Lets bail out (Cypriot) households and non-financial companies, not banks (3 graphs)
The fact that many of the larger deposit holders included legitimate businesses (as well as the national pension fund, beneficial charities, and nongovernmental organizations) makes the use of the fiscal measure of a wealth tax on depositors in banks even more inequitable. It is little wonder that such measures generate resentment, given that hedge fund holdouts with over six billion euros of Greek debt purchased at substantial discounts were paid in full after the first haircut, and those who bought subsequently exited with substantial profits before the second haircut while the losses were effectively born by Cypriot banks depositors
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