Europe's hard choices

  @FortuneMagazine April 11, 2013: 6:36 AM ET
FIO29 cyprus europe flags

Cyprus today still is in total shock due to disruptions caused by a banking system that grew irresponsibly large. Consumption and investment have collapsed. Companies and households cannot freely access their bank accounts. And the little flow of funds that is taking place is unidirectional -- out of the country.

Many in Europe would like to characterize the situation in Cyprus as unique. Yet what is happening speaks to three broader dimensions of the European malaise that have yet to be addressed adequately.

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