The EU is preparing to take the apparent non-template that is the Cyprus bailout and incorporate...

|By:, SA News Editor

The EU is preparing to take the apparent non-template that is the Cyprus bailout and incorporate some elements of it into a new law that would force haircuts on large deposits in banks that fail, economic affairs chief Olli Rehn has said. Bundesbank Jens Weidmann says that the Cyprus crisis shows that banks can be wound up. Along with Rehn's comments, it also shows that depositors' money is no longer safe in Europe.