NEWS | SAN DIEGO

Europe sets a new standard of stupidity over Cyprus

By , Bloomberg News

The European Union’s astonishing fumbling over Cypriot banks has both immediate and longer-term implications. On March 21, when the banks are due to reopen, the question is whether a run will destroy the Cypriot banking system. If that can be avoided, the next question will be what’s left of the EU’s plans to reform its system of bank supervision — and what happens the next time an EU bank gets into trouble.

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