Childers seeks Rehn resignation over Cyprus

Irish Labor MEP Nessa Childers has called for EU economics commissioner Olli Rehn to resign over the Cypriot bailout. She described as a “terrible mistake” the €10bn deal which includes small Cypriot depositors with less than € 100,000 in the levy on bank accounts.

Ms Childers has written to Europe an Commission President Jose Manuel Barroso asking for Mr Rehn’s resignation over the “fiasco”. “It is simply unfair, undemocratic and could even lead to a bank run in other parts of Europe,” she said in a statement today. The decision to impose losses on small depositors “crossed an extremely important red line in the crisis” and “must be reversed immediately”, she said.

Ms Childers says while the ECB, IMF, Cyprian government and all finance ministers involved share the blame, the blunder by Mr Rehn come after “years of failed austerity policy” presided over by him.

There was a lack of “social responsibility for those most in need of protection” underpinning the ideology of the Troika’s approach to Cyprus and other programme countries, she said.

Irish Times

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell