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Cyprus Property News

Troika has all the cards, but Cyprus insists on playing Poker.

Date: 08/10/12

European leaders yesterday called for a swift end to negotiations with the Cypriot government over the proposed bailout.

Euro Group chairman Jean-Claude Juncker said the negotiations need to “accelerate” while European Commission president Jose Manuel Barroso was even more candid when he told journalist that it was now critically important for Cyprus to enter into an agreement.

The comments come on the same day as credit rating agency downgrades Cyprus further into junk and proposals put forward by Cyprus government officials protecting the salaries and conditions of state employees as an alternative to harsh austerity measures are rubbished by independent economists. 
While it seems the Russian government is willing to participate in the refinancing of the island, they will only provide funds as part of a coordinated effort with the IMF, European Central Bank and the European Union. As negotiating time is passing, the communist lead Cypriot government’s position gets weaker with every downgrade.

With doors closing and time running out the lack of leadership from the current government becomes increasingly apparent. As the banking sector waits to be recapitalized, it is clear that simply delaying the inevitable is helping no one.

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