Friday, April 12, 2013

Wheels Fall Off Cyprus Bailout Agreement

It seems that the wheels are falling off the Cyprus bailout deal.

The cost of the rescue has risen from Euro17.5BN to Euro23BN, but Germany remains adamant that the size of the bailout will not increase. 

Meanwhile the BBC reports that Cyprus president Nicos Anastasiades has said that he will appeal for extra assistance from the European Union, even though he claims he does not want more money.

What does he want?

Help from EU to reduce the burden of the conditions to make the bailout possible.

In other words Cyprus is trying to renegotiate the terms of the bailout, ie the wheels have fallen off the agreement!

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