March 23, 2013

Cyprus Is Going to Shake the World

Tony Barber, Financial Times

AP Photo

From Homer to H.G. Wells, islands have been depicted in European literature as sun-kissed havens of sorcery, places where the natural order is inverted to terrible effect. For eurozone leaders, Cyprus is the real deal. In a sense they have only themselves to blame. They should never have put their names last Saturday to the legalised robbery of insured small savers that masqueraded as a contribution to the financial rescue of Cyprus. Then again, Nicos Anastasiades, Cyprus’s ostensibly pro-European president, should never have insisted on lightening the burden on millionaire foreign depositors – mostly Russians.

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TAGGED: Eurozone, Cyprus

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