Safe as Houses

The Cyprus Haircut was a onetime thing, setting no precedent whatsoever. And I’ve given up red meat and booze:

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

“If there is a risk in a bank, our first question should be ‘Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?’,” he said.

A cynic might argue that depositors are being robbed to prop up a multinational currency which should never have been created, in nations which should never have been allowed to join it.

Well, I guess that makes me a cynic then.