Cyprus-Forum.com

[paliometoxo]

NICOSIA – Cypriot Minister of Finance Charilaos Stavrakis has said that Cyprus is ready to offer financial aid to Greece, of around 60 million euro.

In statements Wednesday, the Minister said that Cyprus is ready to offer the above amount in the framework of the economic aid plan of the EU and the International Monetary Fund, for Greece.

''At this stage, it seems that the amount which corresponds to Cyprus is 60 million euro as a three year loan with an interest of 5%'', Stavrakis said.

He clarified that this loan does not seem to have any influence on Cyprus’ fiscal deficit, adding that “it will just affect public debt, which is estimated to be increased through this loan by approximately 0,4%”.

Stavrakis said that it is Cyprus’ duty to help Greece during this difficult time.

Asked whether there is any chance that Greece exits the Eurozone, he said “this must be considered as impossible”.

in the north there would be no trnc without financial aid from turkey and in the south we support greece

[Oracle]

Well, a loan is a loan and we are getting a good interest rate return.

So Palio, you cannot compare it to the handouts Turkey uses to subsidise her illegal and immoral occupation of Cyprus!

[paliometoxo]

well it just shows how well we are doing in the south that we can even support greece while in the north they cannot stand on two feet without turkey

[cyprusgrump]

We could send them some windmills instead....

[cyprusgrump]

Spain downgraded, Europe debt crisis widens
BERLIN – Europe's debt crisis mushroomed Wednesday as Spain saw its credit rating lowered, just as Germany sought to reassure nervous investors that Greece would not be allowed to go under, saying Berlin's share of a key aid package could be approved in the next few days.

Stock and bond markets had begun to regain their composure after stinging downgrades of Greece and Portugal the day before, when Standard & Poors delivered more bad news by cutting Spain's rating to AA from AA+ amid concerns about the country's growth prospects following the collapse of a construction bubble.

"We now believe that the Spanish economy's shift away from credit-fuelled economic growth is likely to result in a more protracted period of sluggish activity than we previously assumed," Standard & Poor's credit analyst Marko Mrsnik said.

Spain is considered the key to whether Europe's debt crisis can be resolved — its economy is much larger than that of Greece and Portugal and — many in the markets postulate — may be just too big to bail out if it gets into serious trouble.

Source

The whole European nightmare is unravelling. Good.

[Oracle]

well it just shows how well we are doing in the south that we can even support greece while in the north they cannot stand on two feet without turkey

No Palio ... we are not "supporting" Greece. It is a loan much like others have offered, albeit at a more realistic interest rate!

And yes of course there has to be some reciprocity as Greece has been spending a huge amount of money to keep the EU Turk-free as far as possible, apart from their disgusting continued presence in half our country, the evil warlords!

[Gasman]

At this stage, it seems that the amount which corresponds to Cyprus is 60 million euro as a three year loan with an interest of 5%, Stavrakis said.

Small change compared with the total needed to bail them out.

[paliometoxo]

how much do they need?

[cyprusgrump]

how much do they need?

Billions!

At least eight billion I believe...

[Gasman]

Billions!

At least eight billion I believe...

I think you will find the figure quoted was nearer to EIGHTY billion.