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The Homer Ferrington gas drilling rig, operated by Noble Energy and drilling in an offshore block on concession from the Cypriot government, is seen during President Demetris Christofias' visit in the east Mediterranean, Nicosia November 21, 2011.
The Homer Ferrington gas drilling rig, operated by Noble Energy and drilling in an offshore block on concession from the Cypriot government, is seen during President Demetris Christofias' visit in the east Mediterranean, Nicosia November 21, 2011.
(Handout/Reuters)

CARL MORTISHED

Cyprus isn’t about banks. It’s about gas

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It’s that old resource curse again. If you thought that the trouble with little Cyprus was a few dodgy banks, a gaggle of Russian oligarchs fretting about their laundered dollars and the shredded reputations of some euro-politicians, think again. Everyone is talking about a giant gasfield, with the Kremlin hinting that it might be interested in a bank debt-for-gas swap and Ankara objecting loudly that there would be no gas euros without the inclusion of the Turkish-Cypriots in the north of the island.