Economics
Saving Cyprus Means Nobody Safe as Europe Breaks Taboo
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The devil lies in the detail of Cyprus’s salvation.
The island nation’s rescue sets precedents for the euro zone that may stick in the memory of depositors and bondholders alike as investors debate who will next fall victim to the debt crisis. Under the terms of the agreement struck yesterday in Brussels, senior Cypriot bank bond holders will take losses and uninsured depositors will be largely wiped out.