The moral case against this move is self-evident and the people of Cyprus, including thousands of expat Britons, are rightly outraged.
But what is bewildering is that those responsible cannot see how damaging this will be to confidence and stability in the eurozone and to their pet project of the single currency.
It will not matter how many times Brussels bureaucrats, central bank economists or European finance ministers insist that this is a one-off, that Cyprus is different or even unique.
What was once unthinkable has been done. I have no doubts that Europe will rue the day it took this step.
The worst days of panic about the eurozone are in the past, but those days can return as the recent extraordinary election results in Italy demonstrate.
Should Spain or Greece or Portugal or even Ireland once again teeter on the brink, will their citizens not fear that they too may get the Cypriot treatment?