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Deal or no deal, the options for Cyprus

Thursday, March 21, 2013 - 02:26

Mar. 21 - The country, economy and numbers involved are tiny. But the Cyprus problem is huge. Could Cyprus leave the euro zone? We look at the options facing the crisis-hit Mediterranean island.

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Cyprus just not point 2% of the Euro zone economy and the need of just five point eight billion euros to secure a bailout deal. The numbers on the island may be small but implications of not deal could be huge. So what are the options facing -- member of the eurozone but intriguingly also beholden to Russia. Well Germany links. This means that you goes on taxpayers' funds and pot on and fill the extra five point eight billion on top of the ten. Billion already pledged to prop up the country's banking system. The word from -- limbo as that this will not happen under any circumstances. In typical European fashion the Cypriot parliament goes back to vote again and again. -- again until it passes a bill that raises a five point eight billion euros from its own citizens. Critical here though of course is who pays the -- the super rich many of whom are Russian -- -- This remains unclear what is clear both from the thoughtful. Is that the 100000 you know savings deposit guaranty will be respected. IE most -- cypriots will be spared. Third option is Russia comes to the rescue but at a price and that price is Cyprus is offshore gas reserves. No one knows how much these potential reserves are what. Some say 82 billion dollars or even higher up but Russia could offer to ease the terms of its content to hop billion dollar loan to cyclists all lend billions more. It's on the control of a slice of that gas supply. For Germany doesn't like Cyprus failed to raise the cash the country's banking system collapses -- Cyprus leaves the you know too much. It could happen. Cyprus is tiny but has a banking system eight times the size of the GDP that needs brought down to size. And when you consider its alleged status as a money laundering haven. You can see why you don't might be willing to let site whose goal. But if it is let -- -- a -- unleash a manageable financial market contagion across the eurozone and possibly beyond. A hot spot perhaps not. The European Central Bank would -- the you -- system with as much cash as needed via its emergency liquidity assistance -- -- Another L Seattle operation providing unlimited amounts of cash a cheap rate to banks across the block. Jimmy did you vote for relative.

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Deal or no deal, the options for Cyprus

Thursday, March 21, 2013 - 02:26

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