That thing Diesel-BOOM very, very clearly said earlier [4]? He did not say it. After all, can't have the market getting any ideas that reality may be slowly coming back to the basket case that is Europe:
- EU DIJSSELBLOEM SPOKESWOMAN: DIJSSELBLOEM DIDN'T SAY CYPRUS A TEMPLATE FOR BANK RESTRUCTURINGS - DOW JONES
So not only are European depositors still impairable, because sadly Dijsselbloem was dead serious in his Reuters interview, but the new Eurogroup head pulled a Juncker and confirmed "it is serious" in the process losing all credibility too.
To summarize Diesel-BOOM: "If the market is red, you have to lie."
Forget Risk-On-Risk-Off, it's Template-On-Template-Off now...
[5]
His subsequent official clarifying remarks on the Eurogroup's website:
Statement by the Eurogroup President on Cyprus
25/03/2013 - Statement
Cyprus is a specific case with exceptional challenges which required the bail-in measures we have agreed upon yesterday.
Macro-economic adjustment programmes are tailor-made to the situation of the country concerned and no models or templates are used.