http://www.nytimes.com/2013/04/01/business/global/calculating-impact-of-cypruss-bank-bailout.html?ref=world

Bailout of Cyprus seems to be the widely discussed topic in world economics. As pointed out in the article, the case of Cyrpus is pretty unique. However, this financial disaster reminds of the financial crisis in the US during 2007-2009. Major banks in the US had to declare bankruptcy as scared depositors tried to withdrew their savings. Since when did our banking systems fail us? The international financial system is intertwined and so interconnected that it is foolish to think that as long as one nation succeeds, it doesn’t matter what happens to others. As the example of Cybrus bank incidence shows us, the world is becoming a more one community than ever before in the human history.

 

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