Tag Archives: And We Didn’t

John Ward – Cyprus Exclusive : What They Knew, And We Didn’t – 2 April 2013

cyprus-flagElectricity Authority withdrew €19.5m four days before bailin

Troika agreement specifically includes gas/energy clauses

Details of a memorandum signed between Nicosia and troika officials leaked to the media stress the creation of infrastructure to exploit the island’s undersea reserves, and of the need for a fund to “manage” State revenues derived from natural gas finds. And Nicosia’s Electricity Authority was one of the biggest withdrawers prior to the depositor haircut announcement. Continue reading