The ones who save their money are not the ones who cause the debt crisis and welfare state! What don’t you understand?
The Cypriots don’t have a lot of alternatives open to them at this stage in the game.
They could always allow themselves to go bankrupt...it’s an option, if a painful one. They could go back to the Cypriot Pound, with an immediate devaluation of 40 to 50%. It would make vacationing there a lot cheaper, that’s for sure.
They could sell off the southern part of the island to the Russians. They’d be happy to buy it, I’m sure.
Maybe they could just let Turkey take over the rest of the island. Turkey’s in good shape, economically speaking.
Cyprus is bust. I know it’s not the fault of the ordinary man-in-the street for their situation. I don’t envy their situation, to put it mildly. They’re damned if they do, and damned if they don’t. It’s an economic Kobayashi Maru, to use a Star Trek analogy. The no-win scenario.