“The faceless bureaucrat who heads the faceless, unnamed EuroGroup admitted the truth: the rescue of Cyprus would serve as a model for the next round of bailouts. That sent a clear message: anyone with a lot of money deposited in a bank of Italy or Spain or Portugal is at risk. He may wind up like all those rich Russians who thought their money was safe in Cyprus. Down went bank shares. Down went the stock markets. Down went the euro. Wait! Wait! He then reversed himself again. He tweeted a message that Cyprus was a one-time event after all. Too late. The truth was out. The damage was done. The stock markets did not reverse again. Neither did the euro.”
http://teapartyeconomist.com/2013/03/26/europes-bailout-rebound-lasts-three-hours-reverses/
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