Wednesday, 20 March 2013

Cyprus, is it part of Europe?

Firstly, Cyprus has succumbed to the same issue as Greece, Ireland, Spain, Italy, the list just gets longer.

One difference is one of the conditions to their bail out is to pull a one off levy on the countries savers. This has no precedent. Naturally it has caused an uproar and the public anger was so strong, the Cypriot parliament has voted against it.

It has become apparent that Russians have HUGE deposits in Cyprus and the Cypriot government has now approached Russia with a view to ask them to back a loan that would cover their deficit. If the rumours are true, the Russians have said yes, however, they [the Russians] now run the country!

How does that stack up with Europe?

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