Cyprus deposit tax reading [updated]

Much has been written today on the deal from last night, and I don’t have anything to add, except to say that the deposit tax on small depositors is a very, very dangerous route to take… Here are the best links to explain why:

• Pawel Morski: Cyprus: A Brutal Lesson in RealPolitik.
• Edmund Conway: The Tragedy of Cyprus.
• Edward Harrison: The Cyprus Bank Deposit Bail-in.
• Joe Weisenthal: Articles #1, #2, #3, #4.
• Alexander Apostolides: First memorandum deal makes a second memorandum almost a certainty for Cyprus.
• Joseph Cotterill, FT Alphaville: A stupid idea whose time had come.
• Karl Whelan: Cyprus Depositor Tax: Genius Plan or the End of the Euro?
• Euronomist: Habemus Referendum: The sad case of Cyprus.
• Climateer Investing: Cyprus bail out: welfare for Russian oligarchs, mafia.
• Macro Man: The Cyprus Conspiracy II.
• Coppola Comment: Sowing the wind.
• Felix Salmon: The Cyprus precedent.
• Adam Levitin: Cyprus Bailout: What Happened to Absolute Priority?
• The Economist: Unfair, short-sighted and self-defeating.
• Open Europe: A vote on whether to leave the euro? What’s next in Cyprus?
• Mohamed El-Erian: A muddled and risky approach to Cyprus.
• Henri Tournyol du Clos [different than others]: After Cyprus: what time the short squeeze?
• Scott Sumner: Treachery on the Isle of Adonis.
• Pawel Morski: Cyprus: What Were They Thinking? and some other notes.
• Paul Murphy, FT Alphaville: Beyond financial repression.
• Peter Spiegel, FT: Cyprus depositors’ fate sealed in Berlin.
• FT [turnaround?]: Cypriot authorities in revised deal talks.
• WSJ: Europe Plan to Aid Cyprus Raises Risks.

Will update. Links in ~chronological order. In pictures [hat tips Mark Dow and Aurelija Augulyte]: