The EU destroys Cyprus.

In a moment of sheer insanity, brutality or just economic incompetence, the European Union has destroyed the Cypriot economy and left untold destruction. The off shore banking system is in ruins and the domestic credit supply has been broken into pieces; capital controls effectively suspend Cyprus from the internal market and only the German Parliament will get a vote on the bail out terms. Not the Cypriot politicians who are forced to agree with unfair and draconian terms.

Source: Daniel Furr in HuffPo.

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