Market-Destroying Institutions: Why Emergency Policies in Cyprus Embody all that is Wrong about Europe
I cannot think of a faster way to completely destroy a banking system than to expropriate its depositors. This is the kind of policies one would expect from a banana republic, not from a political system that rests on the rule of law. But this is the point: the EU does not respect the principles upon which a free society is based. The more a government uses the tools of expropriation, the more it creates the conditions of its future demise. Big depositors will not come back to Cyprus once all this is over. And restricting capital flows, as it is the case now, worsens the situation in the long run.
via Cafe Hayek