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Because of exceptionally poor decision making on the part of Cyprus leadership both before and during the recent crisis, Cyprus is now consigned to a very dark future of economic depression and failure.

Whatever the jabbering from the Troika, a precedent has now been set.

The one genie that cannot be placed back into its bottle is the notion that bank depositor accounts are now fair game.  The larger lesson here is that a wealth tax is now one of the solutions on the table for various government authorities across the EU, US, and other developed nations.

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