NEW YORK ( TheStreet) -- I'm hit by a double whammy over the weekend. First by the unprecedented bank robbery in Cyprus, by the troika and via the Cypriot government. Then again by the cry of wolf all over the Web.For completeness' sake, here's the shock-and-awe Cypriot bank robbery: As a condition for ECB emergency assistance to Cyprus to bail out the deeply troubled banks, the Cyprus government announced a deposit-for-equity plan for all depositors. Details are still fluid at the time of writing, with conflicting reports. But the basic idea is small depositors are volunteered to buy equity of their bank with a smaller percentage of their deposits (say around 6% for deposits of less than 100,000 euros), and bigger ones are volunteered a bigger chunk (say around 10%).
Cyprus Is Not a Problem; a Bank Run Is
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