Really, are we now supposed to start feeling sorry for offshore banking havens?
It is not just about rich Russians and Cypriot retirees. Also vitally at stake in this island country’s banking crisis is Cyprus’s credibility as a place for international companies to continue doing business....
Now, Mr. Biderman and Mr. Lalonde are wondering whether to pull up stakes. If that happened on a large scale, Cyprus, which has evolved into one of Europe’s most important financial centers in the past decade, would face a blow to the cornerstone of its economy. Other than mom-and-pop shops, most businesses in Cyprus have foreign owners.
Sorry, Cyprus. You and a bunch of other parasite island-nations have built your economies for decades by legitimizing tax cheats, degrading our (and other countries') national revenues, and empowering the new global super-rich to leave the rest of the world's economy behind.
No tears here.