Category Archives: What is happening?

What is happening in Cyprus?

The current situation of Greek economy is bad, and it’s going to stay this way for awhile. However, Greek crisis is not only limited to Greece, it affects the whole Mediterranean  region. Today, its consequences reach the Republic of Cyprus. Even though the economy of Cyprus continues functioning, Harris Georgians, who represents Ministry of Labor and Social Insurance of Cyprus, says that  it is going to collapse in the next three to four days.
According to Cyprus bailout shakes markets :”Eurozone finance ministers demanded on Sunday that Cypriots pay up to 10% of their bank deposits in exchange for a €10bn (£8.5bn) bailout… The Cyprus government tries to accomplish this through extreme austerity measures such as rising taxes on bank accounts of Cyprus citizens. Citizens are expected to pay 6-9% percent of their bank savings.  The later action has provoked big discontent among different social classes. As a result, numerous protests are taking place across the Republic of Cyprus and people are taking as much money as they can from their accounts.
This situation is plus one to many financial problems that EU is facing right now.
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Why international powers are so interested in the Arctic?

Arctic riches

Global Warming makes the Arctic more accessible to tourists and, more importantly, to resource exploitation machinery. According to the US Geological Survey, the Arctic, supposedly, has 13% of world’s undiscovered oil and 30% of its undiscovered gaz. The value of these resources increases as the supply for them decreases and as the demand for them rises.  In addition, the tension over the Arctic is magnified by the fact that there is no state that owns the Arctic region. As a result, political powers that surround Arctic try to push their boarders toward the Arctic resource treasury, while increasing their military presence in the Arctic region in an effort to secure their part of Artic resources.  Those powers are Canada, Denmark, Russia, Norway, and the United States. These countries search to maximize their control over some Arctic regions which lead, in some cases, to diplomatic conflicts. For example, in 2007,  when Russian scientists planted the Russian flag at the sea bed of North Pole, Canada’s Foreign Affairs Minister immediately described this action as inacceptable because, even though, it has not been proven yet, the North Pole is a part of Canadian territory and, therefore, its property. Needless to say that the Arctic question will generate more international conflicts in the future for it is clear that political powers will not miss the chance to acquire Arctic resources and, consequently, significantly shift the balance of political power on their side.