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View Diary: Bank Run in Cyprus, Will it Spread to Southern Europe? (322 comments)

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  •  Yes, the main factor is a new pro-austerity govt. (1+ / 0-)
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    was elected in Cyprus in February.They won 57% of the vote:

    The decisive outcome showed a clear mandate from Cypriots for an aggressive, pro-bailout approach to resolving the nation's financial quagmire, despite growing despondency over austerity measures that will have to accompany any such rescue...

    Anastasiades takes the reins of a Mediterranean nation ravaged by its worst economic crisis in four decades, with unemployment at a record high of 15 percent. Pay cuts and tax hikes ahead of a bailout have further soured the national mood...

    Known for his no-nonsense style and impressive access to key European policymakers like German Chancellor Angela Merkel, Anastasisades took 57.5 percent of the vote, 15 points ahead of his anti-austerity Communist-backed rival Stavros Malas.

    The Communist was the previous govt., anti austerity. Read the full article at the link.

    Austerity in Cyprus is directly due to the new bankster puppet govt. The opposition would not go down that road.

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