Euro may be doomed whether Cyprus stays or goes

Thursday, March 21, 2013
By Paul Martin

Commentary: No one can now trust Brussels, or Berlin

By Darrell Delamaide
MarketWatch.com
March 21, 2013

WASHINGTON (MarketWatch) — However the crisis in Cyprus is resolved, there will be lasting effects on the European Union that may well have sealed the fate of the euro EURUSD -0.13% .

After a brief respite with the markets focused on the U.S. Federal Reserve’s monetary policy meeting, the crisis returned to the forefront when the European Central Bank set a deadline of Monday to agree on a rescue for Cypriot banks or it would withdraw its liquidity support for them.

The rejection of a bailout requiring a tax on deposits by the Cyprus Parliament and failure to reach a new agreement forced the government to extend a bank holiday through the rest of this week.

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