Today's letter from the Editor
Today's Matrices
iJobs Job Widget
iJobs General

C# asp.net Developer - West Sussex - permanent - £40k - £50k

£40000 - £50000 Per Annum + excellent benefits package: Clearwater People Solu...

SQL Report Analyst (SSRS, CA, SQL 2012)

£30000 - £38500 Per Annum + 25 days holiday, pension, subsidised restaurant: C...

Project Manager (infrastructure, upgrades, rollouts)

£38000 - £45000 Per Annum + excellent benefits package: Clearwater People Solu...

Project Manager (App development, SAP, interfacing)

£50000 - £60000 Per Annum + excellent company benefits: Clearwater People Solu...

i Editor's Letter: We should care about Cyprus matters

 

There is little to add to Hamish McRae's incisive, lucid and accessible dissection yesterday of why Cyprus matters. But what's clear overnight is that events in Nicosia (and Moscow) may entirely overshadow those at 11 Downing Street and Westminster.

We may not care directly that the Cypriot Finance Minister has resigned, nor even that Cyprus is looking to Russia for help, but we should – for reasons Hamish outlined. However, many of us will be nervous that a sacred tenet of Western capitalism has been broken: never touch the deposits.

The sanctity of the deposit surely underpins what little confidence we have left in the banks. We may look askance at obscene gains and destructive losses in investment banking as long as retail banking, where our deposits are held, remains "secure".

This notion of relative safety may defy reason – witness the Northern Rock panic. It is also odd given that many of us will be losing money on our accounts due to relative interest and inflation rates. However, psychologically, we think the money is safe.

How we laughed at our grandparents' insistence on keeping money under the mattress. There, the bankers can't get their hands on it. Never mind that it is depreciating in real terms, or that if they had invested in the stock market they would be quids in. It is never true that there is no alternative. And as the Cypriot deposit grab begins to unravel we shall see what the alternative is. However, in terms of long-term confidence in beleaguered banks, the damage is already done. Many more of us will be sleeping on a mattress of cash tonight.

Career Services

Day In a Page

A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments