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Cyprus crisis signifies end of neoliberal economic model – RZD CEO

March 20, 2013, 19:05 UTC+3
“This is the end of neo-liberalism if Europe is going to solve the European Union’s problems at the expense of bank deposits" Yakunin said
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MOSCOW March 20 (Itar-Tass) – Attempts to impose a tax on bank deposits in Cyprus signify that the neoliberal economic model has outlived itself, Russian Railways President Vladimir Yakunin said.

He believes that this situation may eventually lead to a global economic crisis.

“This is the end of neo-liberalism if Europe is going to solve the European Union’s problems at the expense of bank deposits and using resources of Russian companies and Russian citizens,” Yakunin said at the Moscow Economic Forum on Wednesday, March 20.

He noted that the crisis in Cyprus reflect crisis processes in global finances. In order to avoid a global economic collapse, it is necessary to create international institutions that will oversee the financial sector, Yakunin said.

On March 19, the Cypriot parliament rejected the proposed tax on bank deposits.

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