The problem is not Cyprus. The problem is the Euro.

 CEO of the Saxo Bank  Lars Seier Christensen express his opinion it was remarkable :-

Polish Złoty and Euro Coins

The real problem is not Cyprus, it is the Euro.

After a few disturbing weeks, I would like to wrap up my comments on Cyprus and, hopefully, turn to other issues going forward. It is astonishing that a EUR 10 billion bailout can keep the world spellbound for so long. But then again, while the amount is not staggering, some of the implications are mind-blowing.

That a small economy can be destroyed over a weekend is in itself very scary. But Cyprus’s fate was basically sealed when the Troika revealed its first version of the bailout package. Continue reading “The problem is not Cyprus. The problem is the Euro.”