THE DAILY TELEGRAPH: In an attempt to save the euro at all costs, Europe's technocrats are advocating policies of startling brutality
When the Dutch finance minister suggested that the Cypriot bail-out could become a “model”, the outcry was immediate. It was all very well to treat a minnow such as Cyprus in such a brutal manner, said Jeroen Dijsselbloem’s critics, but no country of real stature would put up with a raid on its savers’ funds. What a difference a few weeks makes. Germany’s council of economic experts has now scrutinised the Cypriot rescue package, and concluded that the critics had a point. Not about the arbitrary confiscation of wealth, but that a levy on bank accounts was an inefficient manner of going about it. They suggest, in future, a tax on property or other assets, paid predominantly by the wealthy, since it is far more difficult to move your home out of reach. » | Telegraph View | Monday, April 15, 2013
