A few comments ...
What did they expect, you start in effect stealing money from people to prop up the bank
The term "in effect" is extraneous in that sentence. What is going on is theft, plain and simple.
Its basically effing state sponsored theft.And it sets a very worrying
precedent.
It is not "in effect" theft, it is theft.
I agree, however, that it sets a worrying precedent . . . IF and only IFF they get away with it.
Other governing classes are watching closely to see how far these governmental thieves get away with it.
Seems to me time to learn a few things from Third World folks given (nice point above) this
Third World stunt being pulled. Maybe what would get the attention of the political class would be a series of necklacing events featuring government officials involved in this decision. That might send the message loud and clear. I am eager to see what the "Cypriot Street" makes of all this.