Quote Originally Posted by Cylinder Head View Post
Economies of scale, Cyprus has 10bil in total deposits, most of which is "stashed" money by wealthy Russians and ME'ers. Draghi guaranteed deposits for the big boy banks. Nobody who owns Italian sovereign debt has been asked to take a 53% haircut.

If you're looking for a reaction, the FTSE was up, Euro only fell .02% to the dollar and gold was down today. Are those indicators of an impending crisis? I'd avoid Euro banks right now but I would double down on Sanofi, Kone, Reckitt, BAT.
I didn't see a dramatic movement in either direction either.

Cyprus isn't a watershed for the financial markets, it is a watershed for government confiscation of private assets that people do not maintain direct possession of. The lesson is that the government considers all monies to belong to the government and the government will take them when it sees fit. The only assets a person truly owns are the assets within a persons direct control, i.e. the safe in your basement.