This policy letter sheds light on the economic and political backround in Cyprus and provides an analyses of the … factors which lead to an intensification of the crisis there. It discusses the severe consequences of the errors made in the … recent establishment of an adjustment program for Cyprus by the Europroup for European economic management as a whole. …

" the institutional failures on which the Euro and the Eurozone are built, strengthens them and further weakens the … construction on which the European member states operate. In this sense, the Treaty explains why the crisis in Europe is so deep … and persistent, and why the member states of the Eurozone are having such difficulty in returning to a path of balance and …