Monday, March 25, 2013

Cypriot economy stuck between Brussels and Moscow

A very useful addition to the debate on Cyprus from 'Thesmith' blog last week:

"The small Mediterranean island of Cyprus is suddenly became newsworthy across the globe this week, for all the wrong reasons.  Their financial situation is dire, which is why Nicosia asked for assistance from Brussels, but it is the sudden spotlight on the island’s relationship with Russia which is turning many heads.

This week, after Brussels preliminarily agreed to some form of bailout package for the island nation, it is the depositors instead of creditors feeling the heat in the troubled European Union for a change. After Tuesday evening’s vote in the Cypriot parliament, not a single official voted in favour of Brussels’ strict bailout package"

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