Cyprus

Cyprus Chaos 'Doesn't Inspire Hope for EU Future'

 Cyprus Chaos 'Doesn't Inspire Hope for EU Future'

David Crossland

26 March 2013

With Cyprus racing to install capital controls before re-opening its banks on Thursday, German media commentators say the island has only itself to blame for its plight.

EU Caught Playing Dirty and it’s All About Russia

EU Caught Playing Dirty and it’s All About Russia

 

Greetings from London.
Oil and gas, that’s all it’s ever been about …

There was a lot going on this week, but it’s all being overshadowed by the fascinating geopolitical game over Cyprus. This is a stage on which a country’s pending financial collapse hinges explicitly on its hydrocarbons potential, and whoever turns up with aid will win access to exploration blocks.

Eurozone offers Cyprus the exit - our way or the highway

 Eurozone offers Cyprus the exit - our way or the highway

Bruno Waterfield, The Telegraph, 24 March 2013

The eurozone will show Cyprus the exit from the EU single currency today unless it bows to demands to effectively wind down its largest bank, devastating the island's economy.The Cypriot President Nicos Anastasiades and other ministers arrive in Brussels mid-morning for meetings this afternoon with senior EU leaders, including Herman Van Rompuy, the European Council president, and Christine Lagarde, the IMF’s managing director.The leaders of the debt-laden island will then meet with eurozone finance ministers for last-ditch talks to secure a €10bn (£8.5bn) to save Cyprus from bankruptcy. The negotiations are expected to go to the wire.

Crisis in Cyprus

 Crisis in Cyprus

Jerusalem Post, Editorial, 23 March 2013

In this globalized era, no potential for a chain reaction can be smugly ignored. Supercilious Europe has set off a scary domino effect that we might all pay for.Israelis have always felt special affinity for Cyprus, a small neighboring island. Many of us go there often. Many of our business firms have stakes there for a plethora of commercial conveniences. Cyprus is almost our back yard, the only relatively close territory that is not inimical.Undersized as it is, Cyprus is also vulnerable. A substantial chunk of it has for decades been under Turkish occupation, an occupation that world opinion hardly appears to mind or so much as remember. Like much of southern Europe, Cyprus is in deep fiscal trouble and in urgent need of a bailout.

Cyprus Makes Plan to Seize Portion of High-Level Deposits

 Cyprus Makes Plan to Seize Portion of High-Level Deposits 

 

Liz  Alderman  and James Kanter, The New York Times, 23 March 2013
 
NICOSIA, Cyprus — With Cyprus facing a Monday deadline to avoid a banking collapse, the government and its international negotiators devised a plan late Saturday to seize a portion of savers’ deposits above 100,000 euros at all banks in the country, in a bid to raise money for an urgently needed bailout.A one-time levy of 20 percent would be placed on uninsured deposits at one of the nation’s biggest banks, the Bank of Cyprus, to help raise 5.8 billion euros demanded by the lenders to secure a 10 billion euro, or $12.9 billion, lifeline. A separate tax of 4 percent would be assessed on uninsured deposits at all other banks, including the 26 foreign banks that operate in Cyprus.

 

Cyprus crisis: 'This is the darkest week in our history since the 1974 invasion'

Cyprus crisis: 'This is the darkest week in our history since the 1974 invasion' 

 Helena Smith, The Observer, 23 March 2013

 Cyprus is on its knees, with its banks on the verge of closing doors for good and locals and expatriates alike wondering if the island can be saved. Even if a deal with Europe's bankers can be agreed, it will come at an inordinately heavy priceAs zero hour approaches, a small island population watches and waits, consumed with anxiety and simmering with resentment. "This is the darkest week in Cyprus since the 1974 invasion," said Hubert Faustmann, associate professor of history and politics at the University of Nicosia. "The island has been put on the Greek path. What lies ahead are further cuts, austerity measures, more bailouts, because it won't be able to repay the loans, endless misery and recession. It will take years to recover."

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