...on stark contrasts
Listening to the radio the other morning, I was interested by 2 news items:-
The first was about Cyprus. Someone (can't remember their name) was being interviewed about the possibility of imposing a bank levy on all accounts in the 2 biggest banks. They were saying that it was not impossible for a levy to be set at approx 40% for those depositing over 100k euros.
The very next news item was about the BRIC countries (Brazil, Russia, India and China) and their annual summit which started on Tuesday. The main topic of conversation is to be about how the can get their proposed Development Bank to work, with each putting in $10bn to start.
What struck me about these 2 news items was not whether they were intrinsically right or wrong in their own rights, but simply the contrast between the 2 happening at the same time. Cyprus on the brink of financial collapse in stark contrast the formation of a $40bn bank to fund continued economic development in certain other countries.
Is this a case of 'fair' and 'unfair'? Or is it just simply macro-economics and unfortunate timing?
The first was about Cyprus. Someone (can't remember their name) was being interviewed about the possibility of imposing a bank levy on all accounts in the 2 biggest banks. They were saying that it was not impossible for a levy to be set at approx 40% for those depositing over 100k euros.
The very next news item was about the BRIC countries (Brazil, Russia, India and China) and their annual summit which started on Tuesday. The main topic of conversation is to be about how the can get their proposed Development Bank to work, with each putting in $10bn to start.
What struck me about these 2 news items was not whether they were intrinsically right or wrong in their own rights, but simply the contrast between the 2 happening at the same time. Cyprus on the brink of financial collapse in stark contrast the formation of a $40bn bank to fund continued economic development in certain other countries.
Is this a case of 'fair' and 'unfair'? Or is it just simply macro-economics and unfortunate timing?
posted by Robin Miller at
10:33 am
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