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comment by mk
mk  ·  4275 days ago  ·  link  ·    ·  parent  ·  post: The madness of the bailout in Cyprus

It seems the vote has been postponed, and the banks will remain closed another day to prevent a bank run.

This may be madness, but in some sense it is a brutally honest way to prop up the banking system. Where in Greece the costs of the bailouts came in a sequence of higher taxes and layoffs, here the EU is just directly pillaging Cypriots' accounts.

Actions like this are good for bitcoin.





user-inactivated  ·  4274 days ago  ·  link  ·  

    a brutally honest way to prop up the banking system

i don't think instigating a bank run will "prop up the banking system"