Andrew Ross Sorkin defends the Cyprus deal today, on the grounds that (a) Cyprus is “tiny”, and “largely irrelevant to the global economy”; (b) Cyprus is a genuinely unique case; (c) it would be grossly unfair not to bail in Russian depositors, who areNICOSIA/ATHENS (Reuters) - Euro zone ministers urged Cyprus to let smaller savers escape a levy on bank deposits, before a parliamentary vote on Tuesday that will either secure the island's financial rescue or threaten default. A weekend announcementIf the lawmakers want to reject the Eurogroup's plan, they know what they must do.What is happening in Cyprus is disgraceful. The principle that there is no division between your private property and communal property which may be appropriated by the government whenever it sees fit is an outrageous oneThe Cyprus fiasco sets a high bar for the euro zone's new banking union. The new superregulator might not have been able to stop the blowup, or to avoid losses for insured depositors. The clear lesson from the mess is the need for a procedure to wind
Related External LinksA much better alternative for Cyprus | Felix SalmonThe Cyprus Haircut: Here's What You Need to Know | Video ...The Cyprus bail-out: Unfair, short-sighted and self-defeating | The
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