Cypriot President Demetris Christofias (GEORGES GOBET/AFP/Getty Images)
Cypriot President Demetris Christofias

Germany to Cyprus: Terms of Surrender Not Good Enough

January 11, 2013  •  From
Negotiations over Cyprus’s bailout show how much sovereignty the country has given up.

The German Parliament and European Union officials are refusing to support Cyprus’s bailout unless the country submits to further conditions. They’re accusing Cypriot banks of making dodgy deals with shady Russian businessmen, and they want this to stop.

Shortly before the end of last year, Cypriot President Demetris Christofias announced, with “heartfelt pain,” that Cyprus would seek a bailout from the EU. He said that terms had been agreed “in principle.” Spiegel Online wrote that the deal means that Cyprus “will effectively lose its sovereignty.” The “troika”—the European Commission, the European Central Bank (ecb) and the International Monetary Fund (imf)—“will essentially take control of the Mediterranean island,” it wrote.

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