My instant reaction to the Cyprus deposit levy was that it could trigger a panic among depositors in the rest of Europe but that it was also perfectly possible there would be no reaction.

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"The situation in Italy can be extrapolated to carry larger significance in Europe, but the reality is that the Continent's financial system is much more stable than when regional political events could trigger a panic-induced sell-off, " said Yoshihiro Okumura, general manager at Chibagin Asset Management.

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But the real worry, for investors and European leaders alike, is that a Greek departure could trigger panic elsewhere, with runs on banks in Portugal and Ireland and maybe Italy and Spain.

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