The Malta Independent 1 September 2026, Tuesday
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Sheer Arrogance

Malta Independent Wednesday, 8 December 2010, 00:00 Last update: about 13 years ago

No. It is not the French bad boy of football who is being arrogant – it is Europe, the policy makers, the bankers, the naysayers and the economists. We ask them all this question… How dare you?

The issue revolves around a campaign launched by Manchester United icon Eric Cantona who has called on people around the world to punish banks by withdrawing all their cash.

The appeal was made on Facebook and Youtube. Jean-Claude Juncker, head of the Eurogroup of finance ministers, said the idea was “totally irresponsible”. He said: “I have various feelings towards the financial sector but I find the operation you are referring to totally irresponsible”. Joining the condemnation, French Finance Minister Christine Lagarde remarked that citizens “do not have the savings he has“.

Olli Rehn, the EU’s powerful economic affairs commissioner and himself a former director of a Finnish first division club, said he considered himself a Man United fan, but added: “I think Mr Cantona is a better footballer than he is an economist”.

Let us look at this bit by bit. Mr Juncker – a much respected PM, Finance Minister, technocrat, politician and commentator, should know better than to tell European citizens what they should do with their money.

Lagarde, long known as one of the EU’s Finance Ministers that shoot from the hip, has indeed done it again. Ms Lagarde suggests that Mr Cantona is only saying what he is saying because he has a large bank account. Wake up, this is all the more reason for holders of smaller accounts to worry.

As for Mr Rehn, we expected nothing different. Mr Rehn is a Commissioner who is bullish and knows best. Of course, we know why there has been this reaction. If European banks are starved of capital – then their cashflow problems increase and in turn, it becomes difficult to borrow.

But let us put it into perspective. Some people have lost their savings because of banks going under. For years and years, the vultures picked bones clean. Multi-millions were dished out in bonuses and payments. Investments were made gung-ho and all returns were lost. What on earth do European politicians expect? People are angry, people have been scalded, people want to teach greedy, irresponsible and over paid bankers a lesson.

A recent scientific study compiled by the BBC benchmarked productivity and necessity of professions. Dinner ladies, toilet cleaners and street cleaners placed above any position in the banking sector. There you have it, put that in your pipe and smoke it. Who on earth, aside from close family and friends (and even that’s a push) has any right to tell people what NOT to do with their money.

It is bricklayers, teachers, sweepers, binmen, clerks (the list is endless) that keep the wheels turning – certainly not bankers, and even more definitely not Brussels-based politicians. They are already resented – telling people what to do, and more importantly what not to do with their money – is not their prerogative. Mind your own.

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