Wednesday, March 20, 2013

Cyprus revolts!

The Cypriot Parliament has voted against the German-imposed bank robbery, with not a single MP voting in favour. While the plan had been modified to exclude smaller deposits, that wasn't good enough, and tellingly not even government MPs voted for it - they all abstained. I guess the crowds gathered outside Parliament made it quite clear what the consequences of robbing them would be.

So, the EU/IMF's bluff has been called: they can either pony up more money, or let Cyrpus default and risk it taking down the rest of the Eurozone. Lets hope they're not gamblers.

(Last night Crooked Timber posted a choose-your-own-adventure for the crisis, What would you do: Part 2, the Island of Surpyc. We seem to be at 33, but with virtually no chance of a successful re-vote).

Meanwhile, this is the first real democratic pushback against EU/IMF austerity. Long may it continue.