Euro-Stupid

I wonder who among the European bureaucrats and the IMF had the brilliant idea to levy a 10% penalty on Cyprus savers in order to pay for that country's banking mistakes ?

It seems to me that the EU should have addressed the potential problem upfront, when Cyprus was admitted into the Euro-zone, by seriously limiting its ability to flourish as another tax heaven.

Short off letting the island nation leave the Euro-zone, the EU will have no other choice but fixing the hole by pouring into it some of its own money...