As banks opened today in Cyprus after being shuttered for twelve days, it became quickly apparent that a crisis had been averted. Cyprus will not be forced to leave the eurozone, and Russia will not gain a larger toe-hold in the Mediterranean by coming to the country's rescue. But all is not well. The agreement reached to keep Cyprus afloat will prolong the EU-wide debt crisis and will likely destroy the country's offshore banking sector, plunging it into a Greek-style depression for years to come.
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