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ARTICLE · 27 MARCH 2013

Deloitte Monday Briefing: Cyprus, Between A Rock And A Hard Place

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The Monday Briefing, written by Ian Stewart, Deloitte's Chief Economist in the UK, gives a personal view on topical financial and economic issues.

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Ian Stewart
Ian Stewart
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The Monday Briefing, written by Ian Stewart, Deloitte's Chief Economist in the UK, gives a personal view on topical financial and economic issues.

  • Given the complexity and potential significance of the Cypriot bank crisis today's Monday Briefing is longer than usual. This note was written on Sunday evening, while negotiations in Brussels were continuing.
  • Events in Cyprus underscore how dependent prosperity is on a sound financial system. Big losses on holdings of Greek government debt last year have tipped Cypriot banks close to solvency. Without a major recapitalisation some will fail.
  • Despite close links with Greece, Cyprus' problems have more in common with Ireland and Iceland's than with what went wrong in Greece.

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