Doing so would have cost them an estimated €1.3 billion, or roughly 0.01% of their GDP – a ridiculously low price to pay for financial stability. It would not have created much moral hazard: large depositors would have been taxed, and the Cypriot government would still have suffered the strictures of an IMF/eurozone program – bitter enough medicine.
走出这一两难的显而易见的方法是塞浦路斯的欧元区伙伴国承担10万欧元以下储户的税收成本。这样做会让它们拿出约13亿美元，或GDP的约0.01%——对于维持金融稳定来说，这一带价不可谓不小。这样做不会产生多少道德风险：大储户将被课税，而塞浦路斯政府也将遭受IMF/欧元区计划的苛责——这颗药不可谓不苦。