Frank Kogan

Actually had prepared a whole comment full of links, including to the Daniel Davies game at Crooked Timber that Yglesias linked, but I accidentally deleted before hitting submit. Andrew Ross Sorkin at the NYTimes thinks this is way less of a big deal than others think it is, some people think it's not an immediate emergency except for the Cypriots but that it just proves in the long-term the Europeans have painted themselves into an impossible corner and that as long as they keep touting austerity there's no way out (and Davies presumably says that you've got to take German politics into account, and that given the situation the Eurocrats are at least trying to be more rational than they're given credit for, though I haven't had time yet to read his post), Krugman says that people who are wrong continue to be wrong and that people who are stupid continue to be stupid, and the Cypriot parliament refused the deal anyway, an action that is pretty extraordinary given the way all the other legislatures in Europe have caved.