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They'd have softened crisis conditions if implemented. They'd have hastened recovery. They'd have mitigated pain and suffering. Bailing out bankers matters most.
"Congratulations Cyprus." Sacrificing sovereign rights benefits German Chancellor Angela Merkel. Her September reelection chances improved.
Der Spiegal commentator Armin Mahler headlined "Euro Bailouts: Savers Be Warned - Your Money's Not Safe."
Germans are worried for good reason. Banker bailouts harm their security. "At times like these, the only thing that is certain is that nothing is certain."
Even savings accounts aren't safe. Nations teetering on bankruptcy may seize them. Guarantees protecting them aren't worth the paper they're written on.
Post-WW II, Germans learned lessons the hard way. They were charged extra real estate taxes. Compulsory mortgages reflected them. They had no say.
Governments prohibit owning gold during currency crises. People are forced to exchange it for depreciating fiat money.
Other troubled Eurozone countries may levy asset charges. Doing so makes ordinary people bear burdens they didn't cause.
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