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What is the difference? Iceland bankrupt v. Cyprus bankrupt? Other than the weather.

The EU can allow states in it to go bankrupt. But truly this is not the state, but the banks.

How does the Cypriot FDIC for want of the real name of the institution survive if the banks go under? And why cry for the bankers? The Cypriot leaders are just plain stupid to try and fix their system. JMO

I know it is human instinct and all to try and fix the banking system. Mainly it becomes a form of graft to save the elite's finances, but why? There is little or no major industry that needs such saving on the Island.

The truth is the southern flank of the EU is reverting painfully to the mean. Their respective economies always sucked and borrowing a tonne of money did not fix that.

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