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Cyprus fiasco exposes grave deficiencies at Eurogroup, MEP tells Dijsselbloem


21 Mar 2013


EU Priorities 2020

Calling the Eurogroup's recent proposal for Cyprus a "colossal mistake", Greek GUE/NGL MEP Nikos Chountis today asked recently appointed President of the Eurogroup Jeroen Dijsselbloem "whether the Eurogroup is merely incompetent, or do you simply have hidden motives?"

"After the adoption of the Eurogroup's decision on Cyprus, the worst suspicions of EU citizens were confirmed: You don't have a specific plan to address this massive financial crisis," Chountis said today at a European Parliament economics committee exchange of views with Dijsselbloem on his working programme and priorities as Eurogroup President.

"Immediately after the decision was taken on Cyprus, you and other finance ministers realised that what you had asked for actually undermined and could destabilise the security of EU deposits. The air of insecurity among depositors spread from Cyprus throughout the whole continent."

"I am afraid that Mr Schäuble made clear what seems to be a separate set of motives. He made clear why Germany chose this destructive solution, saying that 'anyone who invests his money in countries with lower taxes takes the risk when these banks become unsustainable'. In other words what he said was 'bring your money to our banks, they face no such dangers" in what was an open call for investors to leave Cyprus and choose more stable financial institutions, like German ones."

"The second unmentionable objective that Schäuble did not make clear is the offer of financial breaks to countries like Cyprus and Greece in exchange for the acquisition by extortionate terms of the gas and energy resources of these countries."


Earlier this week, GUE/NGL President Gabi Zimmer welcomed the rejection of the bailout agreement by the House of Representatives of the republic of Cyprus as "a significant message that will reach far beyond Cyprus."

GUE/NGL Press Contacts:
David Lundy +32 470 85 05 09
Emily Macintosh +32 470 85 05 08
Gay Kavanagh +32 473 84 23 20
European United Left / Nordic Green Left
European Parliamentary Group


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