{"id":5033,"date":"2013-03-18T20:34:45","date_gmt":"2013-03-19T02:34:45","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=5033"},"modified":"2013-03-18T20:34:45","modified_gmt":"2013-03-19T02:34:45","slug":"first-they-came-for-the-deposits%e2%80%a6","status":"publish","type":"post","link":"http:\/\/www.zmetro.com\/?p=5033","title":{"rendered":"First they came for the deposits\u2026."},"content":{"rendered":"<p><a href=\"http:\/\/ftalphaville.ft.com\/2013\/03\/18\/1427472\/first-they-came-for-the-deposits\/\">Izabella Kaminska:<\/a><\/p>\n<blockquote><p><i>This won\u2019t be popular.<\/p>\n<p>But it\u2019s an important alternative to the \u201cit\u2019s expropriation\u201d view on Cyprus.<\/p>\n<p>While the decision to force a bank levy on depositors creates an important precedent, it also represents something much more complex than pure confiscation or forfeiture. It\u2019s certainly not expropriation in the communist or command economy sense, that\u2019s for sure.<\/p>\n<p>In fact, I\u2019d argue that what it really represents is the inevitable shift away from a debt funded economy to an equity funded one.<\/p>\n<p>That\u2019s not to say the shift has been managed fairly or logically. I\u2019m with Willem Buiter on the point that it would have been better if small island depositors had been spared. But I\u2019m also with him on the point that this is ultimately a step in the right direction.<\/p>\n<p>It all comes down to the need to capitalise failing banks with equity, and to get creditors taking responsibility for their bad investments.<\/i><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Izabella Kaminska: This won\u2019t be popular. But it\u2019s an important alternative to the \u201cit\u2019s expropriation\u201d view on Cyprus. While the decision to force a bank levy on depositors creates an important precedent, it also represents something much more complex than pure confiscation or forfeiture. It\u2019s certainly not expropriation in the communist or command economy sense, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/5033"}],"collection":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5033"}],"version-history":[{"count":0,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/5033\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5033"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}