The deposit levy in Cyprus is a remarkable step in the management of the euro crisis – FT report here. Research on contagion indicates that it is limited if the ‘ground zero’ is sufficiently differentiated (and sufficiently ringfenced) from other potential targets.
Update: the WSJ provides a ‘blow by blow’ of how the deal was decided here.
By the way: St Patrick’s Weekend / Ides of March is a regular date for crisis events
St Patricks Day (March 17) (or I suppose the Ides of March – March15)
2008: March 16/17 Bear Sterns takeover; also Anglo Irish shares fall 30% in one day (St Patricks Day Massacre)