Dear Markus

I completely agree with you. Yet both situations tested the EU financial system and the international financial systems. Did they performed as expected?

The Greece and Cyprus cases are related, as Cyprus banks lost a lot of money invested in Greece prior to their downfall. 

I believe Cyprus and Iceland cases are somewhat similar, both country accommodating a financial system that dwarfed the rest of the economy.

Iceland case is connected to the sub-prime crisis and it's ripples. 

coming from cyprus and unfortunately seeing the situation and although dont understand financial issues i come from legal discourse. people suffered from this economic crisis as well as fiasco. peoples money was taken away from them their savings stolen and not one single person paid for this injustice. shouldnt the punishment be harsh for those?

Dear Lara,

I have no idea what happened to Cyprus financial institutions managers. I know most people that were responsible for the crisis worldwide got a slap o the wrist and a golden parachute.

Maybe they did not intended to create the crisis, but they did.

In some professions a mistake can lead to severe punishment, apparently not in finance.

Best regards,

Bradut

The second of these two papers makes some suggestions for what Greece could have done differently:

Welburn, J.W. and Hausken, K. (2015), “A Game Theoretic Model of Economic Crises,” Applied Mathematics and Computation 266, 738-762.

Welburn, J.W. and Hausken, K. (2016), “Game Theoretic Modeling of Economic Systems and the European Debt Crisis,” Computational Economics, Forthcoming 10.1007/s10614-015-9542-3.

Article A game theoretic model of economic crises

Article Game Theoretic Modeling of Economic Systems and the European...