From Greek tragedy to Cypriot farce

The crisis in Cyprus may come to be seen as a turning point towards reduced moral hazard and a viable future for the euro, but David Rowe argues many pitfalls remain

Karl Marx famously wrote that Hegel was right to state that history repeats itself but said he forgot to add that it does so "the first time as tragedy, the second time as farce". Marx certainly had the master polemicist's flair for an effective phrase, but I usually struggle to apply this one to unfolding events. Recently, however, his characterisation came to mind in the midst of the troubles in Cyprus.

For the tragic phase of this particular thread of history, look at what has happened in