Cyprus bank robbery

The geniuses who served it up swore that the Cyprus bank heist was a one-off, and that no such measure would ever be imposed on another EU country. Nobody in Spain or Italy believes them.

European People's Party Photo
Best of friends? German Chancellor Angela Merkel and Cypriot President Nicos Anastasiades shake hands at a European People's Party summit in March 2007.
Gwynne Dyer
Published: Wednesday, 03/20/2013 8:39 pm EDT
Last Updated: Thursday, 03/21/2013 6:44 pm EDT

Could a failed bank robbery in Cyprus cause the collapse of the euro? It’s hard to imagine how anything that happens in Cyprus, with less than one million people, could bring down the common currency shared by 300 million Europeans, but there are few human behaviours as infectious as a run on the banks.

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