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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…

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