Nuclear

The Cypriots are the authors of their own misfortune, having turned their banking system into a rackety offshore haven for Russian loot and lent most of the proceeds to Greece. But it was madness on the part of bailout negotiators to shake confidence in banks across the eurozone by trying to impose a levy on deposits held by even the smallest Cypriot savers, in what was presumably an attempt to cream off a layer of ill-gotten foreign cash. And even if the proposal has been radically watered down by the end of the week, we now know the European powers-that-be are prepared to pull this device out of their toolbox if the subject government is too weak to resist.

The foreign news pages read increasingly like some terrible satire on western military decline. Two years ago French and British forces, with the help of the US Navy, managed to help Libyan rebels topple Colonel Gaddafi. This year, the French needed British support to go to war against some tribesmen in Mali. It was a successful operation, but the ‘Timbuktu Freed’ headline rather summed up the extent of European military power today. The French have only two drone aircraft (the Americans have hundreds) and had to drop concrete bombs on Tripoli when they ran low on real ones. As the foreign policy rhetoric of our media and political leadership grows, the contrast with the resources grows starker.