Amid the lasting euro zone crisis, yet another country was hit with the tide as Cyprus clings on to the bail out plans purported by its creditors: the European commission, the ECB and the IMF. Having a hard time adjusting with the alarming economic downfall Government of Cyprus has had to rely on the only readily available source among its options.

In order to raise the decided 5.8 billion Euros the Cypriot government will have to pay heed to some of the rather stringent and less welcome capital controls and orders. As a part of the settlement plan put forward by the aforementioned financial aides, the second largest bank in the country will have to be closed down. An expected result would be huge losses faced by wealthy savers.

According to the bailout plan’s terms; Laiki, commonly known as the Cyprus Popular Bank will be forced to shut down with all the big savers would also suffer tragic losses in lieu of equity shares. It has been decided that any of the depositors with an amount of less than a hundred thousand Euros in Laiki would be spared, while the rest would be subject to a portion of the hit for bailing out euro zone’s latest crisis economy. The aforementioned was brought into action after IMF hardened its stance towards the first country being forced out of the common currency; euro. The major reason behind this change of tone has been a great level of pursuance at the hands of Germany. German finance minister Schauble believes: “the situation has worsened”

he further added that:

“It is well known that I will not let myself to be blackmailed by no one or nothing, I am aware of my responsibility for the stability of the euro. If we take the wrong decisions, we’ll be doing to Euro a great disservice”

The events leading to such drastic measures were evident as the recent threat by European Central Bank (ECB) to cut off all monetary support to Cypriot banks could have sealed the fate of Cyprus’ removal from the Euro, had the emergency meeting not been called among the country’s financial aid trio. It is expected that Russians will take the greatest hit as they apparently have the largest deposits in the said bank with an estimate going up to 20 billion Euro, out of the total 68 billion deposits in Cypriot banks.

In the recent days, Nicos Anastasiades President of Cyprus had held meetings with European Union officials before the meeting of the Euro group to discuss the final terms of the bailout. Apparently the drastic measures had to be taken because little or no progress was reported from the earlier meetings –the actual amount supposed to be raised was 17 billion Euro out of which creditors were ready to pay for only 10 billion. Now the agreement that was finalized on Monday would help reduce the deficit, though not on the terms of Anastasiades.

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The game of war and blood continues in the largest city of Pakistan, Karachi. Peace has completely fled from the city and there is panic and violence everywhere. Daily, people are dying for no good reason. They are dying because of target killings and occasional bomb blasts. The government and law enforcement agencies have completely failed to restore peace in the city. Not a single day has passed where less than five people were killed. The people dying are all men who are political party workers, members of law enforcement agencies, or part of Shia or Sunni communities. In the month of October and November more than 200 people died due to target killings and the bomb blasts which have rocked the whole city. One bomb blast was a suicidal attack attempted on a military base in the town of North Nazimabad, block B.

Therefore, the citizens of Karachi feel very insecure. Men leaving their houses for work don’t even know if they are going to return later in the evening. They don’t know when they are out in the street where the next bullet will come from to kill them. There are areas in the city such as Sohrab Goth, Katti Pahari and Liyari which are now the layers of terrorists. In the past few days, rangers and policemen have conducted targeted operations in these areas and have arrested unknown men who are taken to unknown places for interrogation, according to the media. The condition in Karachi is getting more severe with time and there is no response from the government of Pakistan.

Even after all of these arrests, the law and order situation is still out of hand. Political parties such as the Awami national party and MQM have boycotted the national assemblies and senate sessions due to this violence. The citizens of Karachi are now demanding that the prime minister leave the security of his house and come to Karachi to declare an emergency. Karachites are demanding an army operation in the city and for the military to take over. Many shops and the business sector have shut down their business and will not re-open until peace is restored in the city. It would not be difficult to establish peace in Karachi but the government should make an honest attempt to reach this goal. These external forces are not involved in crimes and target killings in Karachi – instead, Pakistani leaders and political groups are involved. The MQM is the biggest terrorist group in Karachi. Peace in Karachi is not possible without a military intervention. It is very important to conduct search operations throughout Karachi to wipe out the terrorists and enemies there. The government of Pakistan is not paying attention to this and there is no action from them to control this condition. The Supreme Court of Pakistan has declared the importance of an army intervention in Karachi. However, some political leaders in Pakistan oppose this army action.

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