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Cyprus Never Let a Crisis Go to Waste.

So how can it be that a $22bn economy can be the dominant global topic for conversation for a full week? I am fond of saying that China (at least in 2011) was creating the equivalent of another Greece every 12½ weeks. China creates another Cyprus every week. If Cypriot banks reopen next Monday, in the time they have been shut, China has created another Cypriot economy. Cyprus has now, in my view, become the epicentre of a number of major strategic issues. I can think of at least four (but there are probably more):

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Speech by Governor Øystein Olsen, Governor of the Central Bank of Norway
Rome, 29 November 2012

European economies are currently going through hard times, with repercussions of the crisis still being felt throughout the world economy. For all of us, it is a humbling experience to observe how closely interconnected markets and economies have become across national borders. My intention here this evening is not to point at solutions to the challenges currently facing the euro area. What I can offer, however, is the perspective of a friendly neighbour and a substantial investor.
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The price of luxury homes in the world’s key cities rose by 1.1% in the third quarter of 2012. The index stands 18.7% above its financial crisis low in Q2 2009 with Hong Kong, London and Beijing having been the strongest performers over this period. Cities in Europe remain the weakest performers, recording a fall of 0.5% on average in the last 12 months. Rome -14.3% …


source: KnightFrank + [pdf]: Prime Global Cities Index, Q3 2012