Cyprus: 5th Eurozone Economy Seeks Bailout?
London, UK - 12th June 2012, 08:45 GMT
Dear ATCA Open & Philanthropia Friends
[Please note that the views presented by individual contributors are not necessarily representative of the views of ATCA, which is neutral. ATCA conducts collective Socratic dialogue on global opportunities and threats.]
Urgent financial aid is now needed to recapitalise the Cyprus banking system before June 30th, despite its historical resilience, according to their Finance Minister Vassos Shiarly. The second-largest lender -- Cyprus Popular Bank -- is faltering because of its exposure to debt-crippled Greece. The distressed country is likely to seek a comprehensive bailout similar to Greece, Ireland and Portugal, but unlike Spain which received a banking bailout recently. Cyprus has been shut out of financial markets for a year and is surviving on a Russian loan to pay some of its bills this year. It will need the equivalent of 10% of its GDP just to prop up "Popular". Bailouts typically occur over weekends to minimise the disruption to global financial markets, which means Cyprus would have a potential slot to make any financial rescue application to the IMF-ECB-EU troika this coming weekend, when the focus will be on the Euro-critical Greek elections on June 17th, or the following weekend of June 23rd-24th by which time it will be clearer if a 'Greek exit' or 'Grexit' from the Eurozone is likely. In the interim, both the EU in Brussels and the IMF in Washington, DC, deny that they have received a bailout request from Nicosia yet. Cyprus assumes the rotating EU presidency for six months on 1st July and it is concerned that in exchange for this trans-national bailout, pressure could be applied to change its corporate tax structure which, at 10 percent, is one of the lowest in the EU. Where is the Euro-train headed as it approaches another cliff? Can the rescue bridge be built fast enough and who will pay for it?
What are your thoughts, observations and views? Please join the Socratic dialogue on ATCA 5000 at https://www.yammer.com/atca. We look forward to hearing from you! The ATCA Research & Analysis Wing and the mi2g Intelligence Unit can furnish further details upon request at this ATCA roundtable.
Cypriot flag against a backdrop in Greek
What are your thoughts, observations and views? We are hosting an Expert roundtable on this issue at ATCA 24/7 on Yammer.
Expert roundtables are the newly launched ATCA 24/7 Q&A private exclusive club service. They seek to become the killer application in strategic intelligence by delivering an unprecedented competitive advantage to our distinguished members. They can only be accessed online at https://www.yammer.com/atca
Q1: How to become a privileged member of ATCA 24/7 to participate in the expert roundtables?
A1: i. If you are a distinguished member of ATCA 5000, ATCA Open, The Philanthropia or HQR affiliated groups you may be allowed to become a privileged member of this new and exclusive private club.
ii. If you are pre-invited, visit the private intelligence network -- PIN -- by going to https://www.yammer.com/atca [Note: In https:// 's' is for security and encryption]
iii. If you don't have membership of the PIN yet, email the mi2g Intelligence Unit at intelligence.unit at mi2g dot com for an exclusive invitation.
Q2: How to participate in the expert roundtables and get domain-specific strategic intelligence questions answered?
A2: Access the ATCA 24/7 Private Intelligence Network -- PIN -- online and ask or answer a strategic intelligence question, no matter how complex. Receive expert answers within 24 hours or get pointers from:
i. ATCA 5000 experts who are online;
ii. ATCA Research and Analysis Wing; and
iii. mi2g Intelligence Unit.
Q3: Why is the ATCA 24/7 Q&A Exclusive Club special?
A3: ATCA 24/7 has now created an exclusive private intelligence watering hole and expert roundtable at the highest level where interesting and sophisticated questions are being asked from around the world, and intelligent answers are being provided, almost always by experts who have deep domain-specific knowledge. Come and check out the exclusive club, take it for a strategic test drive, which sign-of-intelligent life are you waiting for?
To learn more about "The Expert Roundtable: ATCA 24/7 Q&A Club" email: intelligence.unit at mi2g.com and if you are already a member visit https://www.yammer.com/atca
We welcome your thoughts, observations and views. To reflect further on this subject and others, please respond within Twitter, Facebook and LinkedIn's ATCA Open and related discussion platform of HQR. Should you wish to connect directly with real time Twitter feeds, please click as appropriate:
. ATCA Open
. mi2g Intelligence Unit
. Open HQR
. DK Matai