Cyprus seen as blueprint for future bank bailouts

That's according to Jeroen Dijsselbloem, President of the European Stability Mechanism.

The logic seems to be that a troubled bank's owners and investors should be held liable for a bank's losses before the taxpayer is called on for a bailout.

He seems to be saying that people who put their money in a bank are "investors" in that enterprise.

They're not.

The kind of financial hanky-panky that gets banks into trouble has absolutely nothing to do with the fact that my all-too-modest pay is deposited there, and that I then use my account to pay my mortgage and utilities.

While it is fine to hypothesize that the people taking the biggest hit in the Cyprus fiasco are Russian tax cheats, the principle here is that you the depositor are going to be held to account for the derivatives trading losses of that twat who got himself a multi-million bonus last year but lost his bank a billion this year.

Doesn't sit right with me.