The Bitter Lemons of Cyprus (Part 3)

Where do we go from here?

Is Cyprus another Greece, threatening the Euro? Or is it a special case, with an outsized banking system that needs propping-up from outside the system.

Like most things, it’s a little bit of both. Ironically, an answer can be found in the title to this commentary. The Bitter Lemons of Cyprus is a personal memoir of the author’s time on the island in the mid-‘50s during the run-up to violence between the Greeks, Turks, and British.

In the book normally friendly neighbors become hostile and violent, as outside pressures force trust to break down. Transactions that were a source of profit and pleasure become impossible, and the author’s colonialist attitudes—emblematic of the British Empire—undermine any good he tries to do.

In the end, the author sneaks out of the country, lamenting what was lost. As civil wars go, Cyprus was mild—nothing like the Greco-Turkish war on the mainland, with its hundreds of thousands of casualties. It was an outgrowth of a larger problem, but didn’t precipitate further problems in its own right.

Europe can only hope that Cyprus’s current financial problems will be similarly contained.

Douglas R. Tengdin, CFA

Chief Investment Officer

By |2017-07-17T12:34:42-04:00March 21st, 2013|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. - Leave a comment if you have any questions—I read them all! - And Follow me on Twitter @GlobalMarketUpd

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