Once in a Lifetime & Same as It Ever Was

Now that it looks like Cyprus won't be leaving the eurozone, investors should not forget that the continent has bigger problems.

Sure, Cyprus yielded about a week of scary headlines, but the Cyprus obsession served as a distraction from the real story: much of Europe is still an economic mess that has nothing to do with Russian bank deposits in the tiny island nation. There never was a silent C for Cyprus in the PIIGS acronym of troubled European nations that actually matter.