Editorial: Bailed Out And Locked Down - Containing The Cypriot Contagion
"Apprehension, uncertainty, waiting, expectation, fear of surprise, do a patient more harm than any exertion" Florence Nightingale (1820-1910)
Despite the protestations of an indignant nation (and more than a few fans of the integrity of sovereign states), Monday saw the ratification of a €10 billion bail out deal for the island nation of Cyprus.
As part of this stick up and shakedown, Cyprus will pull the plug on one of its two zombie biggest banks, inflict around 30 per cent losses on all depositors with more than €100,000 in the largest two financial institutions and high street branches will remain closed for a further 48 hours. They last opened to customers on March 14th. Capital controls will stop anyone removing more than €10,000 from the country.
The tiny Mediterranean island is bailed out and locked down. As a result, markets plummeted across the globe, gold slipped 0.25 per cent and oil shot up past $108 on the fears that "Cyprus Sell Out" would be the prototypical reaction for other ailing Eurozone members to replicate.
Apprehension? Check. Uncertainty? Check. Waiting, expectation? Check. Fear of surprise? Constant. How big is the hospital and how much more can the patients endure?
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