A Financial Times leader article (£) has said that the Cyprus bailout has set "profound precedents" for Eurozone banking.
A contemplated deposit raid and actual capital controls will weigh on the European economy.
Against that, some healthy precedents are set by the deal. Broke banks can be resolved and not kept alive by the taxpayers of their own or other countries.
The hierarchy of claims will be respected: the bail-in of senior bonds is a big improvement on earlier “rescues”.
The quiescence of markets prove they can tell solvent debtors from insolvent ones.
Cyprus' rescue deal has sent shivers through southern Europe after a key eurozone figure said it would be a model for future bailouts.
The future is uncertain for the people who must live with the consequences of Cyprus' "painful" bailout deal.
The Dutch Finance Minister has said the bank levy 'bail-in' on large depositors "pushes back the risks" from the rest of the eurozone.