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It would be pretty ironic if the Cyprus bailout of 2013 will noted in history books as the event that lead to the collapse of 21st century banking (next up bank runs). Is it probable? No. Is it possible? Maybe.
Here are your options: lose all of your money or lose 10% of your money. What do you choose?
People across Europe will react with horror to this latest development in the Eurozone crisis. This will not strengthen the case for stronger European integration but turn many more against it. Notice too how the supporters of these measures attempt to frame the debate around wealthy foreign tax evaders while minimizing the plight of ordinary Cypriots. This extract from an opinion piece in The Guardian says it all ".…
Reading British newspapers for Eurozone financial commentary is like reading Soviet Pravda for its poignant analysis of American life. The rhetoric is so thick and the motivation so obvious that it's easy to forget that there's always someone who will take it seriously.