Cyprus; workers pay the price for capitalism
The European Union (EU) and the International Monetary Fund (IMF) have agreed a €10bn bailout of Cyprus.
The ongoing economic crises continues to engulf nations, this time it’s Cyprus, which without the bailout would cause ‘disorderly bankruptcy’ according to President Nicos Anastasiades.
As part of the ‘painful’ deal bank customers with savings under €100,000 will have to contribute 6.75% and those who have over €100,000 of savings will have to contribute 9.9%.
Naturally this has caused outrage amongst the people of Cyprus, both Cypriots and non-Cypriots. Though the alternative could be not being bailed out and savers losing 100%.
Anyway as per usual it is the normal people who suffer for the failings of capitalism, when will people stand up and stop accepting the constant attacks that capitalism blows upon the working class.
Cyprus’s ruling AKEL party, who rule with a minority government had this to say:
‘AKEL will not agree and consent to measures that will condemn the whole of the Cypriot people, and in particular the workers, unemployed, the young generation or the pensioners to dead ends and poverty, just as other peoples in southern Europe have been led to..’