Then there should be a search for redress.

Some clever people came up with an opaque monetary betting system called CDO’s etc. These were rated AAA by some other even more clever people.

Due to a lot of surplus cash, European Banks (and others) invested in these financial documents – one or two of merit the balance not even of junk grade.

Once the curtain came down, the tax payers of Europe were called upon via the incumbent politicians to bail the banks out so as to protect the local economies. The ask was a big ask, and in many cases not very successful as the real depth of the problem to longer to uncover, than the unravelling of the origins of the bad financial .

Would it not make more sense to go back to the originators of the problem, those that benefited from it and have the proceeds claimed back from them. That should be done in a fully transparent way perhaps by asset seizure as is now being done in Cyprus. It would be enlightening to see all the greedy ones who profited at the expense of others. But at the same time, those jumping on the greed band wagon can expect no compensation. When it looks too good to be true then there lurks danger. This second group of people knew of the danger, otherwise they would have behaved in a safer manner as the majority did.

In the tidy up, there is a need to change a few other things as well. Lenders need reins on them so that they are never again able to gamble with depositor’s money. In earlier time a deposit was put down to purchase any financed items. In banking parlance that deposit is the risk money.
The buyer makes the decision and must have a good amount of ownership in it otherwise, the decision will be less sound than it would be with the risk money as the first resort.

Another change necessary, career politicians – in power in nearly every country need to be kicked into touch, and a maximum two terms only be allowed. The fat cat perks should also go. They would then that their behaviour was in the countries interest and not in their own career.

This is hugely unjust and dysfunctional. The problem is basic, and has to be solved either by guaranteeing M0-M1 partity unconditionally arcoss the zone or by reintroducing exchange rates on M1. I don’t know if it would be practical to keep a unified M0, for the convenience of travellers and trade, but formally break the union for M1 and let deposits be locally denominated and float.

Sign : https://www.change.org/fr/p%C3%A9titions/a-tous-les-d%C3%A9put%C3%A9s-chypriotes-chypre-doit-scinder-les-banques-en-deux-cat%C3%A9gories-bonne-mauvaise-banque