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Reply #7


Response to Demeter (Reply #6)

Mon Mar 25, 2013, 06:41 AM

7. How German fears of underwriting Russian oligarchs pushed Cyprus to crisis

http://www.csmonitor.com/World/Europe/2013/0318/How-German-fears-of-underwriting-Russian-oligarchs-pushed-Cyprus-to-crisis

...For months, eurozone finance ministers have been debating how to help Cyprus, whose banks, exposed to large amounts of bad Greek debt, are in dire need of recapitalization. Cyprus is the fourth eurozone country to apply for financial aid from the European Union, the European Central Bank (ECB), and the International Monetary Fund (IMF), after Greece, Portugal, and Ireland.

It is also by far the smallest, and the amounts needed to keep it afloat are relatively modest, around 10 billion euros ($13 billion). So, late last week the ministers at a meeting in Brussels finally decided on a bailout package. But for the first time, at the insistence of the German government, private account holders were being asked to shoulder a part of that bailout, around 5.8 billion euros ($7.5 billion), through a special levy on their savings.

“The German taxpayer is willing to help Cyprus,” says Michael Fuchs, a member of Parliament for Chancellor Angela Merkel’s Christian Democrats. “But the Cypriots have to help themselves and pay a tax on their deposits.”

An ashen-faced Nicos Anastasiades, president of Cyprus, told his fellow countrymen in a televised statement that it was either this deal or state bankruptcy...

I'M HOPING CYPRUS PUTS GERMANY OUT OF JOINT

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