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Paul Krugman: Hot Money Blues

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Whatever the final outcome in the Cyprus crisis -- we know it's going to be ugly; we just don't know exactly what form the ugliness will take -- one thing seems certain: for the time being, and probably for years to come, the island nation will have to maintain fairly draconian controls on the movement of capital in and out of the country. It will mark the end of an era for Cyprus, which has in effect spent the past decade advertising itself as a place where wealthy individuals who want to avoid taxes and scrutiny can safely park their money, no questions asked.

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