The Cypriot bailout agreed in the earlier hours of Saturday morning could be a game changer for the eurozone. It was a resounding victory for Germany, but the compromise reached could see banks collapse across Southern Europe.
Cyprus places Germany in a dilemma. The country needs a bailout of around €17 billion (us$22 billion) to avoid going bankrupt. To German elites, this is a great opportunity to gain control of one of the world’s most strategic pieces of real estate. But ordinary German taxpayers don’t care about this. They don’t want their money going to what they believe is a crooked banking system.