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Cypern nu ockuperat även av EU - på goda grunder

De Facto Loss of Sovereignty
Cyprus Makes Big Concessions for Bailout

"With the goal of minimizing the cost to taxpayers, bank shareholders and junior debt holders will take losses before state-aid measures are granted,"

In return for billions of euros for the debt-ridden country from the European bailout fund, the "troika," made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), will essentialy take control of the Mediterranean island.

The negotiations produced the draft version of a 30-page Memorandum of Understanding (MoU), in which the troika dictates to Cyprus what steps it will have to take in the coming years, down to the smallest detail.

President Christofias left no doubt as to who he blames for the disaster, saying: "It's true that the decisions of bank executives and the miserable control by the Cypriot central bank have cost Cyprus billions of euros."

The amount of the aid package corresponds almost to the country's entire economic output in a year.

Der Spiegel, 10 December 2012

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