Last, I should like to say Mr Rapoza was observing an interesting turn of events: A third world nation helping to bailout a group of first world nation.
The only nation that has accepted bailout money that is showing any sign of life is Ireland.
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Heading back his Christmas was the most depressing stinker of an affair, mixed with utter disbelief at the self delusion of folks thronging shopping centres weighed down by presents, still spending money that was not theirs seemingly oblivious that several weeks ago their nation accepted a damming international bailout.
The nation received an IMF-led bailout in 2008, but Prime Minister Viktor Orban ended the 2008 IMF deal, which had been agreed under the previous government, last year.
NICOSIA, Cyprus (AP) Cyprus officials and international representatives were caught up in tortuous negotiations late into the night Saturday as they sought to forge a plan to raise the money the island nation needs to qualify for a bailout package.
The precious metals and many other commodity markets saw early buying support come from news the Greek government approved austerity measures that will allow the debt-strapped nation to receive its next tranche of bailout funds from the European Union.
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Spain -- the eurozone's fourth largest economy -- is likely to be the next bailout casualty of the debt crisis in the 17-nation currency union.
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Greek voters go to the polls on June 17 and the results could determine whether the nation sticks to the terms of an international bailout or exits the euro zone.
Mr Sarris said that an inquiry ordered by the president into what led the island nation to the brink of bankruptcy before the bailout was agreed was a factor in his decision to step down.
The nation has not responded positively, amid concerns that the bailout is actually a formula for disaster.
This is the first time the 17-nation eurozone has seen a country dip into people's savings to finance a bailout.
The ministers from the 17-nation bloc met 10 days after their heads of government agreed to use its temporary bailout funds to recapitalize Spain's ailing financial system and to set up a joint supervisory body for the area's lenders.
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Cyprus may be the fourth eurozone country to request a bailout from international creditors -- after Ireland, Portugal and Greece -- but it is the first nation where politicians have attempted to force taxpayers into handing over their personal savings to rescue the banks.
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As a result, while questions remain about the bailout of Greece, and a potential recession in Europe, fears of a total collapse of the 17-nation euro zone financial system have gone away.
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