The title of a recently released Al-Jazeera article is “Cyprus in LAST-DITCH EFFORT to AVERT MELTDOWN” (Web-site/URL: http://www.aljazeera.com/news/europe/2013/03/201332410502100171.html).
“President in Brussels for bailout talks as government spokesman warns he faces “DIFFICULT task” to save economy”. This will be INCREDIBLY/EXTREMELY “difficult”.
“Cyprus’ President Nicos Anastasiades, in Brussels for talks with EU and European Central Bank (ECB) officials over a crucial bailout, IS FACING AN UPHILL BATTLE to save the island’s economy, a government spokesman has said”.
“The unnamed spokesman, who was quoted by the Reuters news agency, said on Sunday (March 24, 2013) Anastasiades had a “VERY DIFFICULT task to accomplish to save the Cypriot economy and AVOID A DISORDERLY DEFAULT if there is no final agreement on a loan accord“. Again, “disorder” is certainly something we certainly DON’T need any more of.
Cyprus is seeking a 10 billion euro ($13bn) bailout from the “troika” of international lenders – the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF) – but HAS TO raise 5.8 billion euros ($7bn) by Monday (March 25, 2013) to qualify for the package”. Of course this IS NOT expected to happen.
“Al Jazeera‘s Jonah Hull, reporting from the capital, Nicosia, said Anastasiades was travelling to Brussels with central bank and finance ministry officials”.
“Our correspondent said the issue of “POSSIBLE CLOSURE of the Bank of Cyprus”, the country’s largest lender, was becoming a sticking point”.
“The European powers WANT TO SEE (?) the closure of that bank – heavily, heavily exposed – to reduce liabilities and Cyprus wants to hold on to it. This has emerged as THE LAST MINUTE sticking point” and of course, as we know, there are MANY “sticking points” among POLITICIANS.
“In Brussels, Al Jazeera‘s Harry Smith said the Cypriot delegation HAD A LOT OF CONVINCING TO DO and that it would have scheduled meetings with various groups, including from the IMF, EU and ECB”. “having a lot of convincing to do”, again, DOES NOT sound good.
“Facing a Monday (March 25, 2013) deadline to AVERT A COLLAPSE of the Cypriot banking system, talks in Nicosia to seal a bailout from the EU and the IMF BROKE UP late on Saturday (March 24, 2013) WITHOUT RESULT“. Again, this DOES NOT sound good.
“Facing a Monday (March 24, 2013) deadline to AVERT A COLLAPSE of the Cypriot banking system, talks in Nicosia to seal a bailout from the EU and the IMF BROKE UP late on Saturday (March 23, 2013) WITHOUT RESULT“. “avert a collapse” and “broke up…without result” are two more NEGATIVE phrases.
“in a statement after those talks”, the Cypriot government said: “Negotiations are at a VERY DELICATE phase” obviously. “The situation is VERY DIFFICULT and the deadlines are VERY TIGHT“, NOT a good combination.
Finally, “On Saturday (March 23, 2013), 1,500 protesters, many of them bank workers, marched on the presidency, holding banners that read, “NO TO THE BANKRUPTCY of Cyprus” and “HANDS OFF workers’ welfare funds“.
So, it looks like “a meltdown” in Cyprus IS IMMINENT.