Mar 26
Paul Krugman says Cyprus needs the abandon the euro immediately in order to save its economy.
“Cyprus should leave the euro. Now,” the Nobel Prize-winning economist wrote in a blog post on Tuesday.
The New York Times columnist wrote that starting a new, cheaper currency would allow Cyprus’ economy to recover more quickly. Meanwhile, he wrote, Cyprus’ economy might shrink as much as 20 percent if it stays in the eurozone. That’s because Cyprus’ days as an offshore tax haven are likely over, and the eurozone plans to force the government to implement steep budget cuts, which would hurt the economy, Krugman wrote.
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