Here’s Why Angela Merkel Is Fed Up With Cyprus

source: http://www.flickr.com/photos/alfmelin/

“The President of the Republic and the Government are in hard negotiations with Troika in order to conclude to solutions that will save the banking system, the economy in general and will bring back calmness in the country,” said Christos Stylianides, a spokesman for the Cypriot government, in a statement released on Friday.

“The President of the Republic,” he continued, “as he mentioned during his address to the nation, assumed a high political cost and accepted the deal with the Eurogroup for the stability levy, despite his disagreements, bearing in mind the social misery that a possible rejection of the proposal would cause.”

Last Saturday, newly-elected President Nicos Anastasiades met with European finance ministers to assemble a 10 billion euro ($12.95 billion) bailout package. The proposal — worth about half of the island nation’s estimated 2012 GDP — was the maximum amount of debt that the country could assume without dangerously overburdening itself, and would be used to provide much-needed liquidity to the nation’s banking sector…