The FT's Wolfgang Münchau SAYS:
the Cypriot President made three big blunders this week in the wake of his parliament rejecting a one-off deposit levy that would have saved the banks.
The Cypriot parliament was right to reject this mad deal. But the Cypriot government then committed three subsequent blunders. The first was the decision by President Nicos Anastasiades to seek help from Russia. Instead of working with the eurozone, he worked against it. The Germans, in particular, saw this as an openly hostile move. It was also ill-judged because the Russians rejected the offer. The second was the decision not to communicate with the European finance ministers and the euro working group for three critical days last week. The third was the Cypriot government’s proposal on Thursday to create a sovereign wealth fund backed by a raid on the pension fund and other state assets. On Friday Angela Merkel swiftly dismissed it.
he's not giving a timeframe on a Euro breakup, but he's confident it's going to happen at some point.
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