NICOSIA - Cyprus received harsh treatment at the hands of the Eurogroup during its painful bailout because its politicians were unable to grasp how serious its problems were.
This was the message from the Finnish member of the European Parliament’s Economic Committee, Nils Torvalds, in Nicosia yesterday.
He was referring to the bail-in imposed on the island’s debt-ridden banks – the first such action to be taken in a bankruptcy-threatened EU country – in March 2013.
Torvalds said: “One of the systemic problems in Europe is politicians. They easily duck the problems. Cyprus was treated in a different way (by the Eurogroup) because its politicians were not able to judge how deep the problems were. Both in Cyprus and Greece…they failed to see all the shortcomings”.
Torvalds was part of an EP delegation that left the island last night after talks in Nicosia with officials to compile a report proposing changes for the future following the Troika’s impositions.
They are visiting all the bailed-out countries of the Eurozone.