Current Events & Trends: Cyprus crisis' impact on Europe
How could a small island nation with a population accounting for barely a fifth of one percent of the eurozone nations possibly be at the vortex of a pan-European crisis that, according to Ambrose Evans-Pritchard in The Daily Telegraph, even calls the long-term viability of the euro into question?
This little Mediterranean isle has mostly earned its keep by being an outsized banking center for massive foreign deposits from other countries, Russia in particular. But as in other southern European states, financial reverses during the last few years have been severe. The current crisis surfaced when the country was finally forced to ask for a massive bailout from the European Union and the EU responded with some unusually harsh terms—leading Cypriot leaders to consider raiding private bank deposits.
The Cypriot population responded with massive street protests, labeling the European Commission, the International Monetary Fund (IMF) and the Frankfurt-based European Central Bank a troika or threesome—these three institutions sharing the irksome task of negotiating eurozone bailouts.
Fears quickly emerged that personal bank accounts could easily be raided across southern Europe, particularly in Greece, Portugal, Spain, Italy and even the northern Irish Republic. Noted British author Max Hastings, writing in the Daily Mail March 26, labeled the bank raid called for in Cyprus "one of the nastiest and most immoral political acts of modern times" (these words from his article also forming its title).
He added, "It has struck fear into the hearts of hundreds of millions of European citizens because it establishes a dire precedent." Good questions would be: What would a truly powerful United States of Europe do? What will the prophesied Beast power do? (Source: Daily Mail.)
An Article from:
Good News Magazine: May - June 2013
Course Content
Jerold Aust
Jerold Aust has served in the ministry for 52 years, as a public speaker for 58 years, a published writer for 38 years, and is employed by UCG’s Media and Communications Services. He is a Senior Writer, interviewer, and editor for Beyond Today Magazine and has taught Speech Communication for UCG’s ministerial online program and the Book of Revelation for ABC.
Jerold holds a BA in theology from Ambassador College, Pasadena (1968), an MA in Communication from California State University, Fullerton (1995), a distance-learning Ph.D (2006), and a Famous Writers School diploma in non-fiction writing (1973). Additionally, he studied post-grad communication at University of Southern California (1995), radio, TV, voice-overs, and Public Relations at Fullerton College (1995-1996), and graduate communication at Wichita State University (1978). Jerold has taught communication at the University of South Alabama (7 years) and ABC (17 years). His published works include, Ronald Reagan’s Rhetoric: Metaphor as Persuasion and EZSpeakers: Public Speaking Made Easy in 7 Steps. Jerold's overarching goal is to share with humankind its incredible destiny!
John Ross Schroeder
John died on March 8, 2014, in Oxford, England, four days after suffering cardiac arrest while returning home from a press event in London. John was 77 and still going strong.
Some of John's work for The Good News appeared under his byline, but much didn't. He wrote more than a thousand articles over the years, but also wrote the Questions and Answers section of the magazine, compiled our Letters From Our Readers, and wrote many of the items in the Current Events and Trends section. He also contributed greatly to a number of our study guides and Bible Study Course lessons. His writing has touched the lives of literally millions of people over the years.
John traveled widely over the years as an accredited journalist, especially in Europe. His knowledge of European and Middle East history added a great deal to his articles on history and Bible prophecy.
In his later years he also pastored congregations in Northern Ireland and East Sussex, and that experience added another dimension to his writing. He and his wife Jan were an effective team in our British Isles office near their home.
John was a humble servant who dedicated his life to sharing the gospel—the good news—of Jesus Christ and the Kingdom of God to all the world, and his work was known to readers in nearly every country of the world.
