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And I was fine with that reading of events until they illegally - and this move blatantly is illegal under european law-  destroyed deposit insurance. There are no economic theories they could be operating under that could justify that, not even in their heads.

There were many other options on the table, and all of them - up to and including "Let the Cyprus banks go under, pay out deposit insurance" were much, much less likely to cause bank runs. Obviously so.

So this is a deliberate attempt at causing a bank run. Logically, it has to be. Please, someone explain to me a more likely goal served by this? Because thinking that the central bank is either run by outright villains or alternatively, is in thrall to a hostile power is not a pleasant place to be.

by Thomas on Mon Mar 18th, 2013 at 02:41:52 AM EST
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