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Cyprus banks pass EU stress test

Tuesday, 19 March, 2013

That was the headline on an article by Poly Pantelides, which appeared in The Cyprus Mail on 16 July 2011. Best bit: “In Nicosia the Finance Ministry issued a statement saying: ‘The measures which the banks are taking or planning to take will further increase solvency.'”. Two years later, the same paper is today reporting that “Eurozone finance ministers last night urged Cyprus to protect small savers’ deposits while still coming up with €5.8 billion from a deposit levy so the island’s €10 billion bailout could go ahead.”

Hero to zero in just two years. How come? Because EU stress tests are as reliable as EU promises and policies.


Filed in: EU, Euro • Tags: , , , ,

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