Chris

With all due respect to the "ordinary savers" of Cyprus, the problem here isn't the effect the measure would have on them, it's the very principle of expropriation from private bank accounts. So long as this plan goes ahead in any form whatsoever, a line will have been crossed.

Alastair Darling pointed out on Today this morning, it's not that this will cause bank runs across Europe here and now, but what about the next time Spain or Italy or Portugal seems to be heading for the rocks and speculation about a bail-out begins? The fact that this expropriation went ahead makes it perfectly logical in future for every saver to go and withdraw his funds just in case another cash grab is announced.