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Cyprus Banks Force Nation to Mull Aid, President Tells To Vima

The need to recapitalize Cypriot banks after taking losses on Greek government bonds is the reason the island nation is facing a possible bailout, the country’s president told To Vima in an interview.

The country is not facing a bailout “because of the financial state of the economy but because of the need to recapitalize Cypriot banks, which were significantly exposed to the Greek economy,” President Demetris Christofias told the Athens-based newspaper.

The so-called troika of the European Commission, the European Central Bank and International Monetary Fund has operated like a “colonial force” by forcing austerity measures and neo-liberal policies on bailed-out countries, the newspaper cited Christofias as saying.

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