I don't care what the European authorities may say, their financial "rescue" of Cyprus is not a one-off event. Cyprus will never be able to repay its new €10 billion loan and now will be subjected to ever increasing (and futile) demands for austerity policies. Sooner rather than later another "rescue" of Cyprus will be required, and then another, and another, ad infinitum. Even more so than Greece -- on account of the seizure of bank deposits -- I think the Eurocrats' despotic treatment of Cyprus will be viewed in retrospect as a watershed event. To talk about the crisis I turned once again to a podcast regular, Marshall Auerback, for whom I have the highest regard.
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Best,
g.
http://www.electricpolitics.com/podcast/2013/03/cyprus_in_crisis.html
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