Tuesday 20 February 2018

This crisis is only beginning and omens for Europe are bleak

AS finance ministers, EU chiefs and IMF bosses gathered in Brussels last night, just about the only thing that could be said with any certainty was that the Cyprus crisis was just beginning – and perhaps another euro crisis as well.

If anything, the situation is more troubling than a week ago; with the bizarre idea that depositors in one bank should be levied more heavily than in others; that at least one bank would be wound up; and that there would be restrictions on the movement of money in what is supposed to be a monetary union.

It is not clear that it had to be this big a mess, but there are several uniquely tricky features to the Cyprus question.

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