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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