Eurogroup: Sacrificing the savings of ordinary Cypriots is unfair
The European Trade Union Confederation (ETUC) condemns the decision of the Eurozone (Eurogroup) of 16 March, which taxes ordinary savers and places a sizeable burden of the banking crisis on the back of workers and citizens.
The ETUC protests against this unfair decision which is bound to have adverse consequences – not least a loss of confidence in Cypriot banks which will freeze credit for the real economy (investments, exports). Such a decision risks destroying economic activity and jobs in the long term.
The ETUC is also concerned about other conditions yet to be revealed related to wages and the labour market which will be imposed by the Troika. The experience of other countries placed under such financial controls shows the adverse effects for collective bargaining systems, fair wages and quality jobs.
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