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Category Archives: Cyprus
Paul Krugman: Hot Money Blues
Whatever the final outcome in the Cyprus crisis — we know it’s going to be ugly; we just don’t know exactly what form the ugliness will take — one thing seems certain: for the time being, and probably for … Continue reading
Posted in Cyprus, Europe, EZ, Paul Krugman
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Paul Krugman: What’s the Greek for Corralito?
It’s now three years since I suggested a possible route to Greek exit from the euro: a banking crisis, followed by sharp limits on bank withdrawals similar to Argentina’s 2001 corralito, and then — with the panic argument against … Continue reading
Posted in Cyprus, Euro, Paul Krugman
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Paul Krugman: Cyprus, Seriously
A correspondent whom I respect has (gently) challenged me to say plainly what I think Cyprus should do — leaving aside all questions about political realism. And he’s right: while I think it’s OK to spend most of my … Continue reading
Posted in Cyprus, Euro, EZ, Paul Krugman
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Paul Krugman: Pessimal Currency Area Theory
Sorry about the one-day interruption in service — I forgot to mention that it was a travel day, and as it turned out I was too tired on arrival to blog or actually do anything. And with that, back … Continue reading
Posted in Cyprus, EZ, Paul Krugman
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Paul Krugman: Cyprus: The Sum of All FUBAR
At this point the Cyprus situation is pretty clear — and clarity does not bring reassurance. In fact, it looks as if Cyprus has managed to combine in one place everything that has gone wrong elsewhere. 1. Runaway banking. … Continue reading
Posted in Cyprus, Paul Krugman
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Paul Krugman: Round Trips to Cyprus
Still trying to wrap my head around the Cyprus situation; what makes it so interesting (as in “may you live in interesting times”) is the role of the island as a tax, regulation, and law enforcement haven. It’s not … Continue reading
Posted in Cyprus, Paul Krugman
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Paul Krugman: The Яussians Are Coming! The Яussians Are Coming!
How big a deal is the Russian factor in Cyprus’s crisis? Pretty big, it seems. Over at FT Alphaville, Izabella Kaminska reports on estimates of 19 billion euros in Russian nationals’ deposits in Cyprus banks, which is more than … Continue reading
Posted in Cyprus, Euro, Paul Krugman
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Island Nightmares – NYTimes.com
What is it about islands around Europe’s periphery? Is there some peculiar psychological thing about proximity plus the illusion of isolation that makes them turn themselves into havens for runaway banks? Inquiring minds want to know. Anyway, the Cyprus … Continue reading
Posted in Cyprus, Euro, Europe, Paul Krugman
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Antonio Fatas and Ilian Mihov on the Global Economy: Cyprus: between hope and panic
The Eurogroup announcement on Saturday of an agreement with the Cypriot authorities for a macroeconomic adjustment program came with a big surprise. The agreement involves a controversial “one-time-tax” on bank deposits. The tax is progressive starting with a lower … Continue reading
Posted in Antonio Fatás, Cyprus, Europe
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