European finance ministers have agreed an £8.7bn bailout for Cyprus which includes all Cypriot bank customers handing over up to 10% of their savings.
"As it is a contribution to the financial stability of Cyprus, it seems just to ask for a contribution of all deposit holders," the Dutch finance minister, Jeroen Dijsselbloem, who chaired the meeting in Brussels, told reporters.
This is pretty amazing on a bunch of levels. It's obviously a dangerous precedent. But the dutch guys saying it is "just" to take personal savings is beyond absurd.