Cyprus: new face, much the same problem

Cyprus is almost over the first hurdle — the pro-bailout Nicos Anastasiades handily won the first round of the island’s presidential elections last week. As the FT notes, he will face Stavros Malas, the Akel (Cyprus communist) party candidate, who won 27 per cent, in the run-off on February 24 and it’s pretty likely Anastasiades will come out on top.

What is less likely, is that there will be a sudden move towards that €17bn-ish international bailout Cyprus has hankering for. It’s not as if there has been unseemly speed so far: