This begins nothing.
The only thing that begins is people over in Europe will be more cautious in asking for bailouts now which is why the EU did this.
Baloney. People all over Europe will begin withdrawing funds as a CYA. The political idiots are going to start an international run on the banks. Someone said that it was foolish to start one, but once begun, it was even more foolish not to participate.
The writing is on the wall for those whoo see, and will open up an account in the Bank of the Mattress.