Latest Issue

Why Cyprus should ditch the euro

The island's future looks bleak. There is a way out

By Ian Campbell  

Cyprus should leave the eurozone. The punitive “bailing in” of Cypriot depositors will throw the economy into a profound recession from which it could take many years to recover. Leaving the euro would also be painful but it would at least be productive pain. A devalued currency would provide Cyprus with the competitiveness needed for future growth.

Cyprus’s plight resembles that of previously…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect