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Richard Barwell, senior European economist and Lee Tyrrell-Hendry, macro credit analyst, RBS |
The subtext of Europe’s tough line on Cyprus is, of course, the situation in Italy and Spain. Europe has enough money to bail out a small country like Cyprus ten times over. The question is, and always has been, whether Europe has the firepower to bail out a much larger country, as well as the courage to stick to its principles if and when those countries get into serious trouble.
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