Bank of Cyprus branch in central Nicosia on April 11, 2013. (PATRICK BAZ/AFP/Getty Images)
Bank of Cyprus branch in central Nicosia on April 11, 2013.
(PATRICK BAZ/AFP/Getty Images)

Cyprus Bailout Gets Even Worse

April 17, 2013  •  From theTrumpet.com
Southern Europe is stuck in a trap that forces it to give up power to Germany.
 

The amount Cyprus will have to pay to fix its financial sector jumped by €6 billion, Cyprus announced April 11. Originally, Cyprus was going to receive €10 billion from international lenders, and raise €7 billion itself. Now, the latter figure is €13 billion.

Cypriot President Nicos Anastasiades wrote to European Commission President José Manuel Barroso and European Council President Herman Van Rompuy pleading for more money, but he was ignored. Germany made it clear it was not willing to give any extra.

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