Syndicate content

Add new comment

Submitted by Robert Keyfitz on
You don't discuss what caused this mess in the first place. That's something I've wondered about and should surely factor into deciding what is an equitable solution. It's convenient to bail in Russian oligarchs who have lots of money and not much sympathy, but if they're innocent bystanders this sets a bad precedent. Did excessive lending to Greece violate EU regulations? If so, the solution should start by wiping out shareholders and someone should go to jail. If not and a weak regulatory framework is to blame, EU tax payers should help out. Was there lax oversight by Cypriot bank regulators? If so, then Cypriot tax payers should contribute a bit more. They'll learn as much about holding their government accountable as Russian oligarchs will learn about taking an interest in what their money is doing.