Miika Makela

Cyprus’s 2013 crisis set a eurozone precedent: citizens’ deposits were seized in a bail-in, alongside harsh austerity, reshaping the economy and eroding trust in banks.

Bail-ins transfer bank failure costs to citizens and businesses, cutting into deposits and pensions—privatizing gains while socializing losses, and leaving deep economic and social impacts.

Greek households carried austerity’s burden: wages and pensions were cut, taxes rose, capital controls squeezed cash, and public services were scaled back—leaving fewer jobs, reduced access to care, and enduring insecurity.

Bail-outs use public funds to rescue failing banks and governments, shifting the cost to citizens through taxes, debt, and austerity—privatizing gains while socializing losses over decades.

Iceland’s 2008 banking collapse forced harsh austerity: soaring taxes, deep spending cuts, and strict capital controls. Savings eroded, debt ballooned, and recovery came only after years of hardship.

German capital controls of the 1920s–30s drove citizens to seek safety abroad—fueling demand for Swiss numbered accounts and banking secrecy.

In 1976, Britain surrendered economic sovereignty to the IMF. Austerity gutted public services and crushed citizens—while protecting creditors.

Trump’s 50% copper tariff, announced July 8, 2025, targets Chile, Canada, Mexico. A trade and political ploy, it risks economic fallout with U.S. copper use at 1.85M tons, only 1.12M tons of it is domestic production.