Panic in Cyprus

I'm pro-EU but i agree, Greece was incompetent before it was in the Euro (exports made up a stupidly small amount of the economy) and it was incompetent whilst it was in (binge) and so i'd have used the bailout money to protect the EU banks and kick it out and let it default.

With that being said however you have to see the wishes of the people to some degree. Now i know your Euro-skeptic and so you know doubt see the rise of Golden Dawn as a harbinger but actually the majority of Greeks still voted for pro-EU parties and when polled support was still at 80% simply because their memories before the EU/Eurozone were of a military dictatorship and then extreme corruption (by comparison Eurocrats suddenly don't sound half as bad).

There's a heavy objection to austerity as in France but as yet it's not filtering into any serious pressure to leave the EU because they still hope for the light at the end of the tunnel.

This is in my opinion a disaster and a monumental mistake for the ECB, this levy is going to hurt ordinary Cypriots more than it will hurt the Russians of which they will be paying 2€billion (Russian corporations alone have roughly 20€billion in Cyprus).

The long term affects may not be that bad but right now it looks that Cyprus is pretty much screwed in terms of keeping money in Cyprus and they will most likely lose a lot of Russian money in a capital flight, yes the money is laundered but the Cypriot economy needs all the money they can get and this will do more harm than good i my opinion.

Cyprus should turn around and say **** off then vote to leave the Eurozone.

It would be interesting to find out whether it was Germany or the IMF that pushed this because it smells like a German idea.

Given that Cyprus is both Greek and Turkish can they actually do that themselves? Or would they need the approval of both?

Teacher: Now then class, let's do some simple sums. I give you £10 and you take a £1. What do I have? Little Johnny: A bank account in Cyprus, Miss.