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From: [personal profile] koganbot
Tyler Cowen, too, is saying that in effect Cyprus is no longer in the euro:

The capital controls will have to be strict. What will the price of a Cypriot euro be, relative to a German euro? 50%? I call this Cyprus leaving the euro but keeping the word "euro" to save face. And yet they fail to reap most of the advantages of leaving the euro, such as having an independent monetary policy.
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Frank Kogan

July 2025

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