Financial Meltdown in Europe: “People wake up, they are sucking your blood”, Cypriot students protest amid bailout frustration

Cypriot students protest amid bailout furor

Nothing clear about their future and watching Financial meltdown of Europe, a large number of students protested outside presidential palace, chanting slogans and waving banners, following the announcement that banks will not reopen until Thursday. The eurozone bailout has heightened frustration at the government.

“People wake up, they are sucking your blood,” said one sign. “Death to Merkel,” said another.

The country’s youth are also expressing concerns about their future: “‘Troika’ will bring us to the point that we have no future. We cannot find a job,” a Cypriot student told RIA Novosti.

As protesters took to the streets on Tuesday, Bank of Cyprus Chair Andreas Artemis submitted his resignation in opposition to plans to restructure the bank.

Unrest has widened following the $13-billion bailout deal which has seen the freezing of deposits over €100,000. A withdrawal limit has been imposed on ATMs, and capital controls are in place to prevent the movement of funds.

The eurozone bailout did not alleviate the island nation’s worries. Residents who have not taken to the streets in anger are also feeling the pinch, especially with the central bank remaining closed. Cypriots feel that a line has been crossed, and are worried about cash flow, jobs and savings.

Under the latest plan, a one-time levy of 20 per cent would be placed on uninsured deposits of more than €100,000 at the Bank of Cyprus, with a separate tax of 4 per cent assessed on uninsured deposits of more than €100,000 at all other banks in the country.