European leaders tear up the rules, with unpredictable consequences : IT TAKES some doing to induce nostalgia for Jean-Claude Juncker. The prime minister of Luxembourg was the head of the Eurogroup of finance ministers when the bail-outs of Greece, Ireland, Portugal and Spain’s banks were agreed on. Those deals now seem like a model of sure-footedness. A bail-out intended to rescue Cyprus and keep it in the 17-strong euro zone backfired so badly this week that the risk of the small island economy tumbling out of the single currency suddenly became real. Although bond markets have remained fairly calm, bank shares have fallen (see chart 1). Even if exit can be averted, the botched bail-out has done a wrecking job on the frail Cypriot economy and beyond. (The Economist)
Read More : http://www.economist.com/news/finance-and-economics/21574040-european-leaders-tear-up-rules-unpredictable-consequences-bungled-bank
Read More : http://www.economist.com/news/finance-and-economics/21574040-european-leaders-tear-up-rules-unpredictable-consequences-bungled-bank