Friday, March 22, 2013

Costas Lapavitsas "Cyprus Should Let the Banks Go Bankrupt"

Cyprus should let the private banks fail and create a public bank that focuses on strengthening the real economy.

No to the transfer of private debts of the Cypriot Banks onto the public of Cyprus.

Democracy and Class Struggle shares the frustration of Costas Lapavitsas with the Left who should be vocal in the protection of the real economy in Cyprus and its natural resources - a new public bank should be created immediately and the corrupt banking system should be allowed to fail.

The new public bank should protect small savers. Russia or European Union are not saviours of the Cypriot people just potential ruthless extractors of its natural gas resources.

Any good assets in the corrupt banks should be transferred to the new State Bank immediately, the natural gas resources of Cyprus should not be sold in a fire auction but protected so that they can assist Cyprus make a recovery in its real economy, the financial industry of  Cyprus which is the cause of the crisis should be shut down just like the banks.

The People of Cyprus must determine their own fate and not look to Brussels or Moscow.

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