The Cypriot crisis is not yet over and a bankruptcy of the island could have direct repercussions on our country. This was explained by German Finance Minister Wolfgang Schaeuble, speaking to the Bundestag. “An insolvency in Cyprus would also put countries like Spain and Italy at risk”, explained Schaeuble, recalling that “the ECB, the European Commission and the IMF have considered the fate of Nicosia to be relevant for the eurozone”.
"In Italy and Spain, people are going through a very difficult moment", but these countries - added Schaeuble - must make reforms, because "there is no alternative way".
Flounder: “No risk. Cyprus a micro problem”. On the other hand, the Minister of Economic Development Corrado Passera minimizes. 'But no, no. Let's give things a sense of proportion: we've already let ourselves be cornered by a country that represents 2% of Europe and we've managed to make a hell of a mess by not having faced it in the right way and at the right time,” he said, referring to to Greece. "Now let's not do it again with a micro problem like the one in Cyprus"
