By Alexander Michaelides,Athanasios Orphanides
On June twenty eighth 2012, the small island of Cyprus grew to become the 5th govt to request an monetary bail-out from the Eurozone after wasting entry to foreign capital markets. below a 12 months later, a €10 billion moment rescue deal used to be agreed upon — an unparalleled contract that bailed in collectors of Cyprus' biggest banks, and prompted an monetary difficulty that the country nonetheless struggles to get over today.
This innovative selection of essays offers a radical and extensive research of the way Cyprus reached the purpose of failure and what classes this event holds for destiny monetary crises. some of the views jointly tackle unanswered questions, together with no matter if the bail-in should be thought of profitable, why the recession was once much less serious than anticipated, and what conclusions may be drawn approximately stress-testing routines throughout borders.
Focusing on one of many (proportionately) biggest crises in monetary heritage, the case research will turn out necessary to policy-makers and politicians, in particular within the euro area.
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The Cyprus Bail-in:Policy Lessons from the Cyprus Economic Crisis by Alexander Michaelides,Athanasios Orphanides