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  Idiotic idea, economically suicidal and pure theft - that sums it up.
  
  Idiotic - because such a Cyprus style levy would not cut the deficit at all. The deficit is the current account excess spending and a one-off levy will not solve that. In a few years we would be back where we started with massive debt
  
  Economically suicidal - I expect we will see why that is when we see investment in Cyprus dry up and nervous deposit holders in Italy and Spain transfer their funds abroad.
  
  Pure theft - it most certainly is and it is a result of the concept that government is or should be all powerful, that we are all serfs who should bend to the knee of government diktats, that our own assets are not ours at all but belong to the State who can dip into them at will.
  
  Quite simply what happened is disgraceful, Franco, Mussolini, Stalin and Hitler would be proud of such a policy.

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