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Who's to pay for Cyprus's bailout?


Savers were meant to participate in the Cyprus bailout deal, but the country's parliament rejected the scheme. Now the banks themselves and their larger customers will have to pay up. The press discusses which bailout concepts are fair and why the entire Eurozone is worried about little Cyprus.



Der Tagesspiegel - Germany | Friday, 19. April 2013

Antonis Liakos on Germany as the super-ego of European capitalism

Cyprus's bailout marks a turning point in the European crisis, Greek historian Antonis Liakos observes: » more


Phileleftheros - Cyprus | Tuesday, 16. April 2013

Cypriot passports for rich Russians a joke

Cyprus's President Nikos Anastasiades has offered Cypriot citizenship to foreigners who have lost at least three million euros because of the terms of the EU bailout. This has to be a joke, the daily Phileleftheros writes flabbergasted: » more


Der Standard - Austria | Friday, 12. April 2013

Cyprus needs even more drastic measures

The Eurozone finance ministers hope to agree the details of the bailout package for Cyprus at their meeting. On the eve of the meeting however it became known that Cyprus will need 5.5 billion euros more than the original bailout total of 17.5 billion because, as a Cypriot government spokesman explained on Thursday, that was the sum needed back in November, which has risen in the meantime. The left-liberal daily Der Standard calls for radical measures instead of euphemisms: » more


To Vima Online - Greece | Sunday, 7. April 2013

Antonis Karakousis on the new dogma in the Eurozone

The Cyprus crisis has made it clear that a new dogma has taken hold in Europe according to which everyone is responsible for their own debts, author and journalist Antonis Karakousis points out in the left-liberal online paper To Vima: » more


Die Presse - Austria | Thursday, 4. April 2013

Guarantees on savings defy all reason

Cyprus will impose a compulsory levy of up to 60 percent on major investors. However deposits below 100,000 euros will remain untouched, contrary to initial plans. People take guarantees on savings deposits for granted, but this contradicts all economic logic as well as the tried and tested tradition, the liberal-conservative daily Die Presse points out: » more


Frankfurter Allgemeine Zeitung - Germany | Wednesday, 3. April 2013

First political victim of Cyprus crisis

Cyprus's Finance Minister Michael Sarris announced his resignation on Tuesday after concluding talks on a rescue package of several billion euros for the crisis-stricken country. He basically had no other option, the conservative daily Frankfurter Allgemeine Zeitung comments: » more


Ethnos - Greece | Monday, 1. April 2013

Cyprus's fate in the hands of the judiciary

According to reports in the Cypriot and Greek media on the weekend, acting on insider warnings more than 130 companies took around 700 million euros out of Cyprus and sent it abroad in time to avoid the compulsory levy. The left-liberal daily To Ethnos assumes that these revelations are just the beginning and calls for justice: » more


Main focus of Thursday, 28. March 2013

Fear of capital flight from Cyprus

The banks in Cyprus armed themselves with five billion euros in cash in preparation for their reopening at noon today. Cyprus and the ECB now ... » more


Il Sole 24 Ore - Italy | Thursday, 28. March 2013

German obsession with order endangers Europe

Making Cyprus keep its capital in the country by force contradicts the entire logic of the European project, the liberal-conservative business daily Il Sole 24 Ore writes indignantly, holding Germany responsible: » more


Simerini - Cyprus | Wednesday, 27. March 2013

Disorderly bankruptcy already a reality

The Cypriot security forces in Cyprus have been put on alert today, Thursday, to avoid any commotion when the banks reopen at midday. The situation in Cyprus is no different to the disorderly bankruptcy the Europeans and the Cypriot government were trying to avert, the conservative daily Simerini writes, appalled: » more


Süddeutsche Zeitung - Germany | Thursday, 28. March 2013

Cyprus's dissuasive example

Cyprus's prospects for the near future look bleak indeed, but at least the bailout drama will serve as a deterrent for other indebted states, the left-liberal daily Süddeutsche Zeitung writes: » more


Main focus of Wednesday, 27. March 2013

Anxious waiting in Cyprus

The mood remains tense in Cyprus after the bailout package agreement. While hundreds of people demonstrated against the deal in Nicosia, the government has arranged ... » more


Cyprus Mail - Cyprus | Tuesday, 26. March 2013

The end for Cyprus's economy

The Euro Group is destroying Cyprus's economy with its decision to involve the banking sector in the rescue package, the English-language daily Cyprus Mail contends: » more


Lidové noviny - Czech Republic | Wednesday, 27. March 2013

Northern Europe feels cornered

The harsh treatment meted out to Cyprus is partially due to the upcoming parliamentary elections in Germany, but from the northern European perspective also entirely understandable, the conservative daily Lidové noviny comments: » more


Jyllands-Posten - Denmark | Wednesday, 27. March 2013

Merkel is the only one to tell the truth

Following the Cyprus bailout the liberal conservative daily Jyllands-Posten praises Angela Merkel as the sole leader to point the way forward: » more


Deutschlandfunk - Germany | Tuesday, 26. March 2013

Jeroen Dijsselbloem cuts a poor figure

The new head of the Euro Group Jeroen Dijsselbloem has made a complete fool of himself with the Cyprus bailout, the news website of the German broadcaster Deutschlandfunk contends: » more


Main focus of Tuesday, 26. March 2013

Sombre mood after Cyprus deal

Cyprus's President Nicos Anastasiades spoke to his countrymen on Monday, defending the bailout deal reached in Brussels as painful but necessary. While the stock markets rose ... » more


konstantakopoulos.blogspot.gr - Greece | Monday, 25. March 2013

Cypriots must show their fighting spirit

In a letter to a Cypriot friend the Greek journalist Dimitrios Konstandakopoulos offers some advice on his blog: » more


Lietuvos rytas - Lithuania | Tuesday, 26. March 2013

Tourism a lifeline for Cyprus

Cyprus must now pay for the mistakes of its politicians, the liberal daily Lietuvos rytas observes, but points out that tourism will soon help the country out of its present predicament: » more


El Mundo - Spain | Tuesday, 26. March 2013

Dijsselbloem and Merkel undermine trust

Euro Group chief Jeroen Dijsselbloem intimated on Monday that the involvement of Cypriot banks in the bailout could set a precedent for the rescue of other countries, while German Chancellor Angela Merkel said that taxpayers should not have to rescue the banks, but that the banks must rescue themselves. The conservative daily El Mundo sees this as a clear sign that Germany and the Netherlands are backing out of the planned banking union: » more


Le Monde - France | Monday, 25. March 2013

Cyprus doesn't fit in Eurozone

The drama over Cyprus shows that the Eurozone cannot function in its present form, the left-liberal daily Le Monde writes: » more


Gazeta Wyborcza - Poland | Tuesday, 26. March 2013

Sunny island not saved yet

Cyprus's rescue is nowhere near settled even with the bailout plan, the liberal daily Gazeta Wyborcza warns: » more


Main focus of Monday, 25. March 2013

Bailout deal for Cyprus reached

The Euro Group finance ministers and the Cypriot government agreed on a ten billion rescue package on Sunday night, averting state bankruptcy for Cyprus. In ... » more


Left.gr - Greece | Sunday, 24. March 2013

Alkinoos Ioannidis on how money is all-important for the Cpyriots

In a text published by the left-wing website Left.gr among others, the well-known Cypriot singer-songwriter Alkinoos Ioannidis criticises the high status Cypriot society has accorded to money for some decades now: » more


De Volkskrant - Netherlands | Monday, 25. March 2013

Cyprus should look to Iceland

The fears of collapsing banks and widespread distrust among investors that have spurred on the Cyprus bailout may be unfounded, the left-liberal daily De Volkskrant notes, pointing to the example of Iceland: » more


De Tijd - Belgium | Monday, 25. March 2013

Nicosia's huge problems are home-made

Cyprus's plight is home-made, the business daily De Tijd stresses: » more


Phileleftheros - Cyprus | Monday, 25. March 2013

Criminal politicians and cowardly citizens

The criminal EU politicians, the cowardly Cypriot leaders or the apathetic citizens - the liberal daily Phileleftheros doesn't know whom to be more angry at: » more


Kurier - Austria | Saturday, 23. March 2013

EU should have cooperated with Russia

The Cypus crisis would have been a chance for the EU to cooperate with Russia in tackling tax evasion by rich Russians, the liberal daily Kurier writes: » more


Simerini - Cyprus | Wednesday, 27. March 2013

Disorderly bankruptcy already a reality

The Cypriot security forces in Cyprus have been put on alert today, Thursday, to avoid any commotion when the banks reopen at midday. The situation in Cyprus is no different to the disorderly bankruptcy the Europeans and the Cypriot government were trying to avert, the conservative daily Simerini writes, appalled: » more


Il Sole 24 Ore - Italy | Thursday, 28. March 2013

German obsession with order endangers Europe

Making Cyprus keep its capital in the country by force contradicts the entire logic of the European project, the liberal-conservative business daily Il Sole 24 Ore writes indignantly, holding Germany responsible: » more


De Volkskrant - Netherlands | Thursday, 28. March 2013

Dijsselbloem is right

Euro Group chief Jeroen Dijsselbloem has caused unease on the financial markets with his statements on the Cyprus bailout plan. But he's right, the left-liberal daily De Volkskrant comments: » more


Süddeutsche Zeitung - Germany | Thursday, 28. March 2013

Cyprus's dissuasive example

Cyprus's prospects for the near future look bleak indeed, but at least the bailout drama will serve as a deterrent for other indebted states, the left-liberal daily Süddeutsche Zeitung writes: » more


Left.gr - Greece | Sunday, 24. March 2013

Alkinoos Ioannidis on how money is all-important for the Cpyriots

In a text published by the left-wing website Left.gr among others, the well-known Cypriot singer-songwriter Alkinoos Ioannidis criticises the high status Cypriot society has accorded to money for some decades now: » more


Phileleftheros - Cyprus | Monday, 25. March 2013

Criminal politicians and cowardly citizens

The criminal EU politicians, the cowardly Cypriot leaders or the apathetic citizens - the liberal daily Phileleftheros doesn't know whom to be more angry at: » more


Kurier - Austria | Saturday, 23. March 2013

EU should have cooperated with Russia

The Cypus crisis would have been a chance for the EU to cooperate with Russia in tackling tax evasion by rich Russians, the liberal daily Kurier writes: » more


De Volkskrant - Netherlands | Monday, 25. March 2013

Cyprus should look to Iceland

The fears of collapsing banks and widespread distrust among investors that have spurred on the Cyprus bailout may be unfounded, the left-liberal daily De Volkskrant notes, pointing to the example of Iceland: » more


Il Sole 24 Ore - Italy | Monday, 25. March 2013

Fifth bailout a bad omen

Brussels has managed to ensure that the banks, and by extension the savers, make a major contribution to Cyprus's bailout, the liberal-conservative business paper Il Sole 24 Ore notes, voicing its suspicions: » more


De Tijd - Belgium | Monday, 25. March 2013

Nicosia's huge problems are home-made

Cyprus's plight is home-made, the business daily De Tijd stresses: » more


Corriere del Ticino - Switzerland | Friday, 22. March 2013

Brussels has no respect for savers' cash

The Cypriot bailout action is a major disaster from which regardless of the outcome we must learn a terrible lesson, the liberal daily Corriere del Ticino contends, arguing that the EU is out to get the savers: » more


Hospodárske noviny - Slovakia | Friday, 22. March 2013

Czech Republic must not become Russian outpost

The biggest Eastern European bank, the Russian Sberbank, wants to establish an IT centre for Central Europe in the Czech Republic, the bank's CEO Herman Gref announces today, Friday, in an interview with the liberal business paper Hospodářské noviny. The paper views the plans with mixed feelings on its commentary page: » more


Süddeutsche Zeitung - Germany | Friday, 22. March 2013

Europe must reject Cyprus's sham deal

The alternative bailout plan for Cyprus is completely implausible, writes the left-liberal Süddeutsche Zeitung, wondering who in the world would be prepared to buy the bonds in question: » more


Cyprus Mail - Cyprus | Thursday, 21. March 2013

Russia not an altruistic saviour

Cyprus's Finance Minister Michalis Sarris left Moscow again today, Friday. Amid initial uncertainty over whether the two sides had reached an agreement on Russian support for Cyprus, the English-language daily Cyprus Mail warns Cypriots not to expect too much from Russia: » more


Le Jeudi - Luxembourg | Thursday, 21. March 2013

Euro Group pushes Cyprus into role of victim

Catastrophic communication on the part of the Euro Group has allowed Cyprus to cast itself successfully as the victim, the left-liberal weekly Le Jeudi writes: » more


Phileleftheros - Cyprus | Tuesday, 19. March 2013

Iceland an example for Cyprus to follow

The Cypriots should take a leaf out of the Icelanders' book when it comes to dealing with their financial crisis, the liberal daily Phileleftheros advises: » more


Spiegel Online - Germany | Tuesday, 19. March 2013

Savings guarantee and banking union needed

Cyprus's small investors now appear to be spared, but the citizens' trust in the euro can only be restored if the EU leaders go a few steps further, writes journalist Wolfgang Münchau in his column on the Spiegel Online website: » more


De Standaard - Belgium | Tuesday, 19. March 2013

Dangerous game with the euro

Behind the withdrawn decision to make Cyprus's small savers share the cost of the bank bailout lies a dangerous gambler mentality, the liberal daily De Standaard warns: » more


Diário de Notícias - Portugal | Tuesday, 19. March 2013

EU leaders sell their citizens

According to media reports, the Russian energy giant Gazprom has offered to finance the restructuring of the Cypriot banking sector in exchange for gas drilling rights on Cyprus. The company itself has denied the reports. The liberal-conservative daily Diário de Notícias says it wouldn't be surprised if the EU accepted such a deal: » more


eldiario.es - Spain | Monday, 18. March 2013

A high-risk compulsory levy

The compulsory levy on savings for Cyprus's bailout is not just unfair, it won't even bring in much money and entails a high risk, Ignacio Escolar fumes in his blog with the leftist daily eldiario.es: » more


Phileleftheros - Cyprus | Sunday, 17. March 2013

Solidarity no longer exists in Europe

The decision at the summit on Friday evening made it clear that solidarity within the EU has come to an end, the liberal daily Phileleftheros writes bitterly: » more


Il Sole 24 Ore - Italy | Sunday, 17. March 2013

Brussels has forgotten the ESM

Why does the EU have a bailout fund at all if it's not going to make use of it, the liberal-conservative business paper Il Sole 24 Ore complains: » more


Blog Sprengsatz - Germany | Monday, 18. March 2013

Cyprus bailout destroys trust

Making small savers contribute to the bailout of their banks will destroy trust forever, also among savers in other European countries, Michael Spreng writes in his Blog Sprengsatz: » more


Simerini - Cyprus | Thursday, 7. March 2013

Nicosia urgently needs troika agreement

The troika consisting of the EU, the IMF and the ECB has been in negotiations since Wednesday with the new Cypriot government on what Cyprus should do in return for financial aid. The conservative daily Simerini calls on the government to approve an agreement as quickly as possible: » more


Phileleftheros - Cyprus | Tuesday, 5. March 2013

Cypriots dread austerity dictates

The finance ministers of the Eurozone on Monday approved the Cypriot government's request for a bailout package to be agreed by the end of March. Cyprus says it needs loans amounting to approximately 17 billion euros, mainly to help its struggling banks. The liberal daily Phileleftheros describes the feelings of the citizens while they wait for the austerity memorandum: » more


Cyprus Mail - Cyprus | Sunday, 3. March 2013

Haircut risky for Cyprus and Eurozone

A week after the presidential election in Cyprus the finance ministers of the Eurozone are meeting this Monday to discuss a potential bailout programme for the Mediterranean island. A debt haircut on bank deposits would be a very dangerous approach, the English-language daily Cyprus Mail comments: » more


 

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