European finance ministers have agreed an £8.7bn bailout for Cyprus which includes all Cypriot bank customers handing over up to 10% of their savings.
Small lenders, otherwise known as bank depositors, are having their wealth taken in order to bail out big lenders, otherwise known as banks. But it's really stupid. I have a hard time seeing how bank runs won't completely destroy the system. Who wouldn't take their money out, even if it's too late?