European Central Bank president Mario Draghi has said that "what was wrong with Cyprus' economy does not stop being wrong if they are outside the euro". Draghi has argued that there is nothing wrong with shareholder and depositor bail-ins, but with the lack of ex-ante rules in place.
Draghi: "Ideally uninsured depositors should be the last to be touched". (Unless they're Russians, presumably)...— George Hay (@gfhay) April 4, 2013
Who actually believes Draghi that Cyprus is no template? In absence of banking union, why would anyone risk it?— Megan Greene (@economistmeg) April 4, 2013