Danielle Park is still suffering through a nasty bout of winter, as is the world financial system. Fortunately, spring will follow winter, in Canada as well as Wall Street. However, it’s going to take a lot of effort and reform for the monetary system to again see better days. Until that happens, we’ll be seeing a lot more Cypruses along the way. What happened to the Cypriot large depositors is nothing new. Large depositors have been getting their haircut for many years. Deposit insurance isn’t meant to cover everyone, but rather the smaller depositors who would find themselves waiting on line to take their money out.
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