Golden Dawn MP Furiously Tears Up Papers in Parliament over Bailout Deal

Far right Golden Dawn MP, Ilias Kasidiaris harshly criticises the deal Prime Minister Alexis Tsipras agreed to during an impassioned speech to Parliament.

Papers are thrown across parliament and a minister resigns as Greece's PM attempts to win a vote on laws ahead of a new bailout.

Greek Protesters Set Fire to Syriza Flag

Avji Voutsina, protester burning Syriza flag

THE TELEGRAPH: Protesters campaign outside the Greek parliament against the new EU bail-out deal

Greece's small left-wing anti-capitalist Antarsya party and affiliated trade unions staged a rally on Monday night outside parliament in Athens against Greece's new bailout.

The party has said "the hours are critical" for those who favour left-wing policies.

One protester burnt Syriza's party flag outside parliament, saying that the leftist-led coalition government had reneged on its pre-election pledge to put an end to austerity. (+ video) » | Robert Midgley, and agencies | Monday, July 13, 2015

Greek No Vote: 'The Fightback for a Europe of Dignity Starts Here'

As Syriza supporters flock to Athens' Syntagma square to celebrate, Phoebe Greenwood talks to those who are celebrating a historic referendum outcome. 'They thought they could intimidate us,' one man says. Despite jitters on the financial markets, others happy with the historic oxi (no) vote say they hope it will be the moment that Greeks can come together

Euro Crisis: After the Cyprus Bank Raid Fiasco, Germany Is Being Painted as the EU’s Chief Villain
THE DAILY TELEGRAPH: It’s easy to see why German taxpayers have had enough, argues Mats Persson. But the Cyprus bailout has ended with their government being painted as the EU’s chief villain - an accolade that should belong to the architects of the euro.


In the running blame-game that is the eurozone crisis, Germany has now emerged as the chief villain. In many parts of Europe, the country has been outright blamed for the Cypriot crisis, which saw Berlin demand that Cypriot depositors be taxed in return for a €10bn bailout.

A commentator in Spanish daily El País went the furthest. “Like Hitler,” he wrote, “German Chancellor Angela Merkel has declared war on the rest of Europe.”

The piece was quickly withdrawn but the damage had been done. In Britain, commentators across the political spectrum have lined up to criticise Germany. The New Statesman recently labelled Merkel “the biggest threat to global order and prosperity” - ahead of notorious dictators such as Iran’s Mahmoud Ahmadinejad and North Korea’s Kim Jong-un.

Most comments have been far more level-headed but anti-Germany sentiments have reached levels not seen in a long time. Within Germany itself, however, the decision to tax Cypriot depositors continue to enjoy wide-ranging support, as does the wider austerity-driven approach to the crisis.

What’s more, many Germans would echo the country’s justice minister, Sabine Leutheusser-Schnarrenberger, who called on the EU to “also display solidarity with us and defend the Germans against unjust accusations”. » | Mats Persson *, director of Open Europe | Saturday, March 30, 2013

Mats Persson is the director of Open Europe, an independent think tank that campaigns for EU reform.

Cyprus Banks Reopen Amid Simmering Tension
THE DAILY TELEGRAPH – EXTRACT: Cypriots formed orderly queues outside the country’s banks after they reopened for the first time in nearly two weeks on Thursday, confounding fears that there would be scenes of unrest and violence.

…

Angela Merkel, the German Chancellor, was the target of particular resentment.

“Merkel says every single Cypriot is guilty of dirty banking. But it is the Germans who should be ashamed for the greatest evil in the history of Europe – the Holocaust,” said a furious Cleri Machlouzarides, a chartered architect, outside a branch of Laiki Bank.

“Tell the bloody Nazis to go home. Germany should go and find someone their own size to pick on instead of trying to strangle us. Europeans should know it’s not going to stop here. “Luxembourg is next, then Spain, Portugal, Ireland.” … » | Nick Squires, in Nicosia | Thursday, March 28, 2013

One of the Nastiest and Most Immoral Political Acts in Modern Times
MAIL ONLINE: 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.

If democratically elected governments are willing to impose outright confiscation of up to 40 per cent of balances over €100,000 upon depositors in Cyprus, then why not another such hit tomorrow — in Spain, Italy or, most plausibly, Greece?

This is the most brutal display since 2008 of how far the euro-committed nations are willing to go to save the tottering single currency. It shows that the zone’s crisis will run and run, to the grievous disadvantage of almost everyone except the Germans. » | Max Hastings | Tuesday, March 26, 2013

Public Can't Be Bluffed
HERALD SUN: THE Cyprus fiasco teaches a terrific - but often forgotten - lesson to every social planner of the Left.

That fiasco is the astonishing decision to steal up to 10 per cent from every bank deposit in Cyprus to help fund a bailout of that country's banks.

This overnight theft was a condition demanded by the new masters of Europe, the European Union and International Monetary Fund, to raise $8 billion towards its $12.5 billion bailout of Cyprus.

But Cypriots reacted with such fury that not one Cypriot MP dared back the plan and even the Cypriot President, who reluctantly struck the deal last week, dropped it "because (the people) think it is unjust".

The banks remained closed for days to stop a bank run by people who rightly realised their accounts were now overseen by thieves and the panic threatened to spread to other debt-crushed European countries.

Even in Australia, our markets plunged $30 billion for fear of what might happen next. As former Cyprus central bank governor Athanasios Orphanides rightly said: "To confiscate deposits is essentially sending a message that no one with deposits ... in a weak country, like Spain, should feel safe ..."

So here are the lessons for the Left. » | Andrew Bolt | Herald Sun | Wednesday, March 20, 2013

Cyprus Turns to Russia after Parliament Rejects Levy on Bank Savings
THE DAILY TELEGRAPH: Cyprus turned to Russia for help on Tuesday night after the country's parliament overwhelmingly rejected a tax on the deposits of bank savers.


With protesters celebrating in the streets, the rejection of a draconian levy left a planned £8.5 billion eurozone bail-out to save the Mediterranean island in chaos.

The country's finance minister defied explicit warnings from Angela Merkel, the German chancellor, and left Cyprus for urgent talks in Russia.

Michael Sarris flew to Moscow to plead for aid, despite Mrs Merkel warning Cyprus not to enter into negotiations with Russia, raising the spectre of eurozone disintegration.

"The chancellor once again emphasised that the negotiations are to be conducted only with the troika (the European Union, European Central Bank and the International Monetary Fund)," said her spokesman.

Not a single Cypriot MP voted in favour of a eurozone rescue package that had been made conditional by Germany on the Cypriot government finding £5 billion to pay off its debts by raiding bank deposits, including the savings of up to 60,000 Britons.

Under the original eurozone deal at the weekend, Cyprus agreed to impose a levy of 6.75 per cent on bank accounts up to €100,000 (£85,000) and 9.9 per cent for larger deposits.

Despite a compromise proposal not to tax any bank deposit less than €20,000 (£17,000), the country's 36 MPs rejected a deposit tax that has rattled financial markets and threatened the island's future as an offshore banking haven for Russian investors, with 19 MPs abstaining from the vote.

"There can only be one answer: no to blackmail," Yiannakis Omirou, the speaker of the Cypriot parliament said. » | Bruno Waterfield, Brussels, Richard Spencer in Nicosia and Robert Tait in Limassol | Tuesday, March 19, 2013

Darling: Cyprus Savings Raid Could Trigger Bank Runs Across Europe
THE DAILY TELEGRAPH: Bank runs and financial panic could spread across Europe after Cyprus proposed raiding people's savings for a new bail-out, Alistair Darling has said.

The former Chancellor said Cyprus is doing "everything you should not do" after the tiny country decided to seize around 6.75 per cent from smaller deposits and almost 10 per cent from larger ones.

The country is currently deciding whether to make richer savers pay a bigger proportion of the bill but Mr Darling said the whole idea of taking money from ordinary savers is dangerous.

He said EU should not be letting Cyprus "blow apart" the principle of protecting deposits under €100,000, as people will start pulling their cash out of banks if they fear this elsewhere.

"It seems to me to make it more likely that if you’re a saver in Spain or Italy, if you have a sniff of the EU or the IMF coming your way you’ll take your money out and you’ll get a run on the bank," he told BBC Radio Four's Today programme.

"So what they’re doing is everything you should not do when you’re trying to solve a problem like this." » | Rowena Mason, Political Correspondent | Tuesday, March 19, 2013

Russians Prepare to Withdraw from Cyprus

Expats in Cyprus Furious at 'Legalised Theft' of Their Savings
Britons living in Cyprus are outraged by the Cypriot government's plans to impose a levy on bank deposits, with many desperately trying to withdraw their savings before tax is enforced.

Cyprus: Panic As Savings Levy Is Imposed
THE GUARDIAN: Cypriots rush to ATMs before savings are docked as part of a bailout deal agreed in Brussels


Cypriots reacted with shock that turned to panic on Saturday after a 10% one-off levy on savings was forced on them as part of an extraordinary 10bn euro (£8.7bn) bailout agreed in Brussels.

People rushed to banks and queued at cash machines that refused to release cash as resentment quickly set in. The savers, half of whom are thought to be non-resident Russians, will raise almost €6bn thanks to a deal reached by European partners and the International Monetary Fund (IMF). It is the first time a bailout has included such a measure and Cyprus is the fifth country after Greece, the Republic of Ireland, Portugal and Spain to turn to the eurozone for financial help during the region's debt crisis. The move in the eurozone's third smallest economy could have repercussions for financially overstretched bigger economies such as Spain and Italy.

People with less than 100,000 euros in their accounts will have to pay a one-time tax of 6.75%, Eurozone officials said, while those with greater sums will lose 9.9%. Without a rescue, president Nicos Anastasiades said Cyprus would default and threaten to unravel investor confidence in the eurozone. The Cypriot leader, who was elected last month on a promise to tackle the country's debt crisis, will make a statement to the nation on Sunday.

The prospect of savings being so savagely docked sparked terror among the island's resident British community. At the Anglican Church's weekly Saturday thrift shop gathering in Nicosia, Cyprus's war-divided capital, ex-pats expressed alarm with many saying that they had also rushed to ATMs to withdraw money from their accounts. "There's a run on banks. A lot of us are really panicking. The big fear is that there soon won't be cash in ATMs," said Arlene Skillett, a resident in Nicosia. "People are worried that they're automatically going to lose ten present [sic] [of their savings] in deposit accounts. Anastasiades won elections saying he wouldn't allow this to happen." » | Paul Gallagher and Helena Smith | Saturday, March 16, 2013