Magazine April 22, 2013, Issue

Cyprus Sinking

(Roman Genn)
The euro zone signals that bank deposits are not safe

It says something about the lunatic calculus of Europe’s monetary union that the Republic of Cyprus, a slice of a Mediterranean rock known mainly, if not always fairly, for sunshine, no-questions-asked banking for murky Russian money, and a history of ethnic conflict, has shared a currency with Germany for the past five years. And it says perhaps even more that in 2010 and mid-2011 its two largest banks passed EU-wide “stress tests” that, revealingly and not so revealingly, hugely downplayed the risks that banks were running with their holdings of government bonds. And, yes, those two Cypriot banks had a

In This Issue

Articles

Features

Books, Arts & Manners

Politics & Policy

On the Brink

Ginger and Rosa, an intense little coming-of-age drama from the British director Sally Potter, begins with three births: The mushroom cloud goes up over Hiroshima, ushering in the nuclear age, ...
Country Life

Roots Quest

It was not a tough winter in the country, but it was a lingering one, throwing frosts and squalls right through the equinox and beyond. Snow would fall, thin to ...

Sections

Politics & Policy

The Week

‐ On the basketball court over Easter, Obama shot 2 for 22. Must be the sequester. ‐ While a few state governments enacted new gun-control measures in the wake of the ...
Politics & Policy

Poetry

A BAD FIT The grapeshot of his words makes ribbons of Her vitals. When one hits a major vein, Her heart will burst, and finally her love Will recognize its efforts were in vain. He ...
Happy Warrior

Undead Reckoning

I try to resist the siren song of metaphor, luring the polemicist onto the gaudy rocks of glibness and meretriciousness only for his sturdy column to crack and sink 400 ...
Politics & Policy

Letters

Have Some Compassion I write to express my disappointment at yet another paragraph in The Week devoted to transsexuals (March 25). If I recall correctly, this is the third such news ...

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