The importance of the bailout is trigger the need for the support of deposit-holders and businesses to remain healthy. Moreover, it gives voice that this deposition is not a replicateable action for other countries to follow where funds are held to support financial surety. The news was sweeping and released easing tensions around the world, expressly Cypress. The story, “Cyprus bailout: Deal reached in Eurogroup talks” from BBC is relief for the moment and now the work begins to create sustainability.
“Eurozone finance ministers have agreed a 10bn-euro bailout deal for Cyprus to prevent its banking system collapsing and keep the country in the eurozone. Laiki (Popular) Bank – the country’s second-biggest – will be wound down and deposit-holders with more than 100,000 euros ($130,000; £85,000) will face big losses.”
However, all deposits under 100,000 euros will be “fully guaranteed”.
“Officials warn the island faces a deep recession with many businesses to shut.”
The importance to managing the distress of businesses is a proactive challenge to support economic development despite financial collapse.
“IMF head Christine Lagarde said the bailout deal agreed was “a comprehensive and credible plan” to help restore trust in the banking system.”
“Cypriot Finance Minister Michalis Sarris said he believed the possibility of bankruptcy had been averted.”
“There may be some relief that smaller savings no longer face a 6.7% levy, but Cypriot citizens may over time end up feeling more than 6.7% poorer as a result of this so-called bailout.”
“It’s not that we won a battle, but we really have avoided a disastrous exit from the eurozone,” he said.”
This is not a battle but a planned lens to draw out sustainable actions to increase and expand economic opportunities that stem the tide and prevent further occurrence. Forensic analysis on the patterns of economic failure in tandem with analyses of actionable steps to prevent a domino effect on Cypress and other countries is necessary.
“There will be relief in Cyprus that small depositors have been protected, but the deal comes at a heavy price, BBC correspondents say.”
“The chairman of the Cypriot parliament’s finance committee, Nicholas Papadopolous, said the agreement made “no economic sense”.”
Papadopolous said, “We are heading for a deep recession, high unemployment. They wanted to send a message that the Cypriot economy ought to be destroyed, and they’ve succeeded in a large part – they’ve destroyed our banking sector,” he told the BBC.”
We discuss carbon footprint but analyses of one’s ecosystem can bear fruit that can change the way countries, organizations and businesses run. The goal is to develop replicateable efficiencies that promote and engage sustainability. Not the use of the word “sustainable” but clear decisive actions to sustainability. When we think sustainably the are positive effects globally.