Quote:
Originally Posted by M_Six
I wouldn't be so quick to blame Germany, at least not for the mess that the Cypriot banks got themselves into. I'd be more inclined to blame the Russians, although they don't run the banks either. In the end, it's your own bankers who should have known better than to allow the banks to get so big and then to make matters worse by investing in Greek bonds. Like bankers everywhere, the quick buck was more important to them than long term goals. Episodes like this make me wonder how anyone can think we need less regulation in banking.
And I'm not beating up on Cypriot banks alone, either. Plenty of financial organizations in the US have suffered due to greed and short-sightedness. We didn't get taxed on deposits, but my retirement accounts sure took a beating in 2008.
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in the end we must all admit the Euro is a failed experiment. If you ask me we should leave the Euro, accepting anything that comes with this decision, devaluation of our currency for example, and stand on our own feet. This problem is not of cyprus alone, italy spain portugal and greece are all in the same boat.