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A man receives money from a n ATM machine next to an advertisement which reads "Saving account" outside a closed branch of the Bank of Cyprus in capital Nicosia, Cyprus, Tuesday, March 19, 2013. Cypriot finance officials are revising a planned financial bailout to relieve small account holders from having to pay a charge on their savings in order to secure an international rescue of the country's troubled banks.
A man receives money from a n ATM machine next to an advertisement which reads "Saving account" outside a closed branch of the Bank of Cyprus in capital Nicosia, Cyprus, Tuesday, March 19, 2013. Cypriot finance officials are revising a planned financial bailout to relieve small account holders from having to pay a charge on their savings in order to secure an international rescue of the country's troubled banks.
(Petros Giannakouris/AP)

CARL MORTISHED

Cyprus fallout: some EU deposits are more equal than others

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Having scared the pants off Cypriot depositors and almost every other bank creditor in southern Europe, the troika are fumbling about looking for a palatable solution that won’t set off an avalanche of withdrawals from every bank in Cyprus when the tills are open again for business, if they ever re-open. The latest idea is to exempt smaller deposits, below €20,000 ($26,531), from the haircut, but it doesn’t really solve the fundamental problem – the EU has said loud and clear that not every euro zone deposit is equal. Some are more equal than others.