Troika in battle to conclude Cypriot bailout

The Cypriot crisis brought two stark facts into relief as the EU, ECB, and IMF last night battled to conclude a deal that met all its demands for a €10bn bailout that looks increasingly doomed.

One of these stark facts is that the intention is to cut each country’s banking sector to an EU average that is based on population size. The other is that, in future, everyone with money in a bank will be asked to bear the cost of a country’s problems.

The one target Cyprus appears doomed to reach is that its banking sector will be reduced to an EU average, as stated by eurozone ministers following their previous Cypriot bailout meeting a week ago.