oh wonderful. the mighty EU in the last few years is always trying to teach us here democracy, always saying we're losing democratic values in Hungary, the country is turning into a dictatorship etc etc. and now this same EU basically gives out an order to Cyprus to do these haircuts on bank accounts.
Seriously? this EU is trying to teach us about democracy? yea, because the agreement of EU leaders and the government of Cyprus with the banks there, over the money of people is very democratic.
how will the banks actually do the paperwork for all of this? do banking contracts allow for them to just take away all this money without prior notice? what kind of contract is that then?
and while Cyprus is well known for being a hub for money launderers and off-shore companies, chances are that the biggest of those had a heads-up warning, and took their money out before it was too late. and even those who didn't, will take all their money out of Europe now for sure, to Indonesia, Singapore, Caribbean, etc. well done EU again! money will be flowing out of Europe. that's exactly what these already crumbling countries need.