Political economy of a euro area banking crisis
By Panicos O.
A brief outline of the Cypriot banking crisis, its main ingredients, its timeline
and its deeper political economy causes
too
big to fail, too big to save and too big to regulate
Cyprus
business model: growing
contingent liability
bailing
in shareholders, bond holders and uninsured depositors
eroded
the independence of the central bank and brought the justice system under
unprecedented political pressure
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