The citizens of Cyprus thought everything was hunky-dory too until yesterday. Didn't have a clue they'd be taking to the streets just two days ago.
How many countries does that make in Europe whose citizens have taken to the streets because the government has run out of THEIR money?
And why is Obama so insistent on taking us down this same path?
Sharon Bowles, who chairs the European Parliament's Economic and Monetary Affairs Committee is appalled. "This grabbing of ordinary depositors's money is billed as a tax," she said, "so as to try and circumvent the EU's deposit guarantee laws. It robs smaller investors of the protection they were promised."
The EU has a poor record in predicting the consequences of its bailouts. Time and again it has under-estimated the impact of austerity.