Cyprus: Has the Next Phase of the Global Crisis Arrived?

I was reading headlines such as Asia stocks dive on Cyprus deposit levy plan .  So by the time I got to the Minyanville artcle Cyprus: Has the Next Phase of the Global Crisis Arrived?, I decided to check into it.

In a stunning shift from previous aid packages, EU Finance Ministers—the folks up north, primarily German—asked Cypriot savers to forfeit a portion of their deposits in return for a $13 billion bailout.
One could intelligently argue that both of those situations were symptoms rather than the cause of those respective crises, and the same can be said of Cyprus, which is seemingly a guinea pig for a new approach from those pulling the policy strings.  Cue the unintended consequences (the potential for bank runs across Europe) and moral hazard (word on the street is that wealthy Russian oligarchs have size holdings in the heretofore stealth, sunny island); in an interwoven finance-based global economy, credit of a different breed—that of credibility, as posited in 2007—is the issue at hand for markets at large.

Should I panic? I haven’t the foggiest idea. This is the second item I have read this week about the coming apocalypse. The previous one was trying to sell a book.

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