Is the deposit tax in Cyprus a mistake?

The New York Times asked me to write a piece for them on whether the deposit tax in Cyprus was a mistake. Below is what I submitted, though if the final version appears, it may be significantly altered. Enjoy.
The Cypriot banking system is insolvent. Heaping private losses onto taxpayers is bad public policy. Let's start with those two statements, because starting there makes clear that forcing losses onto bank creditors was the only choice in Cyprus. The question goes to which creditors and usi...

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