What were they thinking?

The madness of the bailout in Cyprus (maximise.dk): "Don’t be surprised to see a bankrun in Greece, Spain, Italy or Portugal next week". More here (the Economist), here (the-american-interest.com), and here (zerohedge.com).

Update: The Economist's blog adds: "in addition to the unfairness of the deal it seems an unnecessarily risky move." Shockingly, "after Cyprus bank bailout, depositors race to withdraw their cash. Is the rest of Europe next?" (thedailybeast).