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MAR 18, 2013 - Zero Hedge

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"All The Conditions For A Total Disaster Are In Place"

Authored by Charles Wyplosz, originally posted at VOXeu, Cyprus: The Next Blunder The Cyprus bailout package contains a tax on bank deposits. This column argues that the tax is a deeply dangerous policy that creates a new situation, more perilous than ever. It is a radical change that potentially undermines a perfectly reasonable deposit guarantee and the euro itself. Historians will one day explore the dark political motives behind this move. Meanwhile, we can only hope that the bad equilibrium that has just been created will not be chosen by anguished depositors in Spain and Italy. The ... Read More

Tags: "All The Conditions For A Total Disaster Are In Place",  European Central Bank Latest News