A People's Revolt in Cyprus: Richard Wolff on Protests Against EU Plan To Seize Bank Savings

 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."

See also:
http://democracyandclasstruggle.blogspot.co.uk/2013/03/costas-lapavitsas-cyprus-should-let.html