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'The handling of the situation has shaken the trust of Cypriot citizens in the European trajectory of the country' (Photo: consilium.europa.eu)

Cyprus bailout: a punishment not a solution

It is now official: Cyprus will pay a heavy toll for turning its economy into an offshore financial haven, and allowing its banking sector to hyper-inflate.

But if the purpose of the dramatic Eurogroup all-nighters was to solve the problem, instead of punishing the island and making an example of it, then we can hardly speak of a success.

Despite the fact the agreement in the Eurogroup of 25 March prevented an immediate and disorderly bankruptcy, there is no doubt that the coming...

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