Adrift

Today's events in Cyprus are frankly frightening. It seems that in the EZ, at least, depositor's insurance is no longer to be relied upon. That's been the mainstay of world banking since the Second World War, is the certainty that a small depositor's money is safe up to a certain value ($30k here) regardless of what happens to the bank. Now that's swept away in a single day. This bodes very ill.


Edit: And whoever decided that a writedown should be termed a 'haircut' deserves to be punished.