This was a very samll bail out compared to Greece, Spain, Portugal, Ireland, this is like three years of cell phone money for our dysfunctionals.
Except the measure came by demand of the EuroZone.
There lies potential impact in terms of Greece, Spain, Portugal, Ireland, and Italy.
So much so that Eurozone Officials disingenuously claimed this precedent was not a precedent. Rep. Hank Johnson may think Guam might tip over, but even he would be smart enough to recognize seizure of personal savings as precedent setting.
European officials said it would not set a precedent.
In Spain, one of four other states getting euro zone help and seen as a possible candidate for a sovereign rescue, officials were quick to say Cyprus was a unique case. A Bank of Spain spokesman said there had been no sign of deposit flight.
Let's put it this way, if I had significant accounts in a PIIGS bank, I'd be moving it right now.