Schäuble says Cyprus is a very special case

"Cyprus was a very special case, everyone knew that," German finance minister Wolfgang Schäuble told SWR radio. "And we found the right solution."

There's a lot of debate about whether Cyprus is a special case. Over at ZeroHedge they suggest that it isn't, lots of other countries have banks with assets well in excess of GDP. Economist Lars Christensen says that it is, Cyprus didn't experience a nominal GDP hit like the other struggling countries of the Eurozone.

What's pretty much indisputable is that Cyprus has been bad news for the Eurozone, arguably more than in proportion to its size. That's because people are worried that events on the island have set a precedent.