Europe shoots itself in both feet?

The financial news is awash with news of Cyprus and the 'levy' on bank deposits agreed as part of the EU bail out package. Looking behind the official statements, it looks like this deal was more about pinching Russian assets (their large deposits with Cyprus) when the opportunity arose, rather than a shift in EU policy. But it was amazing nonetheless that they would cross the 'no go zone' of sacrificing depositors. Banking is a fragile system that needs all the confidence the bureaucrats can give it. Whilst simplistically it could be argued that the package is only a worry...

The financial news is awash with news of Cyprus and the 'levy' on bank deposits agreed as part of the EU bail out package.

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