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Cyprus is dithering over bailout as the clock ticks.

Date: 05/11/12

Despite asking for a bailout way back in June it looks like Cypriote officials could miss the November 12 meeting of the Eurozone finance ministers.

A number of unresolved issues relating to the much anticipated bailout mean that the Cypriot government, lead by communist  Demetris Christofias, faces not being able to meet December’s payroll to civil servants. The Cypriot government had put forward counter proposals to the lending trio that did away with most of the austerity cuts replacing them with tax rises. While looking good to the powerful civil servant unions the lenders have labeled the proposals as “insufficient”.

The “Troika” of international lenders has been quick to chastise Cyprus over its aversion to austerity measures. Once accepted by Cyprus these measures must be approved by every member state before the funds start to flow. In the meantime Cypriot official have been keen to explore other sources of financing their lifestyle, mainly from Russia, and have almost run out of time (as well as money).

While Nicosia comes up with an endless stream of spin German Finance Minister Wolfgan Schaeuble said that not only were Cyprus proposals insufficient, none of substantial matters have been discussed yet. Such comment resulted in spokesman for the president, Mr.Stefanos Stefanou, raising trivial objections to the use of the word “insufficient”. While Cyprus tries to define “insufficient” the amount of money deemed “sufficient” to bailout the country has ballooned to as much as 20 Billion Euro or an eye watering 107% of GDP making it the biggest loan Per-capita.

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