Cyprus May Blow Up Before Greece

“All of the political parties rejected the troika proposals for the abolition of
CoLA, scrapping of the 13th salary, supervision of co-op banks by the Central Bank and the privatisation of semi-governmental organisations. When it came to drawing the ‘red lines’ the political parties were unanimous. None of the parties would dare disagree, because they would be publicly crucified for supposedly adopting the anti-worker positions of the troika and serving the interests of big capital.”

----Editorial in the Cyprus Mail, Oct.21st, 2012

“We know that we will not accept terms that will destroy the popular strata; abolish working peoples’ gains and sell off for pittance public property to big capital. We shall also stand on the side of the class-based trade union movement in the mobilisations it is planning if the Troika insists on its policies. That is to say, we shall not enter into a procedure that will negate us and that will be in complete contradiction with our ideology and history.”
---Statement by AKEL, the communist party of Demetris Christofias, the Soviet-educated president of both Cyprus and the EU, at the International Meeting of Communist and Workers' Parties, Brussels, Oct. 2nd, 2012

"Cyprus plans to contact international lenders on Monday evening to invite them to the island for final talks on a comprehensive aid package for the Greece-exposed island, officials said."
--Reuters, Oct. 22nd, 2012

I admit that I have been crying “wolf!” on the eurozone crisis for almost three years now, but I will now do it again. I think that the first country to exit the eurozone may be Cyprus, and soon. Cyprus is a an economic, financial and political mess, worse than Greece, and it may not be too big to fail.