A wake-up call for the eurozone

The Cyprus bail-out saga has shown just how fragile the single currency still is.

The chaos of the past two weeks has proved that eurozone recovery is an illusion. Ever since the European Central Bank calmed markets with its promised bond-buying programme last summer, politician after politician has insisted that the crisis is yesterday’s news. Yet the acknowledgement by Nicos Anastasiades, Cyprus’s president, on Monday (25 March) that his country was “a breath away from economic collapse” shows what nonsense that was. 

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