Eurostat, the statistics agency of the European Union has announced the debt burden of member countries. The report covers the first quarter of 2012 and compares it with the situation during the first quarter of 2011. One thing that emerges from the study is that Southern Cyprus, which has applied for aid, does not need it.The country which recorded the greatest increase in debt during the first quarter of 2012 was Portugal. In this period Portugal’s debt rose by 17.2 percent of its GDP. It was followed by Southern Cyprus with 11 percent and Ireland with 8.2 percent.With its debt increasing by 11 percent of its GDP, Southern Cyprus’ debt level has risen to EUR 13,228. This means that the ratio of Southern Cyprus’ total debt to its GDP is 74.6 percent. This is significant because the indebtedness of Southern Cyprus is below the Eurozone average, although it may have increased. The average level of indebtedness in the Eurozone is 88.2 percent. The average level of indebtedness of the European Union is 83.4 percent. By both criteria, the debt level of Southern Cyprus is lower than average. This being the case, it becomes difficult to interpret why Southern Cyprus may have asked for recovery aid from the European Union. However, the announcement by German Finance Minister Wolfgang Schaeuble to the German Parliament that Southern Cyprus has withdrawn its application to the EU stability mechanism shows that the problem has been resolved. It is all but certain that the crisis opportunism and seizing the term presidency attempts have been frustrated through closed doors diplomacy.It is not always possible to understand what Southern Cyprus does and why. No former European Union member had previously applied for aid from the European Union at the same time as taking over the term presidency. No other member state had applied simultaneously to not guarantee the stability mechanism and to receive aid from it.Although Christophias may call the markets the “thieves of the world”, he continues to profit from those thieves of the world. Russian investment in Southern Cyprus alone is worth EUR 80 billion. This makes for a great fortune for a country the size of Southern Cyprus.Of course there is an important fact. You cannot blame Southern Cyprus for demanding funds unjustly. Previously Greece did it and nothing happened. You can neither blame Southern Cyprus for trying to fool the union. For Southern Cyprus did the same thing at the time of the referenda for the Annan Peace plan and it was not punished. Although the European Union said in its official announcement that they had been cheated by Cyprus, it took no measures. What should be criticised is not that the Greek Cypriot administration stoops to these methods, but that it was given the courage to do so.
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