The European Union’s looting of Cyprus 29 March 2013
"The bailout imposed on Cyprus by the European Union (EU) is a politically criminal act of financial looting, aimed at destroying the country’s banks and reducing the working class to penury.
"In the name of avoiding state bankruptcy, the small Mediterranean island of some one million people is being subjected to the type of shock-therapy already inflicted on Greece."
~ Julie Hyland
“Nicosia will now face the usual conditions of a euro-zone rescue: labor-market reforms, fiscal discipline, privatizations, pension and health-care reform.”
~ Wall Street Journal
"Only a revolutionary struggle of the international working class—fighting to subordinate the resources of Cyprus, Europe, and the world economy to democratic control by the working population—can expropriate the financial aristocracy. Measures by major EU powers to grab money previously held in Cypriot banks amount to no more than thinly disguised theft in the interests of the most powerful sections of finance capital."
~ Julie Hyland
I find this passage chilling
...the press openly admits that the EU’s medicine in Cyprus will kill the patient.
The loan is tied in with mass job losses and wages cuts, the gutting of health, education and social provision, the privatisation of major utilities, and the handing over of the island’s natural and energy resources to the global energy giants.
GDP is forecast to fall by 25 percent in the next two to three years, and unemployment to double. With the entire euro zone sinking into a recession that will be exacerbated by the measures in Cyprus, the result will be social and economic devastation. [emphasis mine]