Thursday, 28 March 2013

This is not a crisis but reality

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Today at noon the banks in Cyprus reopen after being closed for the better part of two weeks. An intelligent friend said to me that the Cyprus debacle may be the Sarajevo moment of our age.

If Cyprus still had the pound, rather than the euro, it would have devalued by 20% or 40% and people would just have accepted it. Talk about history being little more than the register of the crimes, follies, and misfortunes of mankind. Follies especially.

The foreign vice-president of a Romanian bank told me on Monday night that the financial crisis will get worse and last the next ten years. Another bank president thought it would remain like this and last at least five years. This is clearly not a crisis but reality, as a clever man told me a few weeks after it started. 

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