The Cypriot economy did not shrink by 20pc after the banks collapsed last March, as some feared. It did not even shrink by 8.7pc, as the Troika had expected. The final figure for 2013 has just come in at 5.4pc. The EU-IMF team has for once been confounded by success after vastly underestimating the damage of austerity in a string of countries.
It’s almost as if it’s the sensible thing to do. Those who have state insurance, those with deposits up to €100,000, get the state insurance. Those who do not don’t.
Iceland and Cyprus have done well, Ireland got screwed. And as for Greece…..