Here is Ernest Hemingway:
“How did you go bankrupt? Two ways. Gradually, then suddenly.”
Or rather this is how Rüdiger Dornbusch used to discribe the ‘stages’ of a crisis:
“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”
So if you want to listen to the advice of these two gentlemen then you shouldn’t expect the Cyprus crisis to hit its climax this week, but if it does it will happen very fast. Or maybe they where not talking about Cyprus, but about Spain, Italy or Greece…
HT Matt O’Brien
