UPDATE: This proposal has been cross-posted to the comments section of FT Alphaville under the excellent post “A Cypriot Game of Chicken

If confiscation of deposits is a systemic danger, as the action in global markets has shown today, and

If €5.8 billion needs to be raised from internal Cypriot sources for the purposes of the Cypriot adjustment programme, as the Troika demands,

Then why confiscate this sum if a voluntary option is available? A truly voluntary option surely is not systemic.

The trick is to pull back from forcible confiscations and look for ways whereby depositors would want to contribute this sum.

What could possibly induce deposit holders to want to contribute €5.8 billion?

Is there an offer that no true Cypriot and no true European could refuse.

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