Commentary
Uri Dadush
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Source: Getty
In The Media
Cyprus and the Euro Crisis
The Cypriot banking crisis reveals the danger of the euro crisis incapacitating Europe and the global economy more broadly.
By Uri Dadush
Published on Mar 20, 2013
Source: NPR To The Point
Speaking on NPR's To the Point, Carnegie's Uri Dadush discussed the state of the banking crisis engulfing Cyprus and its implications on the euro zone. After Cypriot politicians ruled out an ECB levy on bank deposits, which are seven times larger than Cyprus' GDP, banks continued closure for yet another week. Dadush asserted that the ECB's decision to pursue the tax on deposits was "legally dubious, morally unjustified, managerially inept, and economically stupid." Setting a very dangerous precedent and potentially unleashing a panic and bank run, the pressure on countries in Europe continues to grow. Dadush suggested other channels through which the adequate funding would reach Cyprus, including the restructuring of government debt or perhaps borrowing against the collateral of its expected gas bonanza.
About the Author
Uri Dadush
Former Senior Associate, International Economics Program
Dadush was a senior associate at the Carnegie Endowment for International Peace. He focuses on trends in the global economy and is currently tracking developments in the eurozone crisis.
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Carnegie India does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
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