03/22/2013 09:19 am ET Updated May 22, 2013

Paul Krugman: Cyprus Crisis Could 'Trigger Contagion' Elsewhere

A couple of years ago, the journalist Nicholas Shaxson published a fascinating, chilling book titled "Treasure Islands," which explained how international tax havens -- which are also, as the author pointed out, "secrecy jurisdictions" where many rules don't apply -- undermine economies around the world. Not only do they bleed revenues from cash-strapped governments and enable corruption; they distort the flow of capital, helping to feed ever-bigger financial crises.

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