The Cypriots saw the price jump again for the “privilege” of staying in the eurozone (Telegraph):
Cyprus will have to find an €6bn extra to contribute to its own bail-out, less than a month after the original EU-IMF deal was agreed, putting the already teetering economy in danger of collapse and further endangering large bank depositors. It also emerged that the government in Nicosia has agreed to sell gold reserves to raise around €400m to help finance its part of its own bail-out.
. . .
The cost of the increased demands on Cyprus emerged in a draft document prepared by the country’s creditors. Cyprus is now having to find €13bn to secure €10bn from the EU and the IMF. Previously it was thought that Cyprus would only have to raise €7.5bn.
That gold reserve sale, by the way, will wipe out about 75% of the country’s gold reserves. Even better, no one bother to tell the Cypriot Central Bank (Telegraph).
“Ever closer union” continues apace…
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