Tribune européenne, Futuribles Journal n° 395

Économie, emploi - Géopolitique

Cyprus, the Bankers and Europe

In the wake of Greece, Cyprus has in turn been plunged into the economic crisis that has afflicted Europe for more than five years, with the finger being pointed once again at a corrupt banking system. Quite apart from the lasting crisis of confidence which, as Jean-François Drevet reminds us here, has ensued within the European Union, it will be difficult for Cyprus to recover from this blow. Nevertheless, there may well be an opportunity to take advantage of the changed context, and of the new prospects for gas extraction off the island’s coasts (which lend it strategic interest in an entirely new way), to re-launch negotiations with Turkey on the reunification of the country. Apart from the special role the USA and the UK might play in this (given their geostrategic interests in the region), it would also be an opportunity for the EU to work not simply to manage this conflict (which became an internal one when Cyprus joined the Union in 2004), but to resolve it constructively and durably, in accordance with the European law.

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