commoners find the unfolded/unfolding story too surreal/bad to believe in the first place!
Was it Cyprus's own leadership who tried to apply lightly differentiated levies on all savings from €500 to hundreds of thousands to the millions?
Just so Cyprus might remain a safe haven for wealthy Russian and other depositors?
In a move brightly designed to appease bigger depositors by spreading the pain across all savers?
No respect shown whatsoever for the vast majority of Cypriots on average incomes with small to moderate to large (yes-why not?) savings?
Lifetime savings for some.
Fiscal paradise for foreigners to park their fortunes - won't even ask their source - to then get overexposure to Greece?
Is this the main thrust to Cyprus's prosperity?
Banking and finance remain essential to the workings of any society and economy.
An oversized, freewheeling sector that seemingly does well while the going is good represents, besides hefty risk, certainty that at some point in time it will implode.
As usual not before those-otherwise-hateful-taxpayers are called upon to come to their rescue.
Cyprus's original predicament lies in that citizens are doubly burdened, both as taxpayers and depositors.
An affront to honest, hard-working people it was.
A grotesque, nameless and faceless breach of trust whose seriousness cannot be underrated.
Reads like a meaningful improvement on previous ones.
Some thought was put into the savings of the 'little guy'.
In actual fact no more than upholding the Eurozone's own deposit insurance treshold.
More so when problems become especially complex as is Cyprus's case today.