Russia Wants Control Over Cyprus Natural Gas Reserves In Exchange For Debt Buy Out
Cyprus is in negotiations with Russia, the Russians want to buy Cyprus out of their debt in return for greater control over their politics and natural gas resources. Is this a hostile takeover or a white knight investment; does anyone in the wider European economy care?
The Pound Euro exchange rate has continued to gain ground as long as the uncertainty surrounding the Russian takeover bid remains. The Pound has now gained back above the 1.1700 GBP/EUR resistance level but continues to be vulnerable to further selling pressure over the next few weeks.
The Pound Dollar exchange rate (GBP/USD) has also received a boost; the Pound is stronger across the board after a positive market reaction to yesterday’s budget.
George Osborne didn’t change much yesterday, he didn’t ask the Bank of England to ignore rising inflation and print more money, he didn’t waver from his austere rhetoric nor wander towards the Keynesian path advocated by the Labour party, he did however lower the price of beer by a token penny to appease the regular pub and soap box sector of society.
Economic data showed that Germany’s private sector output has slowed down in March, with manufacturing activity dropping below the 50 level that separates expansion from contraction. MOREHERE
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http://www.telegraph.co.uk/finance/financialcrisis/9947147/Cyprus-overhauls-two-biggest-banks-to-stave-off-collapse.html#comment-837945511
caribbeancritic
just now
Putin does not care about Cyprus I agree ! What he does care about is Gasprom and the giant Leviathan oil and gas field a lot of which is in the Cypriot area. There is more to this crisis than meets the eye ! Russia through Gasprom has made an offer to bail out the Cypriot banks with the condition that they have the exclusive right to develop the Leviathan resource and naturally want a permanent military base to protect their investment. I would not be surprised to find out that It was the Russian depositors in the Cypriot banks that withdrew the 4 billion Euro’s and set off this crisis in an effort to get control of the Leviathan field!
I’m sure Turkey will have an opinion on that
Pure horse puckey. Russia turned them down.
The Russians would very much like to own Cyprus – who would not!.
If any communists still rule Russia, the people of Cyprus can be sent to the slave camps and Cyprus turned into a resort for the Communists, like the Communists did russia, Hungary, romania, etc for the last 50-70 years .
One way to take over a country without war.
Indeed: this ecnomic war is far from over; and don’t forget, those gas fields are kinda disputed.
Lets not forget that Israel has oil ventures in the same area. Russia will be making a play for the middle east and Israel stands alone in their way
At least Russia gets something for their money ,Good for them looks like the Russian government has more sense than Our government.They just give our money away for FREE