With the financial sector losing all trust and credibility in the current Cyprus crisis, the government reverts to a "quick fix" solution. The incentive may convince "outside" foreign investment back into the crippling nation, as more and more countries revert to "austerity measures"….gambling is a form of the "get rich scheme" for individuals. It is evident today that more online gambling trading platforms are growing..and with the U.S. banning "online gambling"…companies are looking for a nation that will allow their business to flourish and avoid the big hit on taxes. As well, gambling casinos are expanding in North America..with Canada joining the ranks. In Toronto, Ontario ..a consortium from "Caesars Casino" has managed to convince the government of Ontario to expand their current government controlled casino and allow private casino's to operate. The "quick fix" solution can turn into a long term issues, such as "addiction to gambling, abusive relationships, prostitution, money-laundering".
Debts are a burden to society but stringent and properly controlled budgetary plans are more efficient. Can Cyprus truly bring back it's credibility with this current idea??
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.