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If our only source here is Schäuble, what he said was:

And you assume that why?

by IM on Mon Mar 18th, 2013 at 03:38:03 PM EST
[ Parent ]
Well, do you have a better source?

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Mar 18th, 2013 at 05:02:19 PM EST
[ Parent ]
Look, I understand that this sub-thread has got a bit of tension in it. Still, I don't think why I assume something is likely to carry the discussion forward. But sure I can answer the question: I assume that because he is a source quoted numerous times in this thread.

Now, do we have another source to who pushed what? And more importantly for my remark, do we have any source pointing out the Cypriotic government rather then the EC or ECB as the main agent behind the bail-in for deposits under 100k euros?

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by A swedish kind of death on Tue Mar 19th, 2013 at 07:50:56 AM EST
[ Parent ]
http://www.eurotrib.com/comments/2013/3/17/908/97754/254#254

Let's see:

"Cyprus could have offered full protection to those with insured deposits up to 100,000 euros and still reached the 5.8 billion euro target by taxing uninsured deposits at a rate above 15 percent.

 ...

 But when the plans were presented to Anastasiades, several participants said, he balked at any suggestion that uninsured depositors should pay more than 10 percent."

I assume they base their reporting on sources other then Schäuble.

"And more importantly for my remark, do we have any source pointing out the Cypriotic government rather then the EC or ECB as the main agent behind the bail-in for deposits under 100k euros?"

We do. Now you could say the other governments want to shift the blame to Cyprus, but it is not just Schäuble.

by IM on Tue Mar 19th, 2013 at 08:06:43 AM EST
[ Parent ]
"And more importantly for my remark, do we have any source pointing out the Cypriotic government rather then the EC or ECB as the main agent behind the bail-in for deposits under 100k euros?"
Let's review some of the sources linked in this thread...

Cyprus Rescue Risks Backlash (WSJ)

Mr. Rehn was the first to make a specific proposal. To raise funds, Cyprus should impose a special levy on deposits, taxing accounts of less than €100,000 at 3%, those up to €500,000 at 5% and those above at 7%. Such a "solidarity levy "--the brainchild of Thomas Wieser, an Austrian who chairs technical discussion among euro-zone finance officials, and Mr. Asmussen-- could avoid a straight "haircut" on deposits, which they feared could be too destabilizing for Cyprus and the rest of Europe. The tax would be applied to all Cypriot banks, not just the two in deep trouble.
CYPRUS DISASTER: Open dissent in Merkel's CDU as Schäuble's attempt to avoid responsibility for Cyprus depositors dismissed as "bare-faced lie". (The Slog. 3-D bollocks deconstruction)
Says a well-placed Berlin source, "It is completely ridiculous for [Schäuble] to suggest that his was a dissenting vote on the question of small customers in Cyprus. In fact, he was from the start enthusiastic when Brussels came up with this `tax levy' scheme as a way round the EU's deposit guarantee. Every German MP will recognise this as classic Wolfgang Schäuble behaviour. The high esteem in which he is held by the German people is in no way reflected inside the Bundestag."


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Tue Mar 19th, 2013 at 08:18:26 AM EST
[ Parent ]
See also an update on The Slog:

But even as Schäuble continued to defend his position, claiming "The levy on deposits under €100,000 was not an invention of the German government", the Eurogroup begged to differ. Although last Sunday in an interview on public tv ARD, Schäuble directly blamed the European Central Bank, the European Commission and the Cypriot government for involving tax small savers (anyone but him, basically) ECB board member Joerg Asmussen rejected Schäuble's accusations.

He countered: "In the last days it was not the ECB that pushed for this special structure that was chosen, it was the result of the negotiations in Brussels." And pushing hard for 40% in that meeting (with no transcript record of anyone batting for the little guy) was....Wolfgang Schäuble.

Then again, it seems Mr Asmussen himself is being economical with the truth: "One should not, through the wrong actions in Cyprus, put in risk what has been achieved at high political and financial risk in the eurozone in recent years," Asmussen pronounced pompously. But the WSJ writes this morning that Asmussen was the one who, in the early hours of Saturday threatened to cut off Cyprus' two largest banks from the ECB's emergency funding if a deal was not achieved.

Are these meetings really not minuted?

by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue Mar 19th, 2013 at 08:36:46 AM EST
[ Parent ]
If there are minutes they will be released in 50 years' time...

Now seriously, the secrecy of Council deliberations (and even of the results of votes in the Council, given that Governments have made a habit of blamit "Brussels" for decisions they voted for at Council) has been a sticking point for a long time, given the legislative function of the Council.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

by Migeru (migeru at eurotrib dot com) on Tue Mar 19th, 2013 at 10:05:58 AM EST
[ Parent ]
Since the important negotations happened in smaller circles anyway, minutes of the big official meetings wouldn't have helped much.

According to this report titled a scapegoat named Schäuble - it happened this way:

http://www.sueddeutsche.de/wirtschaft/belastung-von-kleinsparern-in-zypern-ein-schwarzer-peter-namen s-schaeuble-1.1627975

  • the commission proposed  a tax of 3% up to 100,000 euro, up to 500,000 5%, above that 7%. Netting two-three billion euro

  • Largarde proposed to take 30-40% from accounts higher then 100,000 euro. Same with senior bonds. That would have resulted in seven billion euro.

Schäuble supported Largarde because he wanted the seven billion.

In the end Schäuble did go down to something like higher then 18%.

And then they compromised on the commission proposal just with higher rates, getting the famous 5.8 billion

 

by IM on Tue Mar 19th, 2013 at 10:43:05 AM EST
[ Parent ]

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