Wednesday, March 20, 2013

Dead Broke: Cyprus turns to Russia after EU terms rejected, Merkel furious

Scenes of relief and celebration greeted the Cyprus Parliament's rejection of a tax on bank deposits. The one-off levy linked to an EU bailout deal would have seen millions of account holders lose up to a tenth of their savings, and had been condemned by officials and the public alike. But the country now finds itself on the brink of bankruptcy and having rejected the EU's terms, it may have to turn to Russia for assistance. RT's Egor Piskunov reports.

See Also:

Cyprus is one of a handful of countries in the Eastern Mediterranean with a firm claim on one of the largest natural gas finds in the region, offering access to an estimated 50 to 60 tcf of gas and 1.7 billion barrels of crude in waters off its south eastern coast.

The reserves could bring in as much as $400 billion over the coming years, providing a boon to a deeply damaged economy as well as meet domestic demand.

Democracy and Class Struggle says the European Union/Russia Geo-political conflict is being concentrated and tested in Cyprus, the outcome of this conflict will indicate future orientation of this region.

No comments: