Whilst we residents of Cyprus contemplate the possibility of running out of ready cash before banks re open (Hopefully)next Tuesday, what we don't hear so much of is the wealth of reserves this country actually has -
at only 2 - 3 years before the natural gas is piped so they say - (we saw the rigs passing our house last year!!!) Also we hear that The Orthodox church Archbishop Chrysostomos said on Wednesday the Church which is a major shareholder in the third-largest domestic lender, the Hellenic Bank is willing to mortgage its assets to invest in government bonds, is willing to give support - Maybe like many other countries Cyprus' biggest downfall' was getting caught up in a single currency which could never work !!
One can only give respect to the new Prime Minister Nicos Anastasiades who inherited this mess less than a month ago when elected to office, - for taking the time to give proper consideration to the matter and not being bullied into a corner by German and Dutch strong arm tactics.
The 13 exploratory energy blocks south of Cyprus could hold gas reserves of as much as 60 trillion cubic feet, the head of Kretyk, the country's state hydrocarbons company said. -( mmm - not good enough to lend against???)
That would be worth about 475bn euros at today's prices according to Bloomberg.
Noble Energy granted first contract to explore Block 12 in October 2008.
Go Cyprus - !!!!
My heart goes out though to the many businesses here who will be struggling with income and expenditure at this moment - and for whom all this could have dire consequences.- also for those who have life savings invested in Cyprus banks and stand to take a crippling hit - They say that at present there IS money in the cashpoints, but some stores are now refusing credit / debit cards, and reserves are running low at the cashpoints - so perhaps more struggling yet to come.
However the growing feeling here from those I have contact with is one of 'stand firm' - a collapse in Cyprus and withdrawl of russian and other deposits could start a chain reaction across europe. OK so Cyprus made a poor call when investing in Greek bonds - mmmm do I remember a similar situation with UK and Iceland not so many years back ????
So we all watch with great interest - there sre still people in the shops and cars on the road here - there are oranges and lemons on the trees, and the sun shines on us. There will be good wine in the viiage square and vodka in the cupboard - there is natural gas under the sea, and while we follow the deliberations of elected masters we know we have a great deal to be thankful for here, in this wonderful place.
at only 2 - 3 years before the natural gas is piped so they say - (we saw the rigs passing our house last year!!!) Also we hear that The Orthodox church Archbishop Chrysostomos said on Wednesday the Church which is a major shareholder in the third-largest domestic lender, the Hellenic Bank is willing to mortgage its assets to invest in government bonds, is willing to give support - Maybe like many other countries Cyprus' biggest downfall' was getting caught up in a single currency which could never work !!
One can only give respect to the new Prime Minister Nicos Anastasiades who inherited this mess less than a month ago when elected to office, - for taking the time to give proper consideration to the matter and not being bullied into a corner by German and Dutch strong arm tactics.
The 13 exploratory energy blocks south of Cyprus could hold gas reserves of as much as 60 trillion cubic feet, the head of Kretyk, the country's state hydrocarbons company said. -( mmm - not good enough to lend against???)
That would be worth about 475bn euros at today's prices according to Bloomberg.
Noble Energy granted first contract to explore Block 12 in October 2008.
Go Cyprus - !!!!
My heart goes out though to the many businesses here who will be struggling with income and expenditure at this moment - and for whom all this could have dire consequences.- also for those who have life savings invested in Cyprus banks and stand to take a crippling hit - They say that at present there IS money in the cashpoints, but some stores are now refusing credit / debit cards, and reserves are running low at the cashpoints - so perhaps more struggling yet to come.
However the growing feeling here from those I have contact with is one of 'stand firm' - a collapse in Cyprus and withdrawl of russian and other deposits could start a chain reaction across europe. OK so Cyprus made a poor call when investing in Greek bonds - mmmm do I remember a similar situation with UK and Iceland not so many years back ????
So we all watch with great interest - there sre still people in the shops and cars on the road here - there are oranges and lemons on the trees, and the sun shines on us. There will be good wine in the viiage square and vodka in the cupboard - there is natural gas under the sea, and while we follow the deliberations of elected masters we know we have a great deal to be thankful for here, in this wonderful place.
RSS Feed