Cyprus avoids insolvency by robbing pensions

Days away from insolvency, Cyprus has to find the money to pay current wages.

It achieves this by ‘borrowing’ 250 million Euro from the pension funds of state-owned companies.

Shouldn’t this money be ‘ring-fenced?

How will it ever be replaced?

What about next month?!!

Or next year?  Or 3 years time?

Where will the money come from?

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