The Cyprus bail-out: A better deal, but still painful
The Economist | March 25, 2013

… Nobody doubts that, after such a severe blow to its lucrative banking sector, Cyprus will be pushed into a harsh recession. Some sources in the troika tentatively estimate that GDP will shrink by about 10% before any hope of recovery. …

Note: This outrage of stealing money from depositors is called “haircuts”.

“Troika” is defined in this IMF document (original: http://www.imf.org/external/np/exr/facts/pdf/europe.pdf):

… enhanced cooperation between the IMF [International Monetary Fund], the EC [European Commission], and the ECB [European Central Bank] in program countries has become known as the “Troika.”

So we have a form of international government dominated by bankers.

Cyprus President’s Family Transferred Tens Of Millions To London Days Before Deposit Haircuts
Zero Hedge | March 31, 2013

Cyprus’ President-related company transfers €21mn to London prior to bailout agreement – report
RT | April 1, 2013

A company owned by in-laws of Cypriot President Nicos Anastasiades wired €21 million from Laiki Bank to London days before the Eurogroup’s crisis-triggering levy proposal, claims a Cypriot newspaper. The president demands an investigation. …

‘Mass deletion of data’ on former BoC execs’ computers
George Psyllides, Cyprus Mail | April 5, 2013

DELETION of data allegedly took place on computers belonging to senior Bank of Cyprus (BoC) executives, according to the leaked findings of a probe into the circumstances that forced the island’s biggest lenders to seek state assistance. …

Key data missing at troubled Bank of Cyprus – inquiry
BBC | April 5, 2013

… Bank of Cyprus – the island’s biggest bank – bought Greek bonds which turned into some 1.9bn euros (£1.6bn; $2.4bn) of losses in the Greek debt crisis.

Depositors with more than 100,000 euros in the bank are now facing a big loss. …

BRITISH taxpayers are to be forced to pay £38.2million towards the European Union-led bail-out of Cyprus, it emerged yesterday
Daily Express | April 5, 2013

The UK is contributing towards the £8.5billion rescue plan through the International Monetary Fund. …

UK Independence Party leader Nigel Farage said: “This £38.2million will be only the start. …” …

Dismissing anger that accounts held in Cypriot banks are to be raided to help fund the deal, she [Christine Lagarde of the IMF] said customers with deposits of less than £85,000 were safe. Ms Lagarde added: “Insured depositors have been fully protected. …

The IMF ordered Cyprus to slash public-sector pension and welfare costs as part of the deal.

Britain has already paid more than £12billion in bail-outs for Ireland and Portugal as well as contributing through the IMF to other rescue packages for Spain and Greece. …

This ridiculous system is completely wrong and this is totally unnecessary suffering. Nobody should be bailing out banks. Have your own independent currency and sovereignty.