A People’s Revolt in Cyprus: Richard Wolff on Protests Against EU Plan to Seize Bank Savings
The government of Cyprus has brokered a last-ditch $13 billion bailout deal with European officials to stave off the collapse of its banking sector. Under the deal, all bank deposits above approximately $130,000 will be frozen and used to help pay off the banking sector’s debts.
An earlier version of the deal collapsed last week when Cypriots took to the streets to protest paying a tax of up to 10 percent on their life savings. The plan led to mass demonstrations as well as panicked bank withdrawals as Cypriots rushed to protect their savings.
"It’s a demonstration of people power in this little corner of the world that’s very impressive, and the basis, I think, for some optimism about opposition," says Richard Wolff, economics professor emeritus at University of Massachusetts, Amherst, and visiting professor at New School University. He is the author of several books including, most recently, "Democracy at Work: A Cure for Capitalism."
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About the Author
Amy Goodman is an American broadcaster and journalist, and the host of Democracy Now!, an independent global news program. She had been news director of Pacifica Radio station WBAI in New York City for over a decade when she co-founded Democracy Now! The War and Peace Report in 1996. Since then, Democracy Now! is probably the most significant progressive news institution operating today.
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In their new book, Amy Goodman and Denis Moynihan provide a vivid record of the events, conflicts, and social movements shaping our society today. They give voice to ordinary people standing up to corporate and government power across the country and around the world.
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