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Deposits are no longer safe. Authorities can order them confiscated.
Capital flight is more likely. Depositors worried about safety will exit post haste.
Cyprus and other Eurozone countries have unsustainable debt. Bailouts increase it.
Troika officials are "disunited".The Commission bears responsibility for backing a levy on insured deposits." Doing so lost trust.Cyprus' political process failed. "The fact that the bailout deal requires the approval of eurozone parliaments but not (Cyprus legislators) raises questions about democratic legitimacy."
Power brokers gave Cyprus few options. Germany wants things its way. It wants its burden offloaded on ordinary people.
FT's Lex headlined "Cyprus: crossing the green line. Ham-fisted 'rescue' could have serious long-term consequences."
"Overnight, Cyprus has become an offshore banking centre without a banking system."The "rescue" deal "devastate(s) the Cypriot economy." It's baffling how a small country "caused so much trouble."
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