Definitely not. The confiscation is 6.75% on small accounts (mostly EU savers and pensioners) who are covered by deposit insurance, and 9.9% on large accounts

Definitely not. The confiscation is 6.75% on small accounts (mostly EU savers and pensioners) who are covered by deposit insurance, and 9.9% on large accounts (yes, a lot of which is Russian money). Overall it will collect a total of around €6B. If you wanted to get €6B from just the accounts that aren't covered by deposit insurance you'd need to confiscate around 30%. So, basically, the EU had a choice of either taking 30% from the (mostly Russian) wealthy and 0% from the poor and middle class (a lot of whom are pensioners), or taking 9.9% and 6.75%, and they went with the latter. If anything, this entire debacle is an effort to protect Russian (and Cypriot) oligarchs at the expense of ordinary people. As a bonus, it also makes bank runs, the collapse of the EU financial system, and the destruction of the eurozone much more likely. Very odd.