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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Wolf Richter: Luxembourg Is Not The Next Cyprus, Not Yet, But.... | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="xUjn83Gc7A"&gt;&lt;a href="https://www.nakedcapitalism.com/2013/04/wolf-richter-luxembourg-is-not-the-next-cyprus-not-yet-but.html"&gt;Wolf Richter: Luxembourg Is Not The Next Cyprus, Not Yet, But&#x2026;.&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2013/04/wolf-richter-luxembourg-is-not-the-next-cyprus-not-yet-but.html/embed#?secret=xUjn83Gc7A" width="600" height="338" title="&#x201C;Wolf Richter: Luxembourg Is Not The Next Cyprus, Not Yet, But&#x2026;.&#x201D; &#x2014; naked capitalism" data-secret="xUjn83Gc7A" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Yves here. This article if anything underplays how much a one-trick pony Luxembourg is and what a fix it is in if Germany and/or the EU continues its campaign against tax avoidance and evasion. Luxembourg hope to come to an understanding with the Eurozone and slowly reach accommodations, which would still shrink its banks, but in a less brutal manner than Cyprus. But with such a large financial sector, any action is still going to cause a fair number of customers to flee. It's hard to see how any gradual path can be found, which then raises the question of whether a series of bank failures in Luxembourg would have broader ramifications.</description></oembed>

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