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The Cyprus bailout is only the latest example of an absurd European trend. Namely, hedge funds earning outsized profits on bets that taxpayers would suffer to protect institutional bondholders. It’s not the hedge funds’ fault, and there’s no hint of illegal activity. The blame lies with the eurocrats, whose solutions to financial crises have become so predictably undemocratic that the hedgies would be fools to stay away.Report Typo/Error