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Greek Debt Crisis And Power Plant Explosion Leave Cyprus On 'verge Of Economic Collapse'

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Europe's debt drama has rippled across the Mediterranean to Cyprus. The country's beleaguered leader was scrambling today to form a government amid speculation that the island's ailing economy may soon need to be rescued by the EU.

Barely a week after EU leaders attempted to contain the crisis by agreeing to a new aid package for Greece, Cyprus has begun to show all the signs of fiscal contagion, with rising borrowing costs and an economy that has seen its credit rating downgraded.

"We are on the verge of economic collapse," said Ioannis Kasoulides, the island's former foreign minister and current MEP. "Unless serious structural reforms are implemented, we will face bankruptcy and need [a bailout] too."

Another country in distress, still I'm sure another bailout will finally fix this contagion issue...

Edited by interestrateripoff
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Another country in distress, still I'm sure another bailout will finally fix this contagion issue...

Cyprus is a bit of strange one for me - was there when the power plant exploded and have seen it change over the last 5 years.

2 - 3 years ago there were rolling water outages because of a massive house building projects - all you see over there now is so and so developers, bakery's and banks in the town centres then just mc villa after mc villa in the burbs. According to some of the locals there are now a lot of Russians buying up everything they can over there especially hotels, once they have the hotels then they spend a little on them making them all inclusive and now all the local restaurants are shutting down and the locals that were employed have not got any jobs and crime is on the rise.

The other thing is the Russians buying villas - was speaking to an English person that bought a Villa there 10 years ago - I found it sweet justice that she was complaining about locals and English now being priced out of the market because of the russians, she wasnt to concerned 10 years ago when she was pricing the locals out of the market.

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  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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