Sign up Why natural gas will determine the future of Cyprus Cyprus could be sitting on 60 trillion cubic feet of natural gas. The country's enormous natural gas reserves are intricately linked to the potential for bailing out Cyprus, Alic writes. There are myriad problems to extracting Cypriot natural gas, Alic writes, not the least of which is the fact that some of this offshore exploration territory is disputed by Turkey. By Jen Alic Guest blogger Cypriot Bailout Linked to Gas Potential Cyprus is preparing for total financial collapse as the European Central Bank turns its back on the island after its parliament rejected a scheme to make Cypriot citizens pay a levy on savings deposits in return for a share in potential gas futures to fund a bailout.
Germany would have protected insured deposits: Schaeuble A meeting of parliament scheduled for Sunday was postponed for a day to give more time for consultations and broker a deal, political sources said.
The levy was scheduled to come into force on Tuesday, after a bank holiday on Monday. European officials said it would not set a precedent.
In Spain, one of four other states getting euro zone help and seen as a possible candidate for a sovereign rescue, officials were quick to say Cyprus was a unique case. A Bank of Spain spokesman said there had been no sign of deposit flight. The crisis is unprecedented in the history of the Mediterranean island, which suffered a war and ethnic split in in which a quarter of its population was internally displaced.
Anastasiades, elected only three weeks ago, said savers will be compensated by shares in banks guaranteed by future natural gas revenues. Cyprus is expecting the results of an offshore appraisal drilling this year to confirm the island is sitting on vast amounts of natural gas worth billions.
In a televised address to the nation on Sunday, Anastasiades said he had to accept the tax in return for international aid, or else the island would have faced bankruptcy.
With a gross domestic product of barely 0. International Monetary Fund Managing Director Christine Lagarde, who attended the meeting, said she backed the deal and would ask the IMF board in Washington to contribute to the bailout.
Those affected will include rich Russians with deposits in Cyprus and Europeans who have retired to the island, as well as Cypriots themselves.
It was unclear whether even his coalition partners, the Democratic Party, would fully support the levy.
But it and another newspapers highlighted the danger of plunging the banking system into further turmoil if lawmakers sat on the fence.Mar 21, · By , under the most optimistic conditions, Varro said Cyprus' natural gas could be injecting $3 billion a year into the economy and generating perhaps $1 billion in tax revenue.
Feb 15, · * Cyprus sitting on gas worth potentially bln * Presidential candidates tap political gains * Cypriot gas could be extracted * Turkey says move is illegal. XVIDEOS MOM Big natural tits babe face sitting on older woman free.
Natural beauty of Cyprus. 25th May, | Article By Lesley Tan But it seems that the latest trend is to book into an all-inclusive resort where you spend most of your holiday sitting round the pool and eating, drinking and partying the night away, without ever seeing the REAL Cyprus.
Costas Constantinou, of Cyprus, takes great pleasure in.
Last year, I visited Cyprus during the financial meltdown that was taking place. The primary reason for my trip was to research the potential for gas development off the coast of Cyprus, in the Mediterranean. Well, I confirmed that Turkey boasts massive oil and gas potential – both onshore and offshore.
And we all know how important it is to have somewhere to kick back and relax when you're out and about on an adventure, and so, the My Cyprus Insider team has narrowed down some of our favourite benches in areas where you can enjoy the natural world in all its .