What happened in Cyprus, these days, is really incredible. A sovereign country was being brutally forced to put his hands in his pockets (and even worse in the current account) of the citizens. A measure absolutely disastrous, not only because it crippled the financial system of a country like Cyprus who lives just finance, but it destroys forever the confidence that people have in banks.
So, if I have money in the bank should feel comfortable that no one touches them to me. And European states, a couple of years ago, they made a solemn declaration in which they declared to guarantee for savings. And so saved the euro and the European banking system.
But they are now directly states that are forced to take the money of the citizens, what will happen? The risk, if it comes confidence, is that it skips the European banking system and immediately after the euro.
And all this just for ideological fury with which you want to hit Cyprus, guilty of not having enough high taxes.
