# Cyprus Bailout



## Guest (Jun 25, 2012)

Now Cyprus has applied for bailout.

But the level is very tiny. 4 billion Euro to secure the banksector


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## virgil (May 3, 2012)

Some interesting comments following this article:

Cyprus applies for EU bailout — RT


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## Guest (Jun 26, 2012)

Interesting that so many want Russia to help instead. But it seems they were not interested this time


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## LcM (Jun 20, 2012)

I heard some overreacting conspiracy that they're taking the Russian's money to put on the side, while feeding of the EU as well?


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## Guest (Jun 26, 2012)

LcM said:


> I heard some overreacting conspiracy that they're taking the Russian's money to put on the side, while feeding of the EU as well?


That means that both these lenders are stupid, I really dont think so. But fun


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## virgil (May 3, 2012)

Cyprus may need a bailout equal to half of its economy:

Cyprus may need a bailout equal to half of its economy ? officials — RT


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## Kalimera (Oct 19, 2011)

No point asking UK for dosh!

On another note: I have just seen the programme on BBC3 about Greece. It was a documentary type of programme with this journalist who visited Athens and one or two families. I never knew things were that bad and I really feel for the young people of Greece.


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## Guest (Jun 27, 2012)

This half of the economy bailout is around 10 billion Euro, Greece has got 240 billion. I am sure they will get it, the interesting is what demands come along with the money.
With nop money in the banks, a already bad property market will be even worse and will stay so for many years ahead


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## Veronica (Apr 5, 2008)

SWJ said:


> No point asking UK for dosh!
> 
> On another note: I have just seen the programme on BBC3 about Greece. It was a documentary type of programme with this journalist who visited Athens and one or two families. I never knew things were that bad and I really feel for the young people of Greece.


It is hard to feel sorry for the people of Greece as their problems have been caused by their laziness and their refusal to pay thier taxes. There is a large Greek community in Australia and many of them were being interviewed recently about the greek crisis. They said they have no sympathy for their fellow countrymen who refuse to do anything to help themselves, just moan and go on strike everytime the government makes any effort to sort out the problems.
It is Greece who has been the main cause of Cyprus problems but thank heavens Cyprus being such a small country and having the promise of the gas and oil in the future we will pull through this.
As Anders says though, the property market is suffering as it is very difficult to get mortgages these days so sellers have to rely on cash buyers. On the other hand though cash buyers are in a very strong position to get bargains.


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## Kalimera (Oct 19, 2011)

Veronica said:


> It is hard to feel sorry for the people of Greece as their problems have been caused by their laziness and their refusal to pay thier taxes. There is a large Greek community in Australia and many of them were being interviewed recently about the greek crisis. They said they have no sympathy for their fellow countrymen who refuse to do anything to help themselves, just moan and go on strike everytime the government makes any effort to sort out the problems.
> It is Greece who has been the main cause of Cyprus problems but thank heavens Cyprus being such a small country and having the promise of the gas and oil in the future we will pull through this.
> As Anders says though, the property market is suffering as it is very difficult to get mortgages these days so sellers have to rely on cash buyers. On the other hand though cash buyers are in a very strong position to get bargains.


You can't tarnish all people the same Veronica. The problems in Greece were not caused by the young people there but buy politicians who call the shots. The program also reiterated the corruption in Greece and the tax dodging by wealthy businessmen, it's not the young people who are avoiding paying tax. Many people who work in the public sector have lost their job because of these tax dodgers and politicians who have made mistake after mistake (when spending the money of Greece).

It is good that Cyprus has the oil and gas but what if they didn't? Begging to the EU like this will only encourage other countries to get down on one knee IMHO!


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## Guest (Jun 27, 2012)

No country should be allowed to consume for borrowed money. Sweden learned that the hard way 20 years ago. But the problem that occured was that with EU and the banks hunger for profit money got very cheap and people fell for that. Now is the time to pay the bill. Many is to blame for the crisis but in my opinion mostly the banks in all forms. Greed caused this crisis. The thing is also that it was really in US it all started and all world fell like a cardhouse


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## PeteandSylv (Sep 24, 2008)

One of the most important things that I feel Cyprus needs to do is to break the allegiance to Greece. The historic connections are irrelevant and Greece has never done anything positive for Cyprus. The banks' investment in Greece which has caused the current problems was the result of the allegiance rather than sensible financial decisions. This, however, has got to be dealt with and an EU bailout is one valid way. It is one of the (few) benefits of being in the EU club. Should we then get a government in Cyprus with a president that has some slight common sense the country will be well placed to benefit from offshore gas.

Pete


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## Geraldine (Jan 3, 2009)

PeteandSylv said:


> One of the most important things that I feel Cyprus needs to do is to break the allegiance to Greece. The historic connections are irrelevant and Greece has never done anything positive for Cyprus. The banks' investment in Greece which has caused the current problems was the result of the allegiance rather than sensible financial decisions. This, however, has got to be dealt with and an EU bailout is one valid way. It is one of the (few) benefits of being in the EU club. Should we then get a government in Cyprus with a president that has some slight common sense the country will be well placed to benefit from offshore gas.
> 
> Pete


I apologise in advance for my ignorance but when can we expect to get a new government and, most importantly, a new President, one who doesn't have a foot in another country half the time?

Have a look at this guy. I don't have any allegiance to any party but his opinion sums it up for me.

http://sorisomail.com/email/238743/o-politico-que-representa-realmente-a-populacao.html <http://sorisomail.com/email/238743/o-politico-que-representa-realmente-a-populacao.html>


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## Guest (Jun 27, 2012)

Still President and parliament is elected by a majority of the cypriots. So ofc they have got what they want. 
Nothing to do about for the expat community. Only the cypriots themself can do something about it in the next election


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## Geraldine (Jan 3, 2009)

Vegaanders said:


> Still President and parliament is elected by a majority of the cypriots. So ofc they have got what they want.
> Nothing to do about for the expat community. Only the cypriots themself can do something about it in the next election


When is the next election?


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## kimonas (Jul 19, 2008)

PeteandSylv said:


> One of the most important things that I feel Cyprus needs to do is to break the allegiance to Greece. The historic connections are irrelevant and Greece has never done anything positive for Cyprus. The banks' investment in Greece which has caused the current problems was the result of the allegiance rather than sensible financial decisions. This, however, has got to be dealt with and an EU bailout is one valid way. It is one of the (few) benefits of being in the EU club. Should we then get a government in Cyprus with a president that has some slight common sense the country will be well placed to benefit from offshore gas.
> 
> Pete


I agree with the comment about breaking allegiance with Greece, but the historical connections are hardly irrelevant - the Church (Greek Orthodoxy) still has great influence (and property holdings thanks to their role as tax collectors for the Ottoman Empire from the 17th Century). The future here is bright if only differences could be reconciled, but Cyprus' healthiest option is closer ties to Anatolia and Asia rather than Europe. I suspect the gas and oil advantage has been greatly exaggerated and will be squandered. Incompetent leadership (in Greece and Cyprus) is the root of the problem. But the largest portion of blame must lie with the banks themselves and the complicity of the Commission - they should have scrutinised the Greek books more carefully and should not have admitted Cyprus to the Union until the Cyproblem had been resolved.


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## Pam n Dave (Jun 11, 2007)

Geraldine said:


> When is the next election?


February 2013 so not long to wait.


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## Geraldine (Jan 3, 2009)

Pam n Dave said:


> February 2013 so not long to wait.


Thanks, will be watching closely.


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## Pam n Dave (Jun 11, 2007)

Geraldine said:


> Thanks, will be watching closely.


Register to Vote Geraldine, as your here and will be affected then why not take part.


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## Geraldine (Jan 3, 2009)

Pam n Dave said:


> Register to Vote Geraldine, as your here and will be affected then why not take part.


Why not indeed, it's no use moaning about the state of things if you don't take steps to try for change when you have the opportunity.


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## Veronica (Apr 5, 2008)

Dennis and I intend to vote this time.
Last time we didnt register to vote as we hadnt been here long enough to know much about the political parties but this time we certainly intend to do our bit.
If we don't we can't complain if the next government mess things up.


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## Geraldine (Jan 3, 2009)

Veronica said:


> Dennis and I intend to vote this time.
> Last time we didnt register to vote as we hadnt been here long enough to know much about the political parties but this time we certainly intend to do our bit.
> If we don't we can't complain if the next government mess things up.


Agree totally.

What is the procedure to register?


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## Guest (Jun 29, 2012)

Am I right when I think that you are not allowed to vote in the parliament elections if you are not Cyprus citizen? Only in local elections


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## PeteandSylv (Sep 24, 2008)

Only Cypriot Citizens can vote in the national elections. It is local elections for the Muktar and council that residents can vote in.

Pete


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## Guest (Jun 29, 2012)

Meaning that the expats not being citizens cant influence the politics in any way on national level


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## Geraldine (Jan 3, 2009)

Vegaanders said:


> Meaning that the expats not being citizens cant influence the politics in any way on national level


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## Veronica (Apr 5, 2008)

Bummer
Its time we applied for citizenship then, been here long enough


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## Guest (Jun 29, 2012)

Veronica said:


> Bummer
> Its time we applied for citizenship then, been here long enough


Yeah its quite safe. At least you are to old for military service


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> Yeah its quite safe. At least you are to old for military service


Wow!!!

I would never dare tell a lady she's too old for anything !!!



Pete


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## Guest (Jun 29, 2012)

Hehe, She wrote in another thread that she is on pension so I think its safe


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Hehe, She wrote in another thread that she is on pension so I think its safe


Me and my big mouth

I am a young age pensioner


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## virgil (May 3, 2012)

Very, very interesting reading:

Cyprus ? the bailed-out president | Business | The Guardian


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## Guest (Jun 30, 2012)

Still this piece of writing is written of the one journalist that cant see any faults in the UK but see faults with everyone else

I dont agree that the economi is in free fall, the problem is the banks that is in free fall

And virgil, sorry but you need to read also some articles from the "other" side. 

I dont defend any president or government but I am not one-eyed either


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## virgil (May 3, 2012)

Vegaanders said:


> Still this piece of writing is written of the one journalist that cant see any faults in the UK but see faults with everyone else
> 
> I dont agree that the economi is in free fall, the problem is the banks that is in free fall
> 
> ...


I stated that the article was very interesting Anders, not that it was unbiased.

I have been around long enough to not believe anything I hear and only half of what I see.


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## kempo23 (Apr 27, 2012)

Veronica said:


> It is hard to feel sorry for the people of Greece as their problems have been caused by their laziness and their refusal to pay thier taxes. There is a large Greek community in Australia and many of them were being interviewed recently about the greek crisis. They said they have no sympathy for their fellow countrymen who refuse to do anything to help themselves, just moan and go on strike everytime the government makes any effort to sort out the problems.
> It is Greece who has been the main cause of Cyprus problems but thank heavens Cyprus being such a small country and having the promise of the gas and oil in the future we will pull through this.
> As Anders says though, the property market is suffering as it is very difficult to get mortgages these days so sellers have to rely on cash buyers. On the other hand though cash buyers are in a very strong position to get bargains.


But sellers are still looking for too much. Unless they lower their asking prices they will never sell. I have just returned from Cyprus after looking around for a property (I am a cash buyer), I was shocked to see the blinkered view people have on the property situation. Too many people are 'dreaming' about the gas find as though it is some sort of saviour. Listen to the experts, they say if it does happen (still an 'if') it will take at least 7 years before any benefit is seen.


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## virgil (May 3, 2012)

kempo23 said:


> But sellers are still looking for too much. Unless they lower their asking prices they will never sell. I have just returned from Cyprus after looking around for a property (I am a cash buyer), I was shocked to see the blinkered view people have on the property situation. Too many people are 'dreaming' about the gas find as though it is some sort of saviour. Listen to the experts, they say if it does happen (still an 'if') it will take at least 7 years before any benefit is seen.


But did you actually make any offers on property Kempo? an 'asking' price is just a guide usually.

I was 'asking' £325k for a property 12 months ago, but soon reduced it to £295k when I wasn't getting much interest 

We all live in hope (and die in dispair)


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## Veronica (Apr 5, 2008)

kempo23 said:


> But sellers are still looking for too much. Unless they lower their asking prices they will never sell. I have just returned from Cyprus after looking around for a property (I am a cash buyer), I was shocked to see the blinkered view people have on the property situation. Too many people are 'dreaming' about the gas find as though it is some sort of saviour. Listen to the experts, they say if it does happen (still an 'if') it will take at least 7 years before any benefit is seen.


I agree that many sellers still want too much for their properties and we have to work hard to convince them that you can no longer expect to make a profit when selling a house. Most sales we have made in the past year or two we have had to work hard to convince the vendors to take offers well below their asking price, trying to make them seethat they could still be on the market for a long time if they are expecting profits. Most sales we make these days are cash buyers and we have to remind vendors that when they get an offer from a cash buyer they would be follish to let it slip through their fingers.


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## Guest (Jul 1, 2012)

Is it common that the sellers with houses on the market for long time let them out instead to wait for better times(which will be far away it seems) ?


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Is it common that the sellers with houses on the market for long time let them out instead to wait for better times(which will be far away it seems) ?


Not very often as most vendors are living in the properties and need the money to buy something else to live in.
If a property is a second home they might consider it.


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## zin (Oct 28, 2010)

If you think being unable to register to vote is bad enough even though you've lived in Cyprus a long time, I went to the army with someone who lived all his life in Cyprus, but because he was born in the UK he was not allowed to vote. Had to serve his country for 26 months but didn't have a say on who ran it. Incredible.


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## fronty (Apr 12, 2012)

*Bailout*

Surely Cyprus is worth any loan now that the great panacea Hydrocarbons are coming to the rescue!


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## Guest (Jul 6, 2012)

fronty said:


> Surely Cyprus is worth any loan now that the great panacea Hydrocarbons are coming to the rescue!


Question is what it is worth, noone really knows. All estimates are mostly wishful thinking until more exploration is done


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> Question is what it is worth, noone really knows. All estimates are mostly wishful thinking until more exploration is done


Even the worst case estimate makes this venture worth while. The gas is there, it has been proven. Only lack of political will, for whatever reason, is holding this up.

Pete


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## Guest (Jul 6, 2012)

I think the delays comes mostly from disagreements with the Turkish side. Even if Cyprus and rest of the world see them as invaders they will have a lot to say in this matter. Thats politics

And anyway, the income is many years away. 

And I suspect the willingness from Russia to help Cyprus can be spelled Gazprom, the company is REALLY interested to be the one that will get the consession to take up the gas


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> I think the delays comes mostly from disagreements with the Turkish side. Even if Cyprus and rest of the world see them as invaders they will have a lot to say in this matter. Thats politics
> 
> And anyway, the income is many years away.
> 
> And I suspect the willingness from Russia to help Cyprus can be spelled Gazprom, the company is REALLY interested to be the one that will get the consession to take up the gas


I don't see what Turkey has to do with it. If ROC want to extract from their territorial waters they can and should. The political delay is more likely to stem from arranging matters for personal benefit.

I don't care which 3rd party company gets involved as long as the financial deal is beneficial and they have the expertise to deliver. No-one will be involved in this venture without a profit motive, that's what business is about.

Pete


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## Guest (Jul 6, 2012)

PeteandSylv said:


> I don't see what Turkey has to do with it. If ROC want to extract from their territorial waters they can and should. The political delay is more likely to stem from arranging matters for personal benefit.
> 
> I don't care which 3rd party company gets involved as long as the financial deal is beneficial and they have the expertise to deliver. No-one will be involved in this venture without a profit motive, that's what business is about.
> 
> Pete


Just 3 artikles about the matter. I still think that Turkey very much is a player in the game


http://www.nytimes.com/2011/09/20/world/europe/turkey-calls-cyprus-gas-drilling-a-provocation.html

Turkey Warns Cyprus Against Offshore Gas Drilling

Turkish gas drill in Cyprus hikes tensions - UPI.com


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> Just 3 artikles about the matter. I still think that Turkey very much is a player in the game
> 
> 
> http://www.nytimes.com/2011/09/20/world/europe/turkey-calls-cyprus-gas-drilling-a-provocation.html
> ...


I see no reason why Turkish rhetoric should prevent the ROC carrying out a legal process.

They are not a player at all as Turkey has no rights in the ROC's area of drilling and the Occupied territory's regime is not recognised by the UN.

Pete


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## Guest (Jul 6, 2012)

Be sure that it will effect everything. Noone will do anything that will upset Turkey. They are to important in the world of politics. 

Otherwise the problem had been solved long before, its 38 years since the occupation

I hope that something will be done if Turkey will go on with the EU membership application. But the more I read I start to doubth it


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## Guest (Jul 6, 2012)

This Euro troubles getting more interesting every day.

In my Swedish news today they publish an intervju with the Finnish finance minister. Finland is one of the very few euro countries that has their AAA rating intact.

She now say that Finland would rather leave the Euro then pay more debts for the southern Euro countries.


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> This Euro troubles getting more interesting every day.
> 
> In my Swedish news today they publish an intervju with the Finnish finance minister. Finland is one of the very few euro countries that has their AAA rating intact.
> 
> She now say that Finland would rather leave the Euro then pay more debts for the southern Euro countries.


In that case they'll be Finished ound:ound:

Pete


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