23 November 2012

CYPRUS/ TURKEY / EUROZONE / ENERGY: 16 Billion Euro Bailout Approved; Gas Field Has Vast Potential...But Ankara Is The Roadblock.


     Cyprus will become the 4th eurozone nation to get a bailout from the ECB and IMF...estimated at 16-17.5 billion euros/$20+ billion...because of heavy debts from its Greek connections.
     But...any deal must still be confirmed by 26 other eurozone nations...and will include harsh austerity measures.
     Its request to strengthen the island's banks has been pending since June.
     The island's communist president had also flirted for months with obtaining a loan from Russia. 
     Many Russians vacation and retire on the Greek side of Cyprus.
    AND: After 3 years of research...in 2011...Houston-based Noble Energy took a gamble and explored off the Cyprus coast for energy. 
     It struck a potential bonanza...7 trillion cubic feet of nat gas...enough to supply the island..for 200 years...or sell for $25 billion per year.
     But Turkey is currently blocking all drilling.
     ALSO...With this report...this newsblog wants to recognize and thank relatively new but very able freelance and sometimes NPR correspondent...Joanna Kakissis in Athens.
     TO HEAR: 4:24 Report or READ transcript :