"People who rob old ladies in the street, or hold up security vans, are branded as thieves. Yet when Germany presides over a heist of billions of pounds from private savers’ Cyprus bank accounts, to ‘save the euro’ for the hundredth time, this is claimed as high statesmanship.
It is nothing of the sort. The deal to secure a €10 billion German bailout of the bankrupt Mediterranean island is one of the nastiest and most immoral political acts of modern times.
It has struck fear into the hearts of hundreds of millions of European citizens, because it establishes a dire precedent. .....The fact that Cyprus is a rackety semi-gangster society made it madness ever to allow the island to join the eurozone, rather than an excuse, as now, for stealing its citizens’ money.
The Germans, who effectively control and bankroll the whole single-currency system, acted recklessly by signing on Cyprus — and Greece, Italy, Portugal, Spain and Ireland. None of these countries had economic convergence with northern Europe.
But Berlin chose to pretend that they did, because it thus became enormously profitable for Germany to trade with them in an undervalued common currency rather than a sky-high Deutschmark."