The title of a recently released Al-Jazeera article is “Protesters rally AGAINST bailout in Cyprus” (Web-site/URL: http://www.aljazeera.com/news/europe/2013/03/20133261009352829.html).
“Protesters have marched near the presidential palace in Cyprus, as questions over the bailout package for the financially crippled island linger with the resignation of the chairman of the country’s largest commercial bank”.
As protesters took to the streets on Tuesday (March 26, 2013), Bank of Cyprus Chairman Andreas Artemis submitted his resignation opposing plans to restructure the bank, Al Jazeera’s John Psaropoulos, reporting from Nicosia, said.
The refinancing and restructuring plan of the Bank of Cyprus requires it to absorb the deposits of another financial institution called Laiki Bank, which has been shuttered.
As banks remained closed nationwide for the second week, an estimated 1,500 protesters gathered in the capital Nicosia to denounce the European Union, European Central Bank and the International Monetary Fund creditors.
“The protesters, many of them students who organized the event online, were CHEERED ON by government workers as they marched past the labor ministry“.
“Troika OUT of Cyprus”, said banners held by the ANGRY students, in reference to the three creditors”. Again, it’s NOT as if we need any more “anger”.
“Hands OFF Cyprus” and “Those who STOLE OUR MONEY should GO TO JAIL and PAY“, chanted the demonstrators”. Again, this sounds like things we’ve seen/read/heard throughout THE ARAB SPRING/SUMMER/AUTUMN/WINTER and “Hands off” also sounds like those calling for healthcare REPEAL in the United States.
“Our correspondent John Psaropoulos said that despite the bailout package, citizens were “EXTREMELY WORRIED” about the medium and long-term economic health of the country”. Again, of course, “extremely worried” carries “extremely” NEGATIVE connotations.
“Psaropoulos said people were concerned about “the Greek precedent” of A WEAK ECONOMY and HIGH UNEMPLOYMENT“. Unfortunately, this is THE NEW NORMAL for many in the Euro-zone.
“Our correspondent also said the resignation at the Bank of Cyprus “taps into THE MAJOR CONCERN” whether the bank can absorb the assets and liabilities of the shuttered Laiki Bank and remain solvent”. Again, “major concern” carries NEGATIVE connotations.
According to one of the youths who only gave his name as Christos, 16. “We DON’T know what our future is and we are ANGRY that it will not stop at those measures. This why we… came out to EXPRESS OUR OPINION“. TENSIONS ARE DEFINITELY BOILING OVER.
Finally, according to Michalis Pilikos, head of a business group, “The continuation of this UNCERTAINTY is PUSHING THE ECONOMY DEEPER INTO RECESSSION, but WE’RE HOPEFUL (that) once this situation is sorted out, the market can rebound quickly“. Is this A REASONABLE EXPECTATION? (Web-site/URL: http://www.youtube.com/watch?v=NgnAY_eXYbI).
So, Cyprus continues to TEETER ON THE BRINK OF COLLAPSE.