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Cyprus Update

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Cyprus Update

by Stephen Lendman

Cypriots face harder than ever hard times.

It's all over but the post mortems. Eurocrats demanded their pound of flesh. Cypriot officials surrendered. 

They sold out their people. They deserve better. Expect greater than ever hard times. Expect growing poverty, unemployment and despair. Expect public anger. At issue is whether it'll bubble up and explode.

Zero Hedge headlined "Next Up For Cyprus: Depression." It forecasts real GDP declining over 20% by 2017. "Risks are clearly on the downside." Ahead expect more bailout help needed.

With tongue in cheek perhaps, European Commission economic chief Olli Rehn said "It's clear the depth of the financial crisis in Cyprus means the near future will be very difficult for the country and its people."

He omitted saying Cyprus' trouble is protracted. Ordinary people will suffer most. Responsible solutions weren't chosen. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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