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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.Report Typo/Error
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- Updated July 27 4:00 PM -4GMT. Delayed by at least 15 minutes.