And then, suddenly, EU goes a step too far. Imposing a out of the blue tax on bank deposits in Chipre simply casts a cloud of doubt and uncertainty that might ruin the whole European banking system. There is no way depositers in Greece, Portugal and Spain will keep their trust in the system.
This is problem just another piece of the perfect storm that is mounting in Europe - absence of strategy, low productivity, lack of politycal competence, all the ingredients of a nightmare.
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