15. In the spring of 2013 Cyprus followed Greece, Ireland, and Portugal in agreeing to an emergency loan from the troika of the EU, ECB, and IMF. The cause was big losses in the Cypriot banking system. After imposing losses on some Cypriot bank deposits, the government, with EU approval, imposed capital controls to prevent residents from taking money abroad. Why do you think this step (which violated the EU’s single-market philosophy) was taken? (Greece was forced to follow a similar approach in mid-2015, as deposits fled the country fearing a possible exit from the euro. So far, however, Greece’s creditors have remained willing to extend enough credit to keep the country afloat.)