In a brief 30-second clip during a Bloomberg TV interview, none other than Anthanasios Orphanides, the former Central Bank of Cyprus Governor, explains the terrible reality of what just happened in Europe: "What we have seen in the last few days is a very serious blunder by the European governments that are essentially blackmailing the government of Cyprus to confiscate the money that belongs rightfully to the depositors in the banking system in Cyprus." He then concludes quite clearly, "It is not clear how this can affect in a positive manner the European project going forward." The Cypriot then goes on to explain how the EU is making a mockery of the idea of a banking union...

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On Cyprus being blackmailed.. - link



and on the EU making a mockery of the banking union - "In order to keep the European Union together, they needed to form a banking union, which meant they needed to have a common credible deposit insurance guaranteed for everybody in the euro area..." - link

