The Cypriots have spoken. And the answer will keep being no. So the ball is now back in the EU leaders’ court. At home Cyprus faces three choices: 1) Default this week: go back to the Cyprus pound, impose capital controls, close the Green Line. 2) Default in two years: impose 50% losses only on uninsured deposits over EUR 100,000 and lose all international business (one option put to Anastasiades on Saturday). 3) Fall into the arms of Russia by giving her the gas, the banks and the state institutions. Read on
