Europe’s Cyprus blunder

Europe’s Cyprus blunder | AEIdeas:
"European policymakers work in strange and mysterious ways. 
Over the past year, they bent many rules and threw literally hundreds of billions of Euros at Greece to prevent that country from exiting the Euro. 
They did so for fear that a Greek exit might cause contagion to other countries in the European periphery. And then over this last weekend, they chose to spook financial markets and risk the very contagion that they sought to avoid in the Greek case, by demanding that as part of its bailout package Cyprus imposes a tax on bank deposits."