Yes Cyprus was to be bailed out, but its financial sector would be broken.
"Because of Mexico everyone thought they would be bailed out of Russia, too, " says Shultz.
No financial institution, regardless of its size, will be bailed out by taxpayers again.
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They will have to be bailed out along with the rest of the miscreants.
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Why is it then that it's Greece that needs to be bailed out, and not Germany?
Those who ignored the Forbes warning and held their shares may yet be bailed out.
This later led to Lloyds having to be bailed out and part-nationalised by the government.
But even then the implicit assumption will linger that banks will always be bailed out.
Many people lost their homes and all the major banks had to be bailed out.
As more countries need to be bailed out there are fewer countries able to do the bailing out.
Much investment is undertaken by private citizens and foreign banks who do not expect to be bailed out.
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She stopped short of taking sides on whether Lehman should be bailed out.
Citigroup, Bank of America, AIG and the housing enterprises Fannie Mae had to be bailed out or taken over.
Cyprus was the victim of being the fourth sovereign to be bailed out.
Anyone who believes that an economy that is shrinking at 5% per year can be bailed out is sorely mistaken.
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Both agencies agree that the biggest banks in South Korea, Taiwan, Thailand, Indonesia and Vietnam would also be bailed out.
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Subsequently it had to be bailed out by the government, which then went on to nationalise the bank in February 2008.
Since then, there has been much teeth-gnashing about what do in order to stop banks needing to be bailed out again.
Last time round American International Group became the dumping ground for Wall Street's risk and had to be bailed out too.
Dexia becomes the latest European bank to be bailed out as the deepening credit crisis continues to shake the banking sector.
The argument that the Greeks have to be bailed out to save the European banks from being bailed out makes little sense.
Mr Diamond also told MPs that he believed that banks should be allowed to fail and not be bailed out by taxpayers.
This may be welcome news to government pension funds that will want to be bailed out, but certainly not for private investors.
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Many banks in Europe also needed to be bailed out, including Commerzbank in Germany and the local "cajas" (savings banks) in Spain.
Gordon Brown has warned that France and Italy may need to be bailed out like Spain because of the unfolding eurozone crisis.
This happened notoriously a year ago, when Long-Term Capital Management ran into trouble and had to be bailed out by its bankers.
The reasoning was that, since flood victims expected to be bailed out by the government anyway, they might as well pay up front.
In the past year the crisis has brought down the prime ministers of Ireland and Portugal after they needed to be bailed out.
Disturbed would be the certainty of uninsured creditors that they would be bailed out to minimize the cost of bailing out insured depositors.
Austerity has never worked, and nations that have suffered hell on earth for nothing more than penance have always had to be bailed out.
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