[cunning_fish]

It might be true, but it was EU officials who granted Cyprus membership.
If they are a monetary union it is pretty fair if Cypriot failure is getting paid by EU, not investors who has their money in Cypriot=EU banks.

[kevao]

You make a very good point. On the other hand, how much of Cyprus’s hair-brained economic policies were predicated on the belief that, being part of the EMU, they would not be allowed to fail?

[what's up]

it is pretty fair if Cypriot failure is getting paid by EU, not investors who has their money in Cypriot=EU banks.

In other words, we should pay for Chicago when it goes bust instead of letting them sort it out themselves since they made their mess?