I have always asked participants in meetings not to take decisions, when they are tired or unprepared.
The European politicians must have been (at best) unprepared for taking decisions/giving recommendations, fully asleep, or have played russian roulette by placing the muzzle against Cyprus two nights ago!
If the Cypriot Parliament confirms the bank deposit tax Monday, Cyprus will see
- potential investors (down in the past 3 years) disappear, - income from tourism revenue falling further, dramatically - influencing the site industries catastrophically - expats leaving the country - the retail sales decreasing even more than the last figures (5.8%) - the unemployment rates increase even higher (presently 14.7%) - the industrial production decrease even more than present, known decreased rate of 16.5%
What will the Cypriot Parliament do tomorrow?
Say NO to the bank deposit tax - which by most people is considered a theft?
My own recommendation is to say the NO - and impose other taxes/increase VAT reasonable, to be fair - hurting, yes - but which give people a choice - a choice to make decisions - decisions, which might not kill the beatiful island - the heart of Europe as a hub to "the world".