the good and the bad news is that economist design futures now 10 times faster
if Cyprus (2013) means that nations which go bust as failed tax havens require their foreign tax busters to refinance the country, that seems fair
what's unreasonable is leaving this democratic debate 15 years after it could have been voiced; the euro as currency has hidden all sorts of debates that determine peoples (next generations) futures; will Brussels belatedly make a list of them instead of reactively trapping people in one crisis to the next?
The economy will be severely damaged by the deal and the turmoil around it. A severe recession will be exacerbated by the losses taken by businesses and others with large, and therefore uninsured, bank deposits, and by the restrictions on banking transactions that may remain for some time. Confidence, of course, has been badly shot. Further, nearly a fifth of the Cypriot economy consists of financial services, a sector that will shrink very sharply now.