Saturday, March 30, 2013

Salmon: Could Cyprus Go the Way of Ecuador?

Salmon: Could Cyprus Go the Way of Ecuador?By Felix Salmon 03/29/13 - 03:56 PM EDT

 NEW YORK (Reuters Blogs) -- A small country that has adopted a major global currency finds itself with massive debts and insolvent banks. Its only real hope is that it controls areas rich in hydrocarbons; the problem is that it has neither the wealth nor the expertise to exploit those hydrocarbons on its own. The result: It ends up essentially selling itself to an omnivorous global superpower that is interested only in access to resources rather than in domestic economic growth and prosperity. 

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