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 
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.