THE EUROZONE CRISIS-MORE THAN MONEY TROUBLES- A DIFFERENT APPROACH TO THE CYPRUS DEFAULT

Alina BUZĂIANU

THE EUROZONE CRISIS-MORE THAN MONEY TROUBLES- A DIFFERENT APPROACH TO THE CYPRUS DEFAULT

AL

Alina BUZĂIANU¹

¹ Research assistance in International Economic Relations at Romanian Diplomatic Institute (Providing Expertise Department)

Accepted 25 March 2026

Available Online 15 July 2013

Abstract

WE HAVE BEEN ACCUSTOMED, AT LEAST FOR THE LAST FEW YEARS, TO PORTRAY THE ECONOMIC CRISIS WITHIN THE EUROPEAN UNION MOSTLY AS “MONEY TROUBLES” (MONEY LAUNDERING, BANK INSOLVENCY, BAD INVESTMENTS, SOVEREIGN DEBT, ETC.). VERY RARELY WE CONSIDERED LOOKING FOR POTENTIAL CAUSES OF DEFAULT, ELSEWHERE, MEANING INCOMPLETE BUT DESPERATELY NEEDED POLITICAL INTEGRATION WITHIN THE EUROPEAN UNION, AMBIGUOUS POLITICAL DECISIONS AT EU LEVEL, INSUFFIC IENTLY ADDRESSED CONFLICTING CULTURES, AND MAYBE PROMOTING ALL THE WRONG STANDARDS OF FINANCIAL GOVERNANCE OR THE ABSENCE OF THE RIGHT FINANCIAL INSTRUMENT TO MAKE THE PROMISE BELIEVABLE – THE PROMISE TO RESCUE THE LEGITIMACY OF EU. IN CYPRUS CASE, - THE S MALL MEDITERRANEAN COUNTRY FACES FORMIDABLE ECONOMIC AND FINANCIAL PROBLEMS -, A MORE PARTICULAR CASE, THIS PAPER TRIES TO EXPOSE OTHER ISSUES RESPONSIBLE FOR THE PRESENT ECONOMIC ENTRENCHMENT, SOME OF WHICH ARE NOT EXCLUSIVELY RELATED TO MEASURING MONEY M ISMANAGEMENT OR INDIFFERENCE TO ACCOUNTABILITY. FURTHERMORE, HOW THE OUTCOME OF ALL THIS GREAT ENGAGEMENT TO SAVE THE APPEARANCES FOR THE ENTIRE EUROPEAN LANDSCAPE WILL TURN OUT IS YET TO BE DETERMINED.

Keywords

CYPRUS CRISIS CULTURE EUROPEAN UNION RUSSIA

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