NY Times Editorial On Cyprus Bank Deal

This editorial provides more detail on the 10 billion euro bank bailout.  Depositors in Cyprus's two largest banks will lose part of their deposits above 100,000 euros.  Creditors and stockholders will lose money as well.  Cyprus will be left with a huge debt burden that will limit the ability of government to deal with a shrinking economy.  There is a risk of contagion that might affect depositors in Italy and Spain who are worried about their deposits.  Depositors may move their money to a safer location.  The EU seems to be moving from one problem to the next, as it responds to problems in one place, another problem seems to emerge.