cyprus catastrophe

the online wall street journal has an article up describing in detail the lead-up last week and the final day of “bail-out” negotiations sunday between the “troika” (the european central bank, the international monetary fund, and the european commission) and cyprus: it was brutal! german chancellor angela merkel was described as absolutely inflexible. cyprus was given the choice of letting all it’s banks go completely bankrupt and have its economy utterly collapse or accept harsh austerity terms which will still kill its economy, but will prolong the agony. cyprus nearly left the eurozone: was this living death really better?

(i would post a link but i’m pretty sure it wouldn’t work — wsj online is a subscription service and i think i only got a chance to look at it through one of my google accounts…)

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