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I hope the Cypriot Parliament does reject the plan. But even that would not undo the damage done to the concept of 'deposit insurance'. Regardless of why Anastasiades proposed putting up the small depositors to lessen the losses of the large depositors the fact remains that this was not ruled out by saner heads. Apparently there are no sane heads that were involved in this debacle.

I suspect some interesting news has yet to emerge regarding Anastasiades' contributors, patrons, etc. He may have feared their reaction, but now he has the Cypriot people to worry about. With no level below which people are not protected they are gratuitously enraging all.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Mar 17th, 2013 at 07:58:12 PM EST
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