Cyprus chain effect still feared in other countries and it is not Tuesday yet when the banks in Greece will open. The cut may correspond just to a two-year interest and be lower than the austerity measures requested from Greece but the psychological impact on the people is stronger. It is about choosing to impose discipline instead of inspiring it. It is not only about money, it is about the loss of trust in institutions, one of the cornerstones of a regime’s legitimacy.
The measure to take may be practical and indeed the only one in this case: it just doesn’t seem…..smart.
-Elena Spilioti
The measure to take may be practical and indeed the only one in this case: it just doesn’t seem…..smart.
-Elena Spilioti
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