The tiny Mediterranean island nation of Cyprus has fallen on some hard times lately.
The bleak financial prospects facing Cyprus has resulted in the govenment having to come up with capital control measures to prevent runs on banks, and keep investors from taking money out of the country. Worse, depositors in Cypriot banks who have more than 100,000 euros in the bank could soon see 40% of their funds converted into bank shares, while those with less than 100,000 euros will not lose any funds – but face limits on what funds they can access.
It’s all looking bleak, and the Cypriot situation has all of the Euro zone panicking. What should Cyprus do? According to one commentator, let Apple buy them.
According to FOX News commentator Charles Krauthammer, Apple could use its $137 billion in the bank to flat-out buy Cyprus… and still have 75% of its money left in the bank.
What’s amazing here I think is how small Cyprus is and how relatively small the problem is. The bailout total that you mentioned is about a quarter of Apple’s cash on hand. I mean, this is one country that Apple could purchase, and have a lot left. It could own the island and call it, you know, iCyprus or something, and have all this cash left over… It would be a great campus for Apple.
To be fair, he’s not being serious, just putting the problem in perspective: Cyprus is so small, it’s amazing how big the waves are getting from the ripple effect of its economic woes. Still, imagine what Apple could do with a country of its own!