MAR 21 2013

Cyprus: EU Banking Troubles aren’t the Only Disaster

Banking, Cyprus

Map of Cyprus with EU flag


A huge part of Cyprus’ financial troubles (in addition to the Greek “hair-cut”) was the Evangelos Florakis Naval Base explosion (a disaster whose cost was about 10% of the country’s GDP in 2011).


The containers that exploded were there at the behest of the US (and UN). Given the facts, the EU (and the Troika) could have cut the Cypriots some slack–perhaps using this as a setoff defense.


The asymmetry of the “negotiations” is not only appalling, it’s frightening.




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