There are haircuts, and then there are haircuts. Cyprus is the latter:
Russians are believed to have billions of euros in Cypriot accounts and deposits above 100,000 euros (£84,300; $128,200) in the two biggest banks could be reduced by as much as 60%.
That’s up from 10%, then 25%, then 40%.
It’s almost as if the rapacious appetite of the looters can’t be satiated.