Nikosia relying on wrong creditor

Cyprus, which like Spain is battling a crisis in its banking sector, will take over the rotating presidency of the EU Council on July 1. On Thursday Russian media reported that Russia will give the country a new loan of up to five billion euros. The liberal daily Politis can't understand why Nikosia is turning to Russia for a loan: "How much money will our Russian and Chinese friends give us? And if we need more will we borrow from them again? Is this what the responsible economic policy of a European state looks like? No one wants bailout mechanisms and austerity packages. But they are the appropriate path for a country that feels it is part of the EU. … We can't take over the EU Council presidency in 15 days' time while knocking at the doors of one non-EU country after another asking for credit. This would be a display of political and ideological short-sightedness."

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More from the press review on the subject » International Relations, » EU Policy, » Fiscal Policy, » Cyprus, » Russia, » Europe
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