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Capital controls make a bank run likely when lifted. Cyprus remains a Eurozone country. Angry people face disaster. They're hung out to dry with no recourse.
PIMCO's Mohamed El-Erian calls implementing Cyprus's deal "very challenging."
It may prove mission impossible. Eurocrats haven't addressed what's most important: "how to improve growth and employment prospects in a significant and sustainable manner."
If fully implemented, bailout terms avoid imminent financial collapse. They do so at great cost.
Ordinary Cypriots will be harmed most. Economic conditions will contract sharply. Challenges are significant.
They won't "be overcome easily and immediately." They won't "enhance Cyprus' ability to grow and create jobs."Dismantling its offshore financial industry "loses an important driver of domestic activity."
"(N)o one should underestimate the social costs and related risk of political dysfunction and protests."
Deal terms destroy corporate working capital and domestic wealth. Solutions do more harm than good.
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