Cyprus has become the fifth country to ask the EU for a
bailout, its failing bank sector has caused it to seek the financial aid of the
Eurozone. It is thought that it will ask for between €5 billion and €10
billion. Although this is very small in comparison to the other bailouts, it is
still significant; now five of the 17 Eurozone countries have asked for
bailouts, with the possibility of more in the form of Italy and maybe even Belgium.
So what is there left for the Eurozone now? Merkel has ruled
out the possibility of euro-bonds once again, but this could change; she also
said there would be no bailouts. It would appear as if the whole Eurozone is
unravelling, there has been very little decisive leadership coming from
Brussels or Berlin or Paris. Unless they sort this crisis out we will have a
lost generation on our hands.
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| The Cypriot Bailout Marks the Sixth in the Crisis source: americanhellenic.org |
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