The recent bailout in Cyprus has opened a new chapter in the Eurozone crisis and precipitated a collapse of confidence in the single currency that we have never witnessed before. The gradual realisation that deposits held in Italy, Spain and even Germany, are no longer safe has caused investors to reassess the risks to their portfolios. What impact will Cyprus’s bailout have on the future of the single currency? Is the Eurozone truly “irreversible”? How will the new template for bank resolutions the region’s banking system? Is this a major game changer?
H/T Zero Hedge