The rejection by the Cypriot Parliament of the Eurogroup’s proposals demonstrates the extent of the chaos which the body’s decision has caused during the last few days. Referring to the group’s recently appointed Chair, who is also the Netherlands’ Finance Minister, SP Euro-MP Dennis de Jong said, ‘Jeroen Dijsselbloem has failed on a number of points. To start with he should have proposed a settlement which would have spared Cypriot savers with less than €100,000. In this sort of matter you have to ensure that the strongest shoulders carry the heaviest burden. Small savers should have been given reassurance, and no doubt should have been cast over the rule that whatever difficulties a bank may find itself in, you can always get a sum of up to €100,000 back. This is leading to huge instability in the Eurozone with in the worst case scenario a run on the banks in the Mediterranean countries. Dijsselbloem also misjudged the likelihood of the Cypriot Parliament kicking this into touch. It’s completely understandable and absolutely correct that people in Cyprus wouldn’t accept this reverse bank robbery.'
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