The eyes of the financial world are on the small Mediterranean island of
Cyprus today. The government of Cyprus has brokered a last-ditch $13
billion bailout deal with European officials to stave off the collapse
of its banking sector. Under the deal, all bank deposits above
approximately $130,000 will be frozen and used to help pay off the
banking sector’s debts. An earlier version of the deal collapsed last
week when Cypriots took to the streets to protest paying a tax of up to
10 percent on their life savings. The plan led to mass demonstrations as
well as panicked bank withdrawals as Cypriots rushed to protect their
savings. "It’s a demonstration of people power in this little corner of
the world that’s very impressive, and the basis, I think, for some
optimism about opposition," says Richard Wolff, economics professor
emeritus at University of Massachusetts, Amherst, and visiting professor
at New School University. He is the author of several books including,
most recently, "Democracy at Work: A Cure for Capitalism."
Video
Source: Democracy Now!
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Video
Source: Democracy Now!
Author: -
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