This is an excellent article published in the Moscow Times and well worth a read. Check it out!
via Cyprus a Contender to Be Major Supplier of European Gas | Business | The Moscow Times.
For me, given that Cyprus is likely to be supplying up to 40% of Europe’s gas in the decades ahead, surely it is time for Europe’s leaders to reassess the strategic relationship with Cyprus?
Ahead of the German election in September, Cyprus got a very tough financial deal from the troika (EC, IMF and ECB) in March because of political pressure from Berlin. As a result of excessive austerity, Cyprus and her citizens will suffer much unnecessary pain over the next few years. Whilst Cyprus remains in crisis because of the terms of the austerity package, elsewhere in the world, excessive austerity has been totally discredited by mainstream economists like Paul Krugman and even the IMF itself.
Although Cyprus has many olive trees, it would be wise for Europe’s leaders’ to reach out to Cyprus and try to help her realize her strategic goals, like effective production of offshore gas and oil; it’s a time for olive branches.
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