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'If the Euozone were a bank, it would now be in court for mis-selling' (Photo: *Bitch Cakes*)

The Cyprus bailout is a disaster for the EU

Cyprus has been forced to apply a levy on ordinary bank deposits of the type that fall under the €100,000 deposit guarantee that is required by a European Directive. This is an upper limit for guarantees, taking away the rights of countries to have a higher one or indeed to have only a 90% guarantee as the UK did in order to keep investors on their toes. This harmonisation was done to keep a level playing field so that depositor money would not flow from country to country at times of scares ...

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The views expressed in this opinion piece are the author’s, not those of EUobserver

Author Bio

Lisbeth founded EUobserver in 2000 and is responsible to the Board for effective strategic leadership, planning and performance. After graduating from the Danish School of Media and Journalism, she worked as a journalist, analyst, and editor for Danish media.

'If the Euozone were a bank, it would now be in court for mis-selling' (Photo: *Bitch Cakes*)

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Author Bio

Lisbeth founded EUobserver in 2000 and is responsible to the Board for effective strategic leadership, planning and performance. After graduating from the Danish School of Media and Journalism, she worked as a journalist, analyst, and editor for Danish media.

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