Cyprus faces the choice of asking for a bailout from its European partners in the euro or from Russia, and will decide where to turn after this weekend’s crucial elections in Greece, officials say. Government spokesman Stefanos Stefanou wouldn’t name the country where a possible loan could come from. But an official, speaking on condition of anonymity because of the sensitivity of the matter, identified it as Russia. Mr Stefanou said Cyprus is looking at both options in order to have “flexibility to deal with the issue”. “We have these options in front of us, we’re looking in the direction of a bilateral loan as well as toward the European Union support mechanism,” he told AP.
2011 will likely be recorded as a year of historic change. Mass uprisings have upended governments across the Arab world. Economic mismanagement in Europe led to changes at the top in Italy, Greece and Spain. 365 days ago you couldn’t have predicted these events. You couldn’t have imagined so many leaders would lose their jobs. So what if I told you that you can predict that in 2012, a lot of leaders will say goodbye? No, I’m not gazing into a magic crystal ball. You see, 2012 is the year of elections.
59 countries will be tallying up votes – local, state or national. There are 193 countries in the world so that’s about a third of the world’s nations. 26 of these may see a change in national leadership. Together, these changes could affect 53% of the world’s population, representing half of the world’s GDP. And a lot of the change is concentrated in the world’s most powerful countries. Four out of the five U.N. Security Council members could see changes at the top. That’s Russia, China, France, and, of course, the U.S. These four countries alone represent 40% of the world’s GDP.
Hundreds of thousands of disillusioned Indians cheer a rural activist on a hunger strike. Israel reels before the largest street demonstrations in its history. Enraged young people in Spain and Greece take over public squares across their countries.
Their complaints range from corruption to lack of affordable housing and joblessness, common grievances the world over. But from South Asia to the heartland of Europe and now even to Wall Street, these protesters share something else: wariness, even contempt, toward traditional politicians and the democratic political process they preside over.
They are taking to the streets, in part, because they have little faith in the ballot box. “Our parents are grateful because they’re voting,” said Marta Solanas, 27, referring to older Spaniards’ decades spent under the Franco dictatorship. “We’re the first generation to say that voting is worthless.”