Van Morrison and Ray Charles:
But consider this another demonstration that nothing, absolutely nothing, will shake the conviction that austerity was and is the right policy.
We couldn’t set the precedent of banks actually paying for their own mistakes! I’m sure that’s much more important than preventing a run on the banks:
ATHENS — In a move that could set off new fears of contagion across the euro zone, anxious depositors lined up at cash machines in Cyprus on Saturday to withdraw money hours after European officials in Brussels required that part of a new 10 billion euro bailout must be paid for directly from the bank accounts of ordinary savers.
The move — a first in the three-year-old European financial crisis — revived fears that bank runs could be set off elsewhere in the euro zone, especially after a top European official on Saturday declined to rule out similar measures on depositors in countries beyond Cyprus.