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Bailout for Cyprus by the end of the month

Date: 04/03/13

Promptly after his election the new president Nicos Anastasiades shows with his decisive leadership what we have been missing over the last five years.

New policies and new appointments are not long in giving positive feedback. At yesterday’s Eurogroupe meeting Cyprus was represented by the new capable finance Minister Michalis Sarris who managed to reassure European leaders and make them feel that the new Cypriot government will do business effectively.

After 4 hours of talks the 17 European countries of the Euro group made good progress on the near 17 billion Euro bailout package, most of which will go to refloat the crippled banking sector.

Although tough times ahead are not going to be easy for Cyprus, the new government has already provided more than a ray of light to the island’s inhabitants who seem to walk with a renewed spring in their step. While the banking sector is looking to get its house in order in the near future, expect stabilization of property prices in the medium term. Confidence in the new leadership is already starting to stimulate the market.

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