Cyprus Bailout | South Says They Can’t Afford to Pay it Back

Cyprus Bailout | South Says They Can't Afford to Pay it BackCyprus Bailout | South Says They Can’t Afford to Pay it Back

The south’s president, Nicos Anastasiades, has decided after getting a €10Bn bailout that the country cannot afford to pay it back on the terms agreed at the time. According to Anastasiades the bailout was “implemented without careful preparation” and he has just discovered that it would wipe out the Cypriot industry’s working capital.

He explained to the Troika of lenders that the “economy is driven into a deep recession, leading to a further rise in unemployment and making fiscal consolidation all the more difficult.” He also asked the lenders “to review the possibilities in order to determine a viable prospect for Cyprus and its people.”

Now, hands up, how many readers didn’t expect that. Well I didn’t! I thought they would have at least waited until after the summer.

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