Ten years ago today, in one of the most fraught episodes of Europe’s debt crisis, euro-area finance ministers met in Brussels and decided that part of the cost of recapitalising Cyprus’s insolvent banks would be borne by depositors.
"But because it’s so small — and I hope my Cypriot friends will forgive me for saying this — you forget about it quickly once you look away."
True, same here.
Somewhere in the backdrop of this drama, there were also some Cypriot bank branches here in Greece, that were cut out and absorbed by the local banks. The "ring fencing" it was called, I believe.
Hey Marcus, a well written refresher!
"But because it’s so small — and I hope my Cypriot friends will forgive me for saying this — you forget about it quickly once you look away."
True, same here.
Somewhere in the backdrop of this drama, there were also some Cypriot bank branches here in Greece, that were cut out and absorbed by the local banks. The "ring fencing" it was called, I believe.