German Finance Minister Wolfgang Schaeuble has come out thundering following a no vote by the Cypriot Parliament to an act attempting to pass a 10% levy on all banking deposits in Cyprus, the 'bailout levy' to avoid insolvency of the island's capital and banks which appears to be imminent without action.

An alternative plan is under way but the initial vote has sparked international debate on the reach a state can have on its citizens' accounts, and what kind of precedent ...