Financial crisis in Cyprus
Sir, – There has been much sympathy for the foreign depositors in Cyprus, who have suffered large losses.
If depositors elect to place their funds overseas they need to know how such funds are being used and what the inherent risks are.
They can always keep the funds domestically in a country they should better understand.
If this principle had been observed in Ireland, we might have avoided the worst of the property boom, the imposition of the bank guarantee and the consequent austerity era.
Foreign depositors seeking high returns, anonymity or tax advantages, together with guaranteed security, do not merit much sympathy.
Caveat investor! – Yours, etc,
Ontario Terrace, Dublin 6.