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Posts on March 2013
Cyprus “success” preludes something bigger in European banking
At first, it looked anything but successful. Both Brussels and Nicosia seemed hopeless, had shot themselves in their feet, steamrollered over taboos, destabilised capital flows - created a mega blunder. Yet the Cyprus Gaffe (or Cyprus Rehearsal, or Cyprus Scare) is successful in having produced one sure effect: To make you sweat and scale down your accounts to less than 100K, then run to find the most secure refuge possible for your (depreciating) savings.
Contributor: Ilias Siakantaris
Categories: Europe (276), Economy (312)