I didn't mention it because the previous poster made a very valid point about ethnic Greeks speaking Greek next to Greece investing in Greek assets.
However there was no reason as to why a country with such a small economy should come up with an arbitrary 6 billion euro for a 10 billion euro bailout beyond forcing political will over a small country to send a signal to others. If you need 10 billion euros, you're not going to be able to find a quarter of your peak GDP at a time that your banks are screwed by yourself.
Unless there are very very big deposits in your banks relative to your GDP...
I'm not saying that this solution is ideal or "really fair", but when you deposit your money in a bank that gives very high interests compared to other banks in the same currency, you should know you're assuming higher risks. And it isn't fair that if everything goes well you keep the interests, if it goes bad someone else pays for the risk.
> And it isn't fair that if everything goes well you keep the interests, if it goes bad someone else pays for the risk.
If you sincerely think that Cyprus doesn't set a precedent putting everyone in the Eurozone at stake you're wrong. My issue isn't that Cyprus should or shouldn't receive a bailout, it's the undemocratic way the Troika have gone about it and the punitive requirements foisted on them for a bailout when they knew full well that Cyprus didn't have the money.
I'm bookmarking this in the hope that Italy never gets screwed over the same way.
Not undemocratic at all, because Cyprus has had the democratic option not to accept EU/IMF bailout money (which is being withdrawn from others bank accounts, typically others, who receive much lower interest rates on their savings than Cypriots did in the past, and who's government finances have been eroded by the dodgy money laundering that was Cyprus' main business model). The parliament of Cyprus has democratically decided to accept that money. Nothing undemocratic about it.
However there was no reason as to why a country with such a small economy should come up with an arbitrary 6 billion euro for a 10 billion euro bailout beyond forcing political will over a small country to send a signal to others. If you need 10 billion euros, you're not going to be able to find a quarter of your peak GDP at a time that your banks are screwed by yourself.