Unless you're a student of history or are planning a Mediterranean vacation, you may never have given the island of Cyprus much thought. Then suddenly, it dominated the headlines. What does a banking crisis in a small and far-off land mean to you?
After marathon and heated discussions, agreement was reached on a new rescue package for Cyprus. Compared to what had emerged a week earlier, this is a better technical outcome -- both in what it contains and in what is left out.
As with other Eurozone economies whose private banks faced insolvency, the Eurozone rescue specialists in Brussels offered a bailout package to save the banks, with strings attached. In the specific case of Cyprus, the terms were especially onerous.