected. In what previous reconstruction has new (forced) equity been subordinated to existing bonds? Certainly none I’ve ever seen. Thirdly, there’s apparently no differentiation between failing banks and those (if any) that are fundamentally sound. It’s a further socialisation of risk. Appropriation of assets is supposed to be the preserve of banana republics.
British politicians are no better than their European counterparts. All Europe has now done is make explicit more nefarious and underhand means of getting savers to fund either bank bailouts or unsustainable debt. Ultra low interest rates, inflation, and the like all hit savers while making it easier for the government to continue with unsustainable fiscal policies.
[Re: Waitrose keeps a close eye on Ocado moves, yesterday]
Ocado will rule the UK online grocery market in less than five years. It nailed the technology bang on while others were shrugging their shoulders.
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Dmitry Medvedev: The Cyprus example stands in contrast with measures to improve the investment climate taken elsewhere.
Why must bank accounts of UK armed forces posted to Cyprus be taxed to underwrite EU bailout? Britain must say no to this theft. @mikeburkitt
There is almost no risk of contagion from Cyprus to other EU locales, and certainly no risk to the rest of the world.
I don’t agree with the Cyprus levy, but our government is hitting Brits by as much, if not more, through tax hikes and inflation.