Tags: cyrpus | bank | riots | debt

LIGNET: Cyprus Bailout Will Do More Harm Than Good

Monday, 01 Apr 2013 03:59 PM

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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.

Click here to read the full analysis from top experts at LIGNET.com
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