Cyprus crisis: Europe plays hardball

... impossible to restore in the foreseeable future, even if Europe and the IMF bail the Cyprus banks out. The Euro Group financiers should have known this. So they destroyed the system deliberately, realizing that it would tarnish the reputation of the entire European Union banking system and that the price would be the massive transfer of money to other (primarily Asian) banks. It is absurd is to risk the stability and reputation of the whole European financial system — to risk losing the trust of tens of billions ...