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http://marketsandbeyond.blogspot.com/ http://www.pcgwm.com/ be most interested to see whether they will be hit and if yes, in which magnitude (no details on this-probably banks mainly financed themselves via deposits; I did not look at aggregated Cypriot banks balance sheets)? This is creating a precedent which will hit the confidence in the euro zone institutional environment and safety for depositors. Despites all assurances yesterday and today, particularly in Spain, that Cypus is a special case (it is ALWAYS a special case), residing in a trouble euro zone country, I would be very very worried and would not wait to get most of my saving in a safe place (i.e. outside the euro zone -the nearest is London). No depositor in the euro zone is safe any longer with his savings: each country could impose such a tax for whatever reason, good or bad (remember Roosevelt stealing gold from Americans in April 1933). This would be politically correct: tax all deposits above EUR100.000 in countries receiving EU money, and why not in countries with disastrous public account (France and Italy). Not the way forward for a sustainable fiscal consolidation to create the bedrock of future prosperity. In the meantime France will not abide by the Maastricht criteria in 2013 (and 2014, I bet), or 8 years over the past 11, without any sanction, despite repeated assurances. Another wrong signal: the rules do not apply the same way to every euro zone country. Source: Bloomberg: Europe Braces for Fresh Turmoil With Cyprus Deposit Levy http://www.bloomberg.com/news/2013-03-17/europe-braces-for-renewed-turmoil-ascyprus-deposit-levy-at-risk.html Financial Times: Cypriot bank deposits tapped as part of 10bn eurozone bailout http://www.ft.com/intl/cms/s/0/33fb34b4-8df8-11e2-9d6b00144feabdc0.html#axzz2NphVijdj