Cyprus crisis: Europe plays hardball

... non-professionalism of the Euro Group experts. The Euro Group is the managing committee of the eurozone, in which the Germans call the shots. Demands for a “tax on deposits” are indeed absurd and unprofessional if they are aimed at rescuing the Cyprus banking system and economy. When the Cyprus parliament agreed to the introduction of these measures — basically amounting to political suicide — the country’s banking system was doomed. The reason was the ultimatum. Banks are based on ...