EU leaders are losing their game of financial Whack-A-Mole. New moles pop up before the old ones can be hammered back underground.Fortunately the latest mole to stick up its head is arunt: Cyprus. A battle over austerity has divided the island’s (Communist) government. The island’s banks, among Europe’s largest holders of Greek bonds, will take a disproportionate hit when Greece’s bonds are devalued. Then Moody’s downgraded Cypriot bonds. Two weeks ago a ship full of Iranian weapons exploded on a Nicosia dock, killing 13, including the chief of the Navy. Electricity blackouts are rolling across the island. Government ministers are resigning. Protestors have taken to the streets. Today, the Cabinet resigned.Whack, whack, whack. Pop, pop, pop. pop. Let’s hope Malta doesn’t blow.
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