{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Reaction in Cyprus as Eurozone seeks to broker deal on bailout' data-url='/boclips/videos/5c54c501d8eafeecae16cee9' data-video-url='/boclips/videos/5c54c501d8eafeecae16cee9' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nReaction in Cyprus as Eurozone seeks to broker deal on bailout\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Various exteriors of University of Cyprus campus 2. Corridor oustside the office of Sofronis Clerides, Associate Professor at the Department of Economics3. SOUNDBITE: (English) Sofronis Clerides, Associate Professor at the Department...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Various exteriors of University of Cyprus campus \u003cbr/\u003e2. Corridor oustside the office of Sofronis Clerides, Associate Professor at the Department of Economics\u003cbr/\u003e3. SOUNDBITE: (English) Sofronis Clerides, Associate Professor at the Department of Economics, University of Cyprus:\u003cbr/\u003e\"There's basically several pieces of the puzzle that are being worked on simultaneously. Greece is one big piece of the puzzle, what happens to the operations of Cypriot banks in Greece.\"\u003cbr/\u003e4. Mid of Sofronis Clerides at computer \u003cbr/\u003e5. Close-up of Sofronis Clerides\u003cbr/\u003e6. SOUNDBITE: (English) Sofronis Clerides, Associate Professor at the Department of Economics, University of Cyprus:\u003cbr/\u003e\"Russian involvement is very important for Europeans, for Germany especially. They feel that, by providing a rescue package for Cyprus - much of which is going to go to the banks - and a big part of the banks have Russian money, so in a sense they are saving Russian depositors, so they feel that Russia should participate in that, which is a sensible argument to make.\" \u003cbr/\u003e7. Cutaway of Sofronis Clerides\u003cbr/\u003e8. SOUNDBITE: (English) Sofronis Clerides, Associate Professor at the Department of Economics, University of Cyprus:\u003cbr/\u003e\"So there's the issue of the corporate tax, which is, it sounds like it's pretty much locked in that it's going to be raised from 10 percent  to 12.5 percent.\"\u003cbr/\u003e9. Close-up of Sofronis Clerides at computer \u003cbr/\u003e10. SOUNDBITE: (English) Sofronis Clerides, Associate Professor at the Department of Economics, University of Cyprus:\u003cbr/\u003e\"Given that it's true there's still Russian interest on the island, in addition to the deposits, there's lots of Russian businesses stationed here, they have operations, there's lots of, quite a sizeable Russian community even, actually living here.\"\u003cbr/\u003e11. Close-up of Clerides pulling out book\u003cbr/\u003e12. Close-up of Clerides reading book\u003cbr/\u003e13. SOUNDBITE: (English) Sofronis Clerides, Associate Professor at the Department of Economics, University of Cyprus:\u003cbr/\u003e\"So there's kind of a longish road ahead. But, I think the good thing is that most of the measures have been passed already, there's not going to be any big measures at this point and hopefully there'll be little sentimental changeover, the psychology a little bit, because this whole negotiation has dragged on for many, many months now and it's just weighing down on everybody.\"\u003cbr/\u003e14. Wide of Old town Nicosia, Ledra Street\u003cbr/\u003e15. SOUNDBITE: (English) Vox Pop: Panayiotis Teofanides:\u003cbr/\u003e\"The Russians are going to help us. We need the money from Russia and from any country.\"\u003cbr/\u003e16. SOUNDBITE (English) Vox Pop, Harris Papadimitriou,\u003cbr/\u003e\"Current discussions with the EU and the money, all the funds that are going to be introduced from the EU, we hope that the situation is going to reverse soon.\"\u003cbr/\u003e17. Mid of old town Nicosia \u003cbr/\u003eEuropean finance ministers are trying to complete a long-delayed bailout deal for Cyprus in a bid to keep the island nation from a bankruptcy that could rekindle the region's debt crisis.\u003cbr/\u003eIf a rescue loan package is agreed on at Friday's extraordinary meeting of the Eurogroup in Brussels, it's likely to come with tough conditions for Cyprus, including measures to shrink its troubled banking sector, raise taxes and privatise state assets.\u003cbr/\u003eSofronis Clerides, Associate Professor at the Department of Economics, University of Cyprus explained there were many \"pieces of the puzzle that are being worked on simultaneously\".  \u003cbr/\u003e\"Greece is one big piece of the puzzle, what happens to the operations of Cypriot banks in Greece,\" he added.  \u003cbr/\u003eThe bailout was initially estimated to total up to 17 (b) billion euros (22 (b) billion US dollars) but will now more likely cost around 10 (b) billion euros (13.1 (b) billion US dollars).\u003cbr/\u003eWhile that is many times smaller than Greece's 240 (b) billion euro (313.4 (b) billion US dollars) bailout or Ireland's 67.5 (b) billion euros (88.1 (b) billion US dollars), it is still considered crucial to the future of the 17-strong group of European Union countries that use the euro because a default even by a small country could roil financial markets and undermine investor confidence in other eurozone nations.\u003cbr/\u003eCyprus' prospective creditors - the eurozone and the International Monetary Fund - have not explained how they would shrink the size of the bailout  from 17 (b) billion to euros to 10 (b) billion. \u003cbr/\u003eA key component, however, appeared to be Russia's willingness to chip in financially. Russian investors have deposited more than 20 (b) billion euros 26.1 (b) billion US dollars)  in Cyprus's banks.\u003cbr/\u003eRussia is likely to extend repayment of a 2.5 (b) billion euros (3.2 (b) billion US dollars) loan it granted Cyprus in late 2011 after the country could no longer tap international markets, but Russia might also provide a new loan, according to Cypriot officials. \u003cbr/\u003eCyprus might also look for Russian investors to buy stakes in its troubled banks.\u003cbr/\u003eCypriot Finance Minister Michalis Sarris will hold talks Monday in Moscow about Russia's possible contribution.\u003cbr/\u003e\"Russian involvement is very important for Europeans, for Germany especially. They feel that, by providing a rescue package for Cyprus - much of which is going to go to the banks - and a big part of the banks have Russian money, so in a sense they are saving Russian depositors, so they feel that Russia should participate in that, which is a sensible argument to make,\" Sofronis Clerides explained.  \u003cbr/\u003eTo shrink the bailout further, Cyprus' conservative government, which took power last month, has indicated it will sell state assets and raise its corporate tax rate, the lowest in Europe.\u003cbr/\u003e\"There's the issue of the corporate tax, which is, it sounds like it's pretty much locked in that it's going to be raised from 10 percent to 12.5 percent,\" Clerides said. \u003cbr/\u003eCyprus, which first applied for a bailout last summer, is not in imminent danger of bankruptcy, as it faces its next bond redemption in June. \u003cbr/\u003eNevertheless, the mood on the street in Cyprus indicated any financial assistance would come as a relief.\u003cbr/\u003e\"The Russians are going to help us. We need the money from Russia and from any country,\" Panayiotis Teofanides said.  \u003cbr/\u003e\"Current discussions with the EU and the money, all the funds that are going to be introduced from the EU, we hope that the situation is going to reverse soon,\" Harris Papadimitriou said. \u003cbr/\u003eThe European Central Bank, concerned that prolonged uncertainty over Cyprus could hurt market sentiment across the eurozone, has pushed for a swift deal, even\u003cbr/\u003ethreatening to cut the country's financial system off from emergency funding.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv 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