Euro zone orders Cyprus to sieze 10%

[tater]

Looks like Cyprus chose to let the majority of the money running through its banking system be russian moving money out, then back into russia (laundering?). Seems like if they wanted to have safe banks, they should have run their banking system better.

Who should pay for their mistakes, however? Seems like Cyprus should, whatever they call the tax (FDIC "premiums" like all corporate costs are simply passed to customers, so we all pay for FDIC up front in the US, then pay again as taxpayers in terms of guarantees to the whole system should FDIC fail (since FDIC doesn't have assets to cover all deposits insured at once in the nation, taxpayers are on the hook for the difference in a total failure).

If the EU is volunteering to be on the hook for all Cypriot deposits, strikes me they can demand whatever they like, and that's entirely fair. Cyprus can always refuse, and cover their own insurance.