Article After the Greece and Cyprus Bailouts What Next?

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The bailout of Greece’s economy and the subsequent action to restore Cyprus’ economy were the big Euro-stories of the last three years. A year on from the Cyprus crisis and a few weeks after the Greek government returned to the private capital markets, all seems to be quiet but is this the lull between storms?
The stories of the fall of both countries’ economies has many similarities yet many differences but neither country is out of the woods yet. In this article we examine the causes of the collapse and what the future holds for each.
Behind the terrible state of the Greek economy which first came to light late in 2009 and into 2010 was the systematic fabrication of economic statistics which hid a growing fiscal deficit which was ultimately to prove unsustainable.
The extent of the problems only came to light in April 2010 when Greek government bonds were reduced to junk status. Yield rates rose so high that no one was prepared to buy the bonds and the availability of borrowing...

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