Location map of Cyprus Equirectangular projection, N/S stretching 115 %. Geographic limits of the map: N: 35.8° N S: 34.4° N W: 32.1° E E: 34.8° E (Photo credit: Wikipedia)

This article Forbes takes a hard look at last week’s letter from the President of Cyprus to the troika (ECB, EC & IMF), requesting a renegotiation of the March bailout.

via Time For ECB To Agree A New Plan For Cyprus – Forbes.

The article concludes that Cyprus was treated unfairly and warrants a new deal.

With the ink barely dry on the original deal, the open letter from the Cypriot President will no doubt be poorly received by the troika and Germany (a few months before an election). No doubt, the Cypriot President has his eye on his domestic audience where the full impact of the savage austerity policies is probably yet to hit the average person in the street.

Clearly, there will be many difficult milestones where progress payments of additional  troika finance will be matched carefully matched against delivery of agreed austerity policies. For the moment, Summer has arrived Cyprus but come the Autumn, I would Cyprus to return to World news.

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