The EU's Vicious Cyprus Bailout

The Haircut (2013): For the first time in the financial crisis, bank accounts are being raided and people's savings are being seized. We look at the fallout of the EU's cruel gamble, exposing the human cost that's devastating Cyprus.
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In Cyprus the confiscation of bank deposits has been labelled 'the haircut', all too benign a way to describe what's happening. In return for 10 billion Euros of financial assistance, the European Commission, the European Central Bank and the International Monetary Fund have applied a cut-throat razor. The cuts it has imposed will devastate Cyprus and undermine confidence in banking Europe-wide. "We had a gun to our forehead and were told we are going to pull the trigger if you do not accept an arrangement like this," Michael Sarris, Cyprus's former Finance Minister and the man who signed the deal, tells us. He says it was out and out bullying and if Cyprus hadn't accepted it, they would have had their economy smashed. But the outlook is pretty gloomy anyway. A few years ago Cyprus had full employment; economists expect in the coming months it could reach 35% unemployment. House prices dropped by up to 25% in one day. As the Cypriots watch their savings and their economy disappear before their eyes, they feel they are part of a very cruel experiment. "We feel we are being used as a guinea pig here. Europe wants to see if this will work and then they can do it in another place."
ABC Australia - Ref. 5796
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[@kevreilly7]

"Those who don't know history are doomed to repeat it.” ― Edmund Burke

[@aycaramba081]

Haircut?! How bout we call it what it is...OUT RIGHT THEFT!!

[@djleandromusic]

I am a south african cypriot living in cyprus ... let me tell you that what torika did to cypurs was absolutely f&*king disgusting ... in my opinion , they did this haircut for two reasons 1. as an experiment to eventually be applied to other european countries and 2. to give up the profits of the gas in cypriot waters ..... the gas exploration was not mentioned in the film , I think journeyman should make a film on the gas pockets doscovered in cypriot waters

[@ClarksonsinUSA]

Sad,I think Cyprus would have been better off as NON a Member of the EU..

[@kevreilly7]

26:26....."We are fighters".........---Someone just stole all your money from you and no one did ANY fighting.... ....

[@koullas]

Thank you Journeyman for this trip you've taken to my small island. You should do an investigative documentary why nobody ever gets blamed and sentenced if he breaks the law in Cyprus. That's the root of the problem i think, corruption in all stages of society.

[@heracles89]

It's definitely harsh, but more worrying is that it worked. Cyprus has paid all its debts and is back into growth. It may not be the only bail-in in Europe!

[@scorp211159]

how the hell are theses people supposed to survive ....keep their business going, pay their workers...live ..its a bloody disgrace

[@archeoatlas6036]

When you see corruption being rewarded and honesty becoming a self sacrifice ~ you may know that your society is doomed.

[@PimpPancreas]

This is why the entire world should rise up against banker tyranny. I don't know why they would do this to people, because it would be cause a backlash.

[@whoisascholtens]

Bubbles burst. If economic growth is based on the double counting of currency, instead of the actual creation of wealth (aka buildings, roads, furniture, jewelry, anything tangible) then it will burst, it is designed too. In the USA we borrowed on our borrowings, and when the loans got called, pop! Lesson learned.

[@oxfordden3661]

This is timeless ... still happening in 2022 throughout the world ... big changes are coming to global societies ... history repeats ... when is the next cycle?

[@drewsimels435]

Hello from NYC! Thank you very much for this documentary from Australian television> I notice that no one representing the EU appears in the documentary. nIf I was working as a journalist, I would be bringing the documentary to EU politicians and ask them to explain why it is necessary for the Cypriot people to endure such conditions. Maybe there will be a second documentary?

[@MrLudvig01]

So, blame it on the customer. It is almost funny that the former finance minister tries to adopt the excuse of too much spending by the people of Cyprus. It is a flat out lie.The reason is that the bankers played with other peoples money.

[@27boof]

Thank you so much for this incredible documentary!

[@chocoboasylum]

And that makes it OK to have their savings stolen from them? Don't forget that what happened to them could be coming to a country near you. This entire story's about financial mismanagement by bankers, not lazy shop keepers.

[@cd78]

very eloquent and proud lady..

[@ybet1000]

Why a depositer should lose their money is beyond me...Creditors and shareholders yes... but I don't classify a person depositing money in a bank as a creditor... a depositer ... the banks capital must be able to cover the deposits no matter what happens

[@MonkeySpecs301]

when are we as humans going to relinquish the need for money and value labor and our production for all to share?

[@WhateverDudeMan]

"North europeans" how ironic.. when there is money you dont care about anyone. Look at dubai, how much do they care about the suffering arabs?

[@brandonblizzard4755]

They tried the same thing in Iceland Circumstances may have been different But nearly all of Iceland which is a small nation marched to their parliament and demanded that their government leaders step down and began to rewrite their constitution Its still not over yet but the people stood up to the bankers when their leaders would not.

[@jimmythesaint5364]

Very sad . The U.K has struck the E.U now its time for the other nations to give the final blow

[@mralanv]

The Europeans need to learn from this mistake and get their sovereignty back. How can Cyprus or any other EU country be called independent when they have to follow policies imposed on them by the EU?

[@chrysokerux]

Oil was found then this happened, coincidence?

[@PhoxNews]

Cyprus walked into this eyes wide open. The explosion at the naval base didn't help, destroying a bilion euro power station in a few seconds and plunding Cyprus into the dark ages - quite literary with timed regular power cuts, especially in the summer with power hungry air-conditioning in the hotels.

[@HMClagi]

The world laughs at the EU failure. They call it karma. I am a Dutchman, living in Indonesia for 10 years now.No pity.

[@CyGrGuy]

A shame then that all of Cyprus' gold reserves are to be sold as requested by Germany.

[@live2lovepeace]

cheers to optimism! breaks my heart!

[@mystery8guy]

btw its called roussos villas cos that was the name of the guy who built the place, p.s i was born, raised, and live in Limassol.

[@theteknical]

can't believe how calm these people are after their money got stolen. If this happened in america, there would be rioting in the streets the next day lol.

[@LibertyDownUnder]

The people of Cyprus brought this on themselves with their apathy. For decades they have been cheering for 'unity' and their broken social benefits, now they cry for help when it all comes crashing down. The signs this was going to happen have been evident for a very long time and it's really no else's fault but their own. Any European reading this that thinks this won't happen to them is sadly mistaken. Leave the Euro while you still can.

[@RitaPersyn]

At the start , this is To limanaki tou Paphou , so ,Paphos and not Lemesou - Limassol

[@I_have_solved_AGI]

I mean there are atleast 3 distinct migrations into europe 1) thru mediterranean 2) thru anatolia/caucasus 3) thru arkaim/russia ....at different times giving rise to different tribes of different origins

[@fradybord]

That is a rather uninformed statement, but you are entitled to your opinion :-) "Nothing in all the world is more dangerous than sincere ignorance or conscientious stupidity." -M. L. King Jr. "I am afraid that ordinary citizens will not like to be told that the banks can, and do, create and destroy money; and they who control the credit of the nation direct the policy of governments and hold in the hollow of their hands the destiny of the people." - R. McKenna, Chairman, Midland Bank London

[@TypeSly]

That is just fucked up. Time to go withdraw my money from the bank...

[@RitaPersyn]

I am convinced they won't because of the mass stream for 48% of east Europeans and mass fast food chaines. Where are the Cypriot "tou spitiou" little restaurants ? Especially Lemesou, Limassol

[@ezra106]

Mr Sarris, How much money did YOU PERSONALLY lose to the haircut? Answer honestly. Thanks

[@longtermcyprus2462]

What a year it has been ~Cyprus #Cyprus #Haircut #Troika

[@karutta21]

So basically if a private bank goes bankrupt -you'll end up with nothing . Or the government helps out ?

[@pafitiang]

Dew to Cyprus geopolitical position, Turkey invaded the island in July 1974. Seizing the opportunity of political instability, within a few days half of the island was under Turkish occupation. Thousands had dropped dead, half of the population lost their property and became refugees in their own country!!

[@I_have_solved_AGI]

I think greeks and northern europeans never had a common ancestry. I mean the slavs/medterraneans came from the phoenicans and that area,, whereas the germanic tribes or the finno-urgic people came from caucasus/russia. Thats probably the divide/differences between greek,italian,spanish,french and the other blue eyed northern tribes. Probably the level of progress/ civilisation varied too.... and maybe the romans infact gave the germanic/northern barbarians their civilisation

[@gorestis]

after 27 and half minutes of watching this video, that bothered you? seriously?

[@Curtis5511]

Well,this is because you are divided,but were you united,you'd be a force no one would dare to oppose.Just think about it, no need to accept my POV.

[@SilverRevolution1]

Only gold and silver can bring you outside of the banking matrix and help you from the banking theft. "You can't eat it!" - they say....because they have none.

[@50Sane50Crazy]

glad i dont live there

[@poeplap111]

nice one

[@jaydc182]

I think all Europeans should watch this documentury very carefully, I have a feeling history is about to repeat itself.

[@lucahofstee5077]

Not just europe, amerika is litterally working on laws for this

[@MesmorphGaming]

The greeks only considered the romans as civilized and everyone else barbarian during Byznatium times, many greeks/romans mixed. The slavs came around 1500 AD with Turkish army and the slavs only lived with other slavs/turks in seperate villages from greeks, most greeks fled to the islands/south and the greeks even to this day are extreme about only mixing with ONLY Greek orthodox Christains. If a greek married a turk/slav they were not greek anymore and had to move to turkey at end of war.

[@brandonblizzard4755]

Look up the Money Masters, If people especially in a small nation can agree on what has value how much value the real property is worth you can form your own currency. Money is just a promise among people. The most successful currency ever were notches carved into a stick. Wiki Tally sticks. It could be rocks if we all agree on what the rock is worth. The real value is in the homes, farms, bakeries, services, like the nurse featured their is value in what she does.

[@I_have_solved_AGI]

'they lived in caves upto 200 bc' ...funny what the greeks think of northern europeans

[@John_Smith__]

Fractional Reserve means There is No Money in the banks. At best they have about 7% of Money equivalent ... so in reallity they can have at best 3.5% of depositors money. I say to everyone, Buy Gold while it is very very cheap. Get Real Money to protect yourself !

[@TheLabrat67]

plenty more haicuts to come for us all .

[@TheNatureworld]

you invaded EU - because you still money from Euro Zone Currency...being in your country. That's why we collect for you money to help you. Try to read some publications - what is EU ??? what have you sign in 2009

[@dragonfly1929]

only way ,,ICELAND,,,way .................!

[@andreassofokleous928]

What you wrote has nothing to do with what i wrote.

[@Ozipeter]

If you stuck together you could take on the Evraii but you wont.... and now you eat pork Gyros instead of lamb

[@granskare]

you are in error.,..Greece, Turkey, and the UK signed a treaty about the island, the Greek junta (why are they always colonels) and some right wing Greeks wanted 'enossis' with Greece while the minority Turkish Cypriots opposed that...the treaty kept that away. Unfortunately the congress stopped aid to Turkey so then Turkey closed our bases in Turkey and K think it went to hell after that..

[@KalindaKhan]

don't worry, they might have gotten a head start in the race towards civilization and a favorable environment...but there is a reason that they are broke now and can't dig themselves out of the hole.

[@I_have_solved_AGI]

wtf is your problem?? just discussing history here

[@minorswing7337]

very nice video,but our main problem remains the national. the illegal invasion of the Turks on our island! Our people still remember the great war crimes that Turks done against us! Don't try make us forget the main problem with the economic crisis.!

[@gmpsyche]

OMG.

[@mystery8guy]

Cyprus, Population 1.117 million (2011)

[@stelios-1821]

no they didn't. that wasn't even an issue. the economy of the private sector was and is still healthy. you are trying to insult liberals but you are using wrong examples.

[@CelineMitchell]

Very narrow minded view of the Turkish Cypriots.

[@Ozipeter]

And the Russian Mob lost nothing....

[@WhateverDudeMan]

you sound educated

[@scratchallday]

Ironic that this is happening in the birthplace of democracy.

[@Gorevet]

08:14 Bread and Milk bagged together.. what the fuck woman.

[@StratosIceman]

Gorevet Whats Wrong With Putting Them Together ?

[@andreassofokleous928]

If a foreign country invade yours, then you can have an opinion/

[@live2lovepeace]

m8 google greek journalists interview argentina finance minister! 2013.

[@commoncure3335]

came here from Steve-o

[@neoneherefrom5836]

ok

[@samsadeniz]

I don't mean to offend anyone but ancient greeks are totally different from the present greek people.now they are mixed race people of slavic and the turkish nas the albanian! and they look like arabs not european