Saturday, June 2, 2012
Yet another thread to the Eurozone Farce
"Cyprus looks increasingly set to become the fourth euro-zone country to seek financial aid under Europe's temporary bailout fund, as early as this month, as it scrambles to protect its banking system from Greece's widening financial crisis that is threatening to engulf its tiny island neighbor". "Late last year, the country negotiated a â‚¬2.5 billion ($3.1 billion) bilateral loan from Russia. Now, Cyprus is in talks with China for another bilateral loan, of an undisclosed amount, that looks unlikely to materialize in time". ( I know the answer: lets give lots of money to their banks for zombie mortgages). "Cyprus is facing a "race against the clock," said ex-president Mr. Vassiliou. (yeah, whatever...).