Eurogroup head Jean-Claude Juncker has set alarm bells ringing after warning that the fiscal situation in Cyprus is “more serious than Greece."
His comments add to the mounting pressure on debt-ridden Nicosia, which will not receive urgently needed bailout money until next year.
“My priority in the short-term for 2013 is Cyprus,” Juncker told reporters in Brussels earlier.
“It’s a problem one shouldn’t underestimate, because it’s more serious than Greece. This isn’t taken into consideration by the financial markets or the international press.”
“Cyprus’s debt is extremely high and the money they need makes up basically 100 percent of their GDP,” Juncker said in an interview. “It’s a very serious situation.”
Last night it was established that the island will not receive much needed bailout cash from the troika until January at the earliest.
In response to the delay, President Christofias said “I am frustrated and disappointed”.
The government and representatives of the troika negotiated for almost five months over the terms of a bailout package, worth at least €17.5 billion.
Observers say Nicosia should have forseen the looming cash-gap and acted quicker during the sluggish talks with the IMF, EU and ECB
shit, man. sounds like things are serious over there.
catastrofias is "frustrated and disappointed" that there are delays...
after it took him five months to realise that either his brains or his signature would be on the troika contract....
