Call it the Cyprus Solution: A bankrupt nation with an insolvent banking system lives yet another day by confiscating the assets of its savers.
It’s a game plan so communist, it even has Russians complaining about it. And when capitalists do it, through private investment firms, it’s called a Ponzi scheme. But if the greatest financial minds in Europe think it will work on the tiny Mediterranean island nation of Cyprus, why not try it here in a nation closing in on $20 trillion in debt?
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