The bailout that Cyprus requires is not the largest EU has seen in absolute terms, but it is in terms of national economy. The €17 billion needed is equal to Cyprus' annual GDP, a horrific amount for the coutry to repay. The concern here, apart from the usual blame attacks, seems tobe that good terms be negotiated - no "haircut" and no real suffering. Understandable preferences but a little unrealistic. This is the largest bailout ever given as a ratio of bailout to GDP and heads are placed firmly in the sand. It's the same with the oftheard EU complaint about Cyprus as a haven for money laundering. The defence is three-fold. We have never had any money laundering, we've already cleaned up all the money laundering, and anyway it's not just us - other countries do it too.
J and I to the dentist this morning. Teeth cleaned and inspected (€45 each) and one filling each needed next week.
J and I to the dentist this morning. Teeth cleaned and inspected (€45 each) and one filling each needed next week.