Beaming over Germany’s success in imposing its will and forcing Cyprus to confiscate up to 80 percent of uninsured bank deposits to get releae of a 10 billion euros ($13 billion) international loan, much of it coming from his country, German Finance Minister Wolfgang Schaeuble said critics of the deal were acting like schoolchildren.
“It always works out like that,” he told ZDF television. “This also happens in classrooms. Sometimes when you have better results, others have difficulties with this, sometimes they are even a little jealous.” Germany had insisted on the harsh terms before approving its participation.
When the deal was ok’d, he said, “This is bitter for Cyprus, but we now have the result that the (German) government always stood up for.”
He said the country’s economic crisis was its own fault and that Cyprus is paying the price for having a large banking sector. “Everyone has to put his household in order. He who carries great risks also bears the losses in the end,” he said.
The Wall Street Journal revealed the talks got so hot in a meeting of Eurozone finance ministers that International Monetary Fund Nanaging Director Christine Lagarde attempted to calm down a fiery Schaeuble who was squeezing Cypriot officials in negotiations so intense that the finance minister of Malta said it looked like a gun was being put to the head of his Cypriot counterpart Michalis Sarris.
Germany is despised by its critics, including those in Greece which is undergoing brutal austerity measures demanded by German Chancellor Angela Merkel who has pushed successive Greek governments to keep imposing pay cuts, tax hikes and slashed pensions.