Interview with Michalis Attalides.
This episode illustrates that investors have come to expect some sort of bail-in with future deals.
Several European politicians have opined that a large financial sector was an unacceptable business model for a small country.
For the first time in this crisis, the bailout does not cover depositors in full. Losses are to be suffered by not only shareholders and bondholders, but even by depositors. We expect future bailouts to incorporate this feature.
They have hit their savers with a grievous blow, and this will do irreparable harm to trust and confidence.