I'm not the only one on the trading floor mouthing off about the latest EU fiasco, whose authoritarian instruction to Cyprus to 'bail-in' depositors via a levy has taken the EU rescue project to an all-time low.
How would you like it if you were a struggling Cypriot who had put money in the bank, and were then told that you owed a 6.75% tax on the whole amount of your deposit ? Of course, it's too late to withdraw the cash as the banking system there has blocked all transfers.
If you have had money on deposit at the 2 year rate of 4.5% in Euros with a Cypriot bank, you might think that there had to have been real risks (just as when the Icesave fiasco unfolded back in the Crisis, when UK local authorities lost millions of rate payers' money in their search for higher yields).
But I'm not as interested in foreigners losing out as I am in domestic savers being informed in such a peremptory fashion that they are being levied. Many commentators will opine harshly that Cyprus had it coming anyway, and they have a point. But surely the most important building block of a society's economy is the knowledge that savings at the bank is money good.
The ramifications for European banks are dire. All the periphery countries will now see more deposit and capital flight. Banks will then be even more reluctant to lend than ever. And for what ? So a bunch of lousy politicos can keep their jobs and continue buying votes as they have done for years.
No wonder the Euro is weakening and markets are back in risk-off mode. It's not just about the European debt crisis, it's about all the short term so-called solutions currently being employed.