No nation is an isla.... oh, yeah.
"Cyprus will request eurozone bailout aid" June 26, 2012
LONDON — The eurozone’s sovereign debt crisis took a turn for the worse Monday as Cyprus said it would seek aid from the eurozone’s bailout funds.
“The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure in the Greek economy,’’ the government said in a statement.
Earlier in the day, the ratings agency Fitch downgraded the island nation’s government debt to junk status. Cyprus last year received a three-year, $3.13 billion loan from Russia....
Even before Cyprus made its request for a bailout, stock markets plunged in Europe and the euro dropped amid doubts that EU leaders will achieve the far-reaching breakthrough needed to resolve the debt crisis. “This will be a decisive week for Europe,’’ the German foreign minister, Guido Westerwelle, said Monday at a meeting of EU foreign ministers in Luxembourg.
See: Europe's Answer to Corporate Welfare
Wrong.
On Monday, Spain made a formal request for up to $124 billion in aid for its banks, but how the money is to be disbursed is the subject of negotiation. The Spanish government wants the aid to go directly from European bailout funds to the banks. Eurozone rules now require that the aid be funneled through the government in Madrid, which would add to Spain’s sovereign debt.
Related: Skipping Through Spain
Haven't seen much on them since they were promised the check.
European leaders may discuss whether to change those rules at their summit meeting in Brussels, at which they will also debate plans to create an EU banking union, including a system to wind up insolvent banks and the establishment of a central deposit guarantee fund.
More centralized banking is NOT the answer either!
In addition, the European Central Bank would have a bigger supervisory role. Officials say these measures would not require changes to the EU treaty, but they could not be operational until 2013 at the earliest. Bringing about even deeper integration would take longer.
‘‘It is a starting point, it is not an end game,’’ said a European official who spoke on the condition of anonymity due to the sensitivity of the discussions. ‘‘We are not going to wake up on June 30 and find there is a banking union, a fiscal union, and a political union.’’
But that's the goal!
--more--"
Related: Global markets cheer as Europe’s leaders back rescue plans
What did you wake up to?
None of that natural gas can be leveraged on behalf of Cyprus?
"Cyprus has first visit by Israeli leader" February 17, 2012
NICOSIA, Cyprus - Israel’s prime minister, Benjamin Netanyahu, paid a historic visit to Cyprus yesterday, aiming to strengthen what he declared to be a “natural relationship’’ between the countries in a volatile and quickly changing region.
The visit was the first by an Israeli leader to the nearby island nation, which along with Israel has natural gas interests in the Mediterranean and is coping with rising tensions with Turkey....
Although Cyprus is only a 50-minute flight from Tel Aviv, ties between it and Israel have long been chilly. But Israel’s relations with Turkey have deteriorated over the past three years, while Cyprus has been looking to cement ties with neighbors as a bulwark against Turkey’s growing influence.
Another bridge between Israel and Cyprus has been the discovery of huge natural gas deposits in the Mediterranean Sea. Exploration has found an estimated 25 trillion cubic meters of gas in Israeli waters and up to 230 billion cubic meters in Cypriot waters.
See: Israel Grabs Lebanese Gas
Is there anything they don't steal?
Turkey opposes any Greek Cypriot oil and gas search that denies breakaway Turkish Cypriots what it says is a rightful claim to gas wealth. And it has dismissed a Cypriot-Israeli deal demarcating maritime borders.
--more--"
