What Happened in Cyprus

Policy Letter No. 6

Athanasios Orphanides
Research Area:
Macro Finance
Apr 2013
financial crisis, troika, Cyprus

This policy letter sheds light on the economic and political backround in Cyprus and provides an analyses of the factors which lead to an intensification of the crisis there. It discusses the severe consequences of the errors made in the recent establishment of an adjustment program for Cyprus by the Europroup for European economic management as a whole.

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