This article should be printed in a large typeface and pasted on the office wall of every MP and would-be politician. The banks could distribute copies to every defaulter to show that it is they who are helping to ruin Cyprus’ economy.
People were willing depositors in these high-risk institutions because of ridiculously high interest rates that no other bank in Europe could match. That should have rung alarm bells, but instead people just piled-up their deposits, leaving themselves massively exposed when the banks ran out of steam.
It’s easy to be critical in hindsight, but what was the alternative? Let the banks crash, and lose ALL their depositor’s money?