In 2010 the image of ‘ending up like Greece’ was that of a Dickensian debtors’ prison. In 2015 it is that of hell.
The ‘Greek story’ simply diverts attention from the real task ahead which is the correction of the serious ‘design faults’ of the monetary union in Europe.
The justification for the ‘rescue’ plan for Cyprus appears reasonable: taxpayers should not have to pay for the costly mistakes of bankers and ‘tax havens’ should be eliminated. But the ‘bail-in’ plan does not achieve these objectives.
