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Europe's Disturbing Precedent in the Cyprus Bailout

What is the problem. Cyprus is a basket case "economy" propped up by Russian millionaires who use it to stash their ill gotten money. We are being asked to bail it out, we take some of that money off them. And the problem is what?

The European economic crisis has taken different forms in different places, and Cyprus is the latest country to face the prospect of financial ruin. Overextended banks in Cyprus are teetering on the brink of failure for issuing loans they cannot repay, which has prompted the tiny Mediterranean country, a member of the European Union, to turn to Brussels for help. Late Sunday, the European Union and Cypriot president announced new terms for a bailout that would provide the infusion of cash necessary to prevent bankruptcies in Cyprus' banking sector and, more important, prevent a banking panic from spreading...

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