Are the EU getting value for money in Cyprus

By Chris Elliott

Will they won’t they, that was the world’s chorus for weeks and months as to whether the EU would grant a bail-out deal to Cyprus despite so many words of caution.

Now the Troika team are back in town in the Republic of Cyprus wanting to know what steps have been taken to overcome the financial fiasco over the past months.

As was published in the Cyprus press, the government under the Christofias administration had ordered two warships from Israel to protect their gas exploration activities. The reported cost of these two vessels is said to be 100 million Euros and to be paid for in 17 years.

So are the IMF/EU helping fund this form of expenditure??? To read more of the inspectors visits to Cyprus do follow the link below to the Reuters report.

IMF, EU inspectors start quizzing Cyprus on bailout progress | Reuters.