Daily Archives: April 7, 2013

Archives April 7, 2013 posted by

Truth sounds suspect over BoC buying of Greek bonds

 

THE FORMER chief executive officer of the Bank of Cyprus Andreas Eliades – the man considered responsible for the destruction of the bank – decided to give his views about the crisis for the first time last Tuesday. 

He issued a long-winded announcement with the aim, he wrote, of giving a picture of the absolute truth. It was titled ‘Truths and lies’. I am in no position to say how many truths were contained in his announcement, but I think that some of the things he wrote were blatant lies. I will restrict myself to one issue, the infamous sale and subsequent re-purchase of Greek government bonds that left the Bank of Cyprus with losses in the region of €2 billion.

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The year of the locust

 

In the future, historians may very well look back on 2013 as the year of the locust. Throughout the 18th and 19th centuries agricultural production was severely disrupted by locust swarms as they passed through the island. They left devastation in their wake, not only threatening the livelihoods of many farmers but the economy of Cyprus as a whole. 

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Echoing History

 

As the final terms of Cyprus’ financial settlement and bailout come out, an all-too familiar theme in Cypriot history is apparent. Cyprus’ destiny is not in the hands of Cypriots, but in the hands of powerful interests outside of the island. 

Cyprus’ vulnerability to external events has been reaffirmed along with its vulnerability to putative partners whose interests may not align completely with Cypriot interests. Cyprus’ destiny has been shaped by the errors of the few and will be paid for by the many. 

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Death by a thousand cuts

 

I now consider the island’s economic outlook so dire that I have decided to write in support of my honest compatriots rather than perpetually and pointlessly attacking a ‘certain class’. 

The blame for our forthcoming poverty rests squarely with those who presume to rule Europe by subjugating the weak, known collectively as PIGS, failing to include the letter C in that porcine anagram of Portugal, Ireland, Greece and Spain.

While I write, my wife and friends are shopping at Lidl with a siege mentality, stocking up to take food parcels to the next Cyprus Aid show while ‘les artistes’ are still, at least, singing.

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Could we be seeing a new era of mass repossessions?

 

It has been stated that ‘non-performing’ loans are to be hived off into the ‘bad’ bank which is due to be liquidated. 

We know that, prior to this point of restructuring, the ‘title deeds’ problem was compounded by developers’ re-mortgaging of properties they had already sold and that the issue of who had primary ownership was legislated by the previous government as being based on the contract of sale in order to begin remedying the situation. 

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Peace-loving folk can’t catch a break

 

I run a small stall each weekend as a hobby. People aren’t spending cash.

Three weeks ago, a boy stopped to look at my ‘jelly cake’, so I gave it to him and his family to share.  No charge.  The delight on their faces when they tasted it was amazing.

Later I was told a wild storm had taken the roof from their home, where they could not remain and were unemployed, on church food charity and had no cash whatsoever.  So my gift to them was the first real fun they’d enjoyed in ages.

We stay in touch with them and share what we have.

The parents are very creative, jewellers and the father has a large vehicle licence, is a talented metalworker, creative landscaper as well.

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People of Europe, beware

 

For the greed, incompetence and irresponsible behaviour of 0.2 per cent of the population, the troika decided in the most inhumane manner to punish a nation of 800,000 people, sending many thousands of families into financial destitution. 

The European Union project began with great and lofty ideals to unite the peoples of Europe after the savages of two world wars, and to bring peace, prosperity and solidarity by respecting and promoting cultural diversity. 

And yet, in one night the current leaders, by their greed, selfishness and the turning of a blind eye at their own institutional failures, set in motion the unravelling of their great idea. Why should anyone now trust them or believe in their ability to guide us into a better future. 

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Let down by everyone involved

 

Blackmail is an offence punishable in the civilised world by imprisonment and in some Arabic countries hanging by the neck until death.  So this makes what has happened in Cyprus one of the most horrific and despicable offences that should not be tolerated under any circumstances.  

Many times in the past we have seen people captured by terrorist blackmailing the government with their demands, and to my knowledge most of the time these governments prefer to have their own people killed by their captives rather than give into them.

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It’s not a tax, it’s criminal theft

 

Surely the taking of people’s “legitimate savings” is “criminal theft”. This action by the European Union is not a tax on earnings, nor does it limit itself to illicit or criminal bank account holdings, which undoubtedly need to be investigated.

The people of Cyprus should demand of the European Court of Justice that they order the immediate return of purloined monies, and the possible compensation to victims. They might also look into criminal charges against the perpetrators, whether domestic or foreign, and no matter how high their rank. After WWII, the courts have already acknowledged that all property, whether real or financial, taken without consent by the Nazi regime, was to be restored as soon as possible.

Brian Lucas, South East Asia

 

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Cyprus needs to become the Las Vegas of the Middle East

 

Turn the entire Phinikoudes seafront in Larnaca into a Las Vegas style strip with tacky novelty buildings, Elvis impersonators and neon signs that can be seen by incoming flights…hell…make that from space. Leave the cultural heritage to Paphos, and the natural gas to Limassol. Niche tourism will never bring in enough tourists or money, ever. 

There is no other way to boost tourism at this point despite all the talk to the contrary.  We have no Pyramids or Partheons, and golf, marinas etc etc are now clichιs. If these have not worked by now, they will not work in the future to any significant degree, and never enough to get us out of this mess.  

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