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It's unknown "what degree and type of austerity will be imposed upon a collapsing social economy." It's almost certain to be "an austerian package bound to crush weaker Cypriots"."
Wiping out foreign depositors will devastate Cypriot banking and tourism.
Transferring 9 billion of ELA money from Laiki Bank to the Bank of Cyprus "flies in the face of basic banking resolution principles." Doing so reflects Eurocrat tyranny.
It's unclear how capital controls will be implemented. It's uncertain they'll work. Cypriot euros are no longer exportable. Restricting them to Cyprus flies in the face of monetary union.
Eurocrat demands are "exceptionally ugly." They jeopardized sacrosanct deposit insurance guarantees. They compromised Eurozone integrity.
They "sacrifice(d) the (EU's) single market principle according to which capital controls are" verboten.
The ugliest part of the deal exposes the illusion of "genuine Eurozone-wide banking union." Dijsselbloem said so in no uncertain terms.
"The combination of (a) the denial of the need to effect public debt consolidation, (b) the derailing of a meaningful banking union and (c) the heavy-handedness with which Cyprus was treated over the past week, spell a new, uglier, state of affairs in Europe."
Eurocrats spurned unifying moves. They chose authoritarian/divisive ones instead. Doing so pushes Eurozone countries "in precisely the opposite direction to that dictated by political and economic sustainability."
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