Nicos explains why he's cool with government theft.
His words to the people on why the the EU is stealing their money.
Nicos Anastasiades, president of Cyprus, says he had to steal expropriate seize accept a tax on bank deposits to save the island from bankruptcy. Speaking about the Euro bailout plan in a televised address to the nation, he says Cyprus faces 'a state of emergency,' and an exit from the euro would been worse. Anastasiades was elected last month on a promise to tackle the country's debt crisis.
Here's a suggestion from us, Nicos.
Punish the bondholders who made the risky bets and not the depositors who did nothing more than commit the egregious sin of trusting the banking system.
Update from the Wall Street Journal's Matina Stevis. New plan would cut tax on smaller savers to 3% of their deposits. Higher end will pay 15.9%. Ouch.
Anastasiades doesn't have the votes. Simple as that and banks will remain closed until he does— World First (@World_First) March 18, 2013
Nicos Anastasiades, the president of Cyprus, speaks after debating the euro bailout plan with Cypriot MPs, on Monday while protests continue outside parliament. A vote on the bailout has been postponed, meaning the country's banks could remain closed for longer than expected, much to the dissatisfaction of Cypriots and anxiety of European leaders.
Cyprus should have followed Denmark's example. This my friends is exactly how you conduct a multi-billion dollar bank bailout.
Late update from the New York Times: