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editorial

EU, IMF should reverse course on Cyprus bailout

Cyprus last week became the fifth eurozone country to get a bailout to save its banks. But the rescue package, which includes a tax on the bank deposits of ordinary Cypriots, risks destabilizing the entire continent’s banks and should be revised.

The tiny island nation ran into trouble because Cypriot banks are heavily exposed to Greek debt. With their $13 billion bailout, the EU’s finance ministers and International Monetary Fund no doubt hoped to contain this most recent threat to the euro.

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