Right now the story of Cyprus the tax haven looks likely to be one big bust

Posted on

I liked this in Time magazine:

In the aftermath of the crisis, once the passions have ebbed, no doubt someone will try to calculate in detail the costs and the benefits to Cyprus of having been an offshore financial haven. Right now, though, it looks like it was a big bust.

So true.

It reminds me of the story of the optimist jumping from the 100 storey building. After 99 storeys he thinks "this is fun".

I suspect there will be more than Cyprus who come to that view sometime soon.