Ditching a three-year-old policy of protecting senior bondholders and large depositors, over 100,000, in banks, Mr Dijsselbloem argued that the lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts.
Translation: Because of the extreme market contagion resulting from this policy we must work quickly to seize the remaining deposits before the peasants have time to withdraw them.