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"I would not be surprised" if what happened doesn't reflect "a major turning point." It may become "the moment in history when Europe moved beyond the pale."
It might have been worse. Cyprus state broadcaster CyBC said German Finance Minister Wolfgang Schaeuble proposed a 40% haircut on all deposits.
IMF managing director Christine Lagarde concurred. On March 26, Cypriot Finance Minister Michalis Sarris said large uninsured Laiki Bank depositors could lose up to 80% of their money.
"Realistically," he added, "very little will be returned."
Euro expert Bernard Connolly looks prescient. Before its introduction, he predicted the euro's failure. He called it a hairbrained idea doomed to fail.
He said one or more of Europe's weakest countries would face rising deficits, troubled economies, and a "downward spiral from which there is no escape unaided. When that happens, the country concerned will be faced with a risk of sovereign default."
It only remains for it to happen. Expect perhaps eventual EMU collapse.
Stephen Lendman lives in Chicago. He can be reached at Email address removed .
His new book is titled "Banker Occupation: Waging Financial War on Humanity."
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