Cyprus government instigating a run on the banks and a collapse of their banking system

[Cylinder Head]

I thin you are not catching the implications. If your money is not safe from plunder in the bank what do you do? Pull the money from the bank. A run on the banks in Cyprus could cause a run on the banks in Europe. This would cause the whole European banking institution to collapse. With how linked all our multinational banks are the damage to our economy is potentially very high.

Could be worse then Y2K.

I would agree with this, if Draghi hadn't agreed to backstop euro-zone banks last year.