Christian Reiermann and Markus Dettmer at Der Spiegel: Cyprus Makes Big Concessions for Bailout

Dimitris Christofias had a serious look on his face as he turned to the cameras and spoke of what a “gut-wrenching” decision it was, but added that it was also a “necessary evil.” The Cypriot president was not giving his people good news.

His staff realized how bad it would be when Christofias, in his televised address last Tuesday, reminded viewers of his country’s darkest hour, the Turkish invasion of northern Cyprus in 1974.

Although Cyprus is not about to suffer the same fate, it is already clear that in return for billions of euros for the debt-ridden country from the European bailout fund, the “troika,” made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), will essentialy take control of the Mediterranean island.