Anyone want to put odds on this starting bank runs across Europe?
What is going to happen is lots of politicians blatantly lying and saying: "Something like this is unthinkable in our country, even if we're in the eurozone our situation is not the same as that one of Cyprus".
Just as politicians from Cyprus blatantly lied throughout all this week when that option was mentioned: they said it wouldn't happen.
And people didn't bank run.
Cyprus is too small (0.2% of the GDP) to be detonating factor.
Do those laws also prevent people from transferring funds into other banks or currency denominations, or purchasing gold or other liquid assets?