The eurozone staggers from crisis to crisis and bailout to bailout. But this time the finance ministers of the single currency nations have crossed the Rubicon.
Forcing a government to take money from ordinary people’s bank accounts, from those who have done nothing but show good sense and discipline by saving their money, is sheer madness.
The moral case against this move is self-evident and the people of Cyprus, including thousands of expat Britons, are rightly outraged.
But what is bewildering is that those responsible cannot see how damaging this will be to confidence and stability in the eurozone and to their pet project of the single currency.
It will not matter how many times Brussels bureaucrats, central bank economists or European finance ministers insist that this is a one-off, that Cyprus is different or even unique.