Cyprus

Berlin Pressures New President on Reforms

Berlin Pressures New President on Reforms

Spiegel Online
25 February 2013
Cypriot voters clearly expressed their preference for a euro-zone bailout of their financially struggling nation on Sunday, electing the conservative Nicos Anastasiades to be the country's next president.

Cyprus Bailout Could Hit Russian Bank Accounts

Cyprus Bailout Could Hit Russian Bank Accounts

Spiegel Online

22 February 2013

Foreign investors and wealthy Cypriots may be called to participate in the bailout of debt-plagued Cyprus. Two reports suggest that EU countries sponsoring the bailout are considering a debt relief option that would also hit rich Russian bank account holders.

France's Total joins Cyprus energy rush

France's Total joins Cyprus energy rush

France24, 6 February 2013

AFP - Cyprus on Wednesday signed an agreement with French energy major Total to conduct exploratory drilling for gas and oil in two blocks off its southern shore.

The deal comes as Cyprus aspires to become a regional energy hub with the prospect of oil as well as natural gas being tapped beneath the sea bed.

Merkel Opponent Sets Conditions for Cyprus Aid

Merkel Opponent Sets Conditions for Cyprus Aid

Spiegel Online

With reporting by Veit Medick and Roland Nelles

4 February 2013

Cyprus is badly in need of aid, but skepticism in Berlin appears to be growing. Chancellor Merkel's opponent in this year's election, Peer Steinbrück, has set a number of conditions that must be met before his party will support a bailout. There is a growing number of rebels in Merkel's camp as well.

Berlin Opposition to Cypriot Aid Weakens

Berlin Opposition to Cypriot Aid Weakens

Spiegel Online
30 January 2013
German leaders are concerned that emergency euro-zone aid to Cyprus will merely serve to help the Russian oligarchs who use the island nation as a tax haven. With pressure growing to approve a bailout deal, however, Berlin now appears to be changing its tune.

Why tiny Cyprus is still too big to leave the euro

Why tiny Cyprus is still too big to leave the euro

Marketwatch, Wall Street Journal, 29 January 2013

WASHINGTON (MarketWatch) – If you think Greece has caused euro headaches out of proportion to the size of its economy, wait until you see the problems Cyprus has in store for currency markets.

The Mediterranean island is the third-smallest economy in the euro zone but it needs bailout funds more or less equal to its annual GDP of about $22 billion.

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