Cyprus Bets That Investors Have Short Memories
Beautiful view from mountain near Limassol, Cyprus

It was just two years ago that the EU was forced to bail out Cypriot banks, and customers were infuriated when they were saddled with the bill.  Perhaps there is no better indication of the market’s desperate search for yield than this – Cyprus is expected to raise as much as US$ 1 billion in the bond markets in the coming weeks, paying a yield that is estimated to be in the “very low 4%” range (!)

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