{
    "href": "/post/2013/01/25/cyprus-will-default-on-its-debt/",
    "relId": "2013/01/25/cyprus-will-default-on-its-debt",
    "title": "Cyprus Will Default On Its Debt",
    "author": "pmjones",
    "markup": "html",
    "tags": [
        {
            "href": "/tag/collapse/",
            "relId": "collapse",
            "title": "Collapse",
            "author": null,
            "created": null,
            "updated": [],
            "markup": "markdown"
        },
        {
            "href": "/tag/economics/",
            "relId": "economics",
            "title": "Economics",
            "author": null,
            "created": null,
            "updated": [],
            "markup": "markdown"
        }
    ],
    "created": "2013-01-25 23:26:07 UTC",
    "updated": [
        "2013-01-25 23:26:07 UTC"
    ],
    "html": "<blockquote>\n<p>EU economics commissioner Olli Rehn went on the record telling him that <strong>Cyprus is going to have to restructure its debt -- just two weeks after ruling such a thing out.</strong></p>\n<p>That might come as little surprise, given that Cypriot banks were loaded up to the gills with Greek debt, and Greek debt suffered a 70% haircut. Cyprus is tiny, and could never afford the \u00e2\u0082\u00ac17 billion needed to bail out the banks and the government -- especially since that would bring the country\u00e2\u0080\u0099s debt load up to more than 140% of GDP.</p>\n<p>Still, after the EU forced Greece to default, it drew a line in the sand: no more sovereign defaults, it said, since Greece was \u00e2\u0080\u009cunique and exceptional\u00e2\u0080\u009d. <strong>So this does go to show that you can\u00e2\u0080\u0099t really trust Europe\u00e2\u0080\u0099s promises. What\u00e2\u0080\u0099s more, Cyprus\u00e2\u0080\u0099s now-certain restructuring is going to be significantly messier than Greece\u00e2\u0080\u0099s was.</strong></p>\n</blockquote>\n<p>Emphasis mine. Via <a href=\"http://blogs.reuters.com/felix-salmon/2013/01/25/cypruss-now-certain-default/?utm_source=dlvr.it&amp;utm_medium=twitter&amp;dlvrit=60132\">Cyprus\u00e2\u0080\u0099s now-certain default | Felix Salmon</a>.</p>\n"
}