"We believe the [EU] decision on Cyprus was a dangerous move, with the potential to have knock-on effects elsewhere," wrote Gizem Kara and analyst co-authors from BNP Paribas, in a research note.
"Although the immediate impact may be contained if the decision is deemed to be unique in Cyprus, due to its special circumstances, a precedent has been set." The Cypriot parliament still has to decide on the tax, which would directly affect many Russian investors who have deposited money in Cypriot accounts.
This isn't a tax on earnings. It's an outright government seizure of property.
And the Cypriots are not the only losers here.
Not only is this a scary proposition for anyone who cares about liberty, it could spell the demise of the EU. It most certainly will impact markets worldwide.
This will have a long-lasting impact as many will give pause to the notion of storing their wealth in areas within the reach of the State.