Cyprus paying price of eurozone hegemoney

The deposit tax debacle in Cyprus is rich in historical resonance, as well as showing that, frankly, as Leigh Phillips has suggested on EUobserver.com, Europe is run by the Three Stooges.

In 1571, at the height of the Venetian-Ottoman War, the defenders of Famagusta stood staunchly against the Ottomans. On surrendering, the leader was, despite promises of safe passage, skinned alive. Now we see that, despite promises to “do whatever it takes”, the ECB has supported skinning Cypriot deposits.

Europe seems unable to work in a sensible manner, and is devolving into a crisis junkie. Again we see a meeting at 3am making decisions that, in a fog of fatigue, may have seemed sensible but, on waking, perhaps less so. The historical ironies pile up. Cyprus is a small nation, far away.