'Obviously the risk with the Cyprus bank tax is that it'll lead to mass panic in other countries dependent on EU lifelines (Portugal, Spain, Ireland) which in turn will spark secondary panic in Spain and Italy and the whole edifice of European monetary union will collapse in chaos. But while I suppose yesterday's news makes that somewhat marginally more likely, I think everyone ought to be affirming the basic reality that runs and panics are unlikely and unnecessary.
'The real issue here is that your typical middle class Cypriot seems to be getting royally screwed.'
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