Three weeks ago the Cyrus banking system passed the so-called European stress test for financial institutions. That means that the ECB and IMF did not have Cyprus or its banks on any watch list. Therefore, one would conclude that what has happened in Cyprus is not a "one off" situation but systemic throughout the entire European banking community. Just as the following chart implies, the Cyprus banking implosion should not have come as a surprise to anyone! Who is next in European?
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