Cyprus May Need EU Bailout

Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"

<blockquote>“…one day soon, our entire economic system is going to fail. When it fails, only those things that have been done for Christ will have any real value.”
<p style="text-align: right;">-Jim Bakker in “Prosperity and the Coming Apocalypse”</p>

Another member of the euro zone is on the verge of needing an EU bailout.

Cyprus has directly impacted the debt load in Greece due to loans taken from it’s banking system.

“The possibility of addressing financial stability mechanisms to support the banking system, due to the problems created by excessive exposure of banks to Greece, is a serious responsibility,” Cyprus spokesman Christos Christofides told a press conference.

When asked where the government would find money to support the banks should they need it, Christofides admitted they could be forced to seek loans “from elsewhere.”

The country has already taken a 2.5 billion euro loan from Russia to cover refinancing through the end of the fiscal year.

The country’s deficit is 6.4%, more than twice the accepted limit of the GDP for EU members. The government of Cyprus has committed to getting their deficit below the 3% acceptable levels by the end of this fiscal year.


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