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Thread: Cyprus may need bailout, govt says

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    Default Cyprus may need bailout, govt says

    Cyprus may need bailout, govt says


    Eurozone member Cyprus has conceded there is a serious possibility it may need an EU bailout to save its banking system, which is heavily exposed to Greek debt.

    'The possibility of addressing the financial stability mechanism to support the banking system, due to the problems created by excessive exposure of banks to Greece, is a serious possibility,' deputy government spokesman Christos Christofides told reporters on Tuesday.

    He said the government was looking at various ways to support the banks, which included finding a loan 'from elsewhere'.

    Cyprus has already secured a 2.5 billion euro low-interest loan from Russia to cover its refinancing needs for this year.

    The recession-hit economy is struggling with record unemployment, austerity measures and trying to rein in a deficit twice the EU accepted limit of three per cent of GDP.

    The government is committed to getting its bloated deficit to below three per cent this year from 6.4 per cent in 2011.

    But it is reluctant to introduce deeper public cuts to drastically slash the deficit.

    'Cyprus will not go to the support mechanism because it has a fiscal deficit of 2.5 or three per cent - if we finally apply. This must be crystal clear, it will be to support the banking system,' said Christofides.

    But it is the exposure of its banks to toxic Greek debt that threatens to destabilise a relatively large financial system that the government has not got enough cash to prop up in its bid to recapitalise against a worsening of the euro crisis.

    The government has already underwritten a 1.8 billion euro capital issue for the island's second largest bank, Popular, which is the most heavily exposed to Greek debt.

    On Monday, the European Commission said it remains 'confident' Cyprus can avoid resorting to a eurozone bailout if it keeps reforms on track.

    But central bank Governor Panicos Demetriades told the Financial Times in an interview published on Sunday that Cyprus was nearing an EU bailout request to deal with the impact of the Greek crisis on its own banking system.

    Source: Sky News (June 6, 2012)



    Wake up and smell the coffee.


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    Curaca Incal's Avatar
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    Default

    Let's hope not.

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    When you hear bail out you know that a country is fu***d, lets hope not.

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    Veteran Member The Lawspeaker's Avatar
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    Quote Originally Posted by Malta1066Falzon View Post
    When you hear bail out you know that a country is fu***d, lets hope not.
    Yap. We are fu**d because we will have to start paying up again.



    Wake up and smell the coffee.


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    Strange,Noble have found huge....and i mean fucking huge gas and oil reserves off the coast of Cyprus which are worth billions.

    http://en.wikipedia.org/wiki/Aphrodite_gas_field

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    Quote Originally Posted by Aces High View Post
    Strange,Noble have found huge....and i mean fucking huge gas and oil reserves off the coast of Cyprus which are worth billions.

    http://en.wikipedia.org/wiki/Aphrodite_gas_field
    Don't worry, mate, that money is going to Shell and other oil companies which will deposit it all on offshore banks. Come to think of it: the same offshore banks that are now destroying the European economy. (right, Goldman Sachs ?)



    Wake up and smell the coffee.


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    Quote Originally Posted by Aces High View Post
    Strange,Noble have found huge....and i mean fucking huge gas and oil reserves off the coast of Cyprus which are worth billions.

    http://en.wikipedia.org/wiki/Aphrodite_gas_field


    Needs a few years to start making money from these (by 2015 or 2016).
    5 Stages of Grief:

    Denial: The initial stage: "It can't be happening." Maniot is on top of me.
    Anger: "Why ME? It's not fair?!" (either referring to God, oneself, or Maniot perceived, rightly or wrongly, as "responsible")
    Bargaining: "Just let me stay to post another day Maniot, please."
    Depression: "I'm so sad, why are you picking on me Maniot?"
    Acceptance: "It's going to be OK." There is always Skadi.

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