Friday, March 22, 2013

Only Way Out is Back to the Beginning

Germany holds a hard line with Cyprus rejecting a plan to nationalize pension funds as its leaders struggle to come to a consensus and agree on an alternative plan to raise 5.8 billion euros. (1) The problem is, Troika is looking increasingly less likely to approve any plan that does not include Troika's levy. Is Cyprus wasting valuable minutes to come up with a plan that Troika is waiting to reject?

Merkel also told Cyprus that in order to stay in the Eurozone Cyprus has to first accept that it has no future as an offshore financial center. Cyprus' corporate services sector is one of its largest economic contributors. (1)

The sand storm has given way to rain.


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