The euro-geniuses decreed that eurozone sovereign debt was a safe investment. That was because of their laughably named "Stability Pact". So Cypriot banks invested in safe Greek debt.
The euro-geniuses said that a eurozone bank would never be allowed to go bust. So Cypriots put money on deposit in safe Cypriot banks.
The euro-geniuses have laid waste to yet another economy, and have emptied Cypriot bank accounts, but they are still worried they will be short of cash. Looks like they may have found a solution though:
Jeroen Dijsselbloem ..
Cyprus bail-out: as it happened - March 27, 2013 - TelegraphAs part of the intervention in Cyprus, the banking sector has more or less wrung its neck. The IMF expects a contraction of 50pc. The country must cut back, increasing taxation and tourism. So our thoughts go immediately to the recently discovered gas field off the coast of Cyprus.
/MOD/ There's an ongoing discussion on Cyprus and their gas fields here: http://www.politics.ie/forum/economy...xed-9-9-a.html /MOD/