So it would be better if the entire country collapsed and people started slaughtering each other in the streets?
“So it would be better if the entire country collapsed and people started slaughtering each other in the streets?”
I’ll take this one.
Yes.
Although your “slaughter in the street” comment is hyperbole, the best solution for Cypress would be to go through the real pain of a real insolvency now instead of make-believing everything is OK all the while ignoring the bills, debtor calls, and foreclosure notices for a few more months. This deal only serves to make things worse later.
Besides, an early ticket out of the EU most likely would ultimately be seen as a blessing in future years.
I might suggest you read The Road to Serfdom. This deal hasn’t saved the people of Cypress from anything. The reactions to this deal (like the drying up of private capital in the face of draconian state controls) will only serve to make an eventual recovery all the more difficult.
You cannot borrow your way out of debt - or towards prosperity.
The People of Cypress weren’t saved at all. The EU threw itself a lifeline and tied an anchor around the necks of the People of Cypress in the process. And they couldn’t give a tinker’s damn. If you think this deal was about saving Cypress, you haven’t been paying attention.
Why would the entire country collapse?