This is my preferred quote on Cyprus, and refers to risks that taxing small depositors in Cyprus may ignite banking runs in the Euro periphery, if depositors with less than 100k deposit start to question the credibility of the national guarantee on bank deposits.
“What I find most surprising is that they (troika)are prepared to take such a
major gamble to save such a small amount of money. The 3 year LTRO’s? A
gross figure of over €1 trillion. Bailouts thus far? Hundreds of
billions. Yet all this for just €6bn.”
(Gary Jenkins, Swordfish Research)