The problem, Ms. Merkel, is that depositors and savers in Cyprus are NOT responsible for the banks' failure.
But with her domestic election consideration to appeal to German savers, she quite willingly throws foreign savers under the bus. Nice. I suppose those German expats and retirees in Cyprus would be more than happy to be run over by the bus to do their fair share.
So much for the EU solidarity.
The UK's Daily Mail says the UK government will compensate 3,000 British military personnel for the haircut but 60,000 other Britons who hold accounts in Cypress are on their own.
From Mail Online (3/17/2013):
The great EU bank robbery: British taxpayers to bail out victims of outrageous raid
UK taxpayers will have to compensate thousands of Britons hit by a shock raid on bank accounts in Cyprus.
The debt-stricken island, which is home to around 3,000 British military personnel and civil servants, is being given an £8.7billion EU rescue package.
But – in a move condemned as ‘robbery’ – Germany says it will not fund the emergency deal unless every saver with a deposit account contributes via a bank tax.
...In response to cries of outrage, Cypriot president Nicos Anastasiades was last night trying to amend the bailout tax to limit the pain for small depositors.
But Angela Merkel insisted it was right that all depositors in Cypriot banks should share the responsibility of bailing out the state.
Addressing an election rally, the German chancellor insisted: ‘Anyone having their money in Cypriot banks must contribute in the Cypriot bailout. That way those responsible will contribute in it, not only the taxpayers of other countries, and that is what’s right.’
(Full article at the link)
Germany's Commerzbank suggests Italy be the next, skipping the periphery.
Japan's Nikkei opened Monday over 200 points down, and are staying down at minus 264. The US Dow futures is down 127, the UK's FTSE futures down 110 points.
By the way, Nikkei Shinbun calls this theft very mildly as "surcharge" (課徴金).
Nikkei down 324. Ouch.