Author Archives: George Psyllides

Archives April 21, 2013 posted by George Psyllides

Calling the issues by their names: ELA is not the problem


The blame game that is going on at the moment is certainly counterproductive. Our banking system is not functioning properly and we still remain under the threat of default and exit from the eurozone according to a latest report by Moody’s, the ratings agency. But what is prevalent now however, is how to restore normalcy in the banking system as soon as possible. We realise that this we cannot achieve by blaming either the Central Bank of Cyprus nor the European Central Bank for the emergency liquidity assistance (ELA) they had given Laiki Bank when they did. 

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Archives April 21, 2013 posted by George Psyllides

Dream of a safe cat flap went up in smoke with Cyprus’ banks


ON MARCH 16, the day depositors woke up in Cyprus to be told they could not transfer money out of the country, Colin and Anne Brookfield realised they would have to let go of a ten-year labour of love.

Banks were told to stop electronic money transfers to guard against capital flight after an initial Cyprus bailout deal agreed with the eurozone’s finance ministers and Cyprus’ lenders demanding that all bank depositors in Cyprus contribute some of their money. Banks were to remain closed for nearly two weeks.

Colin Brookfield, 81, had spent years developing a safe cat flap, talking to pet owners, designing a prototype, and eventually lodging a patent with the UK government’s Patent Intellectual Property Office in 2004.

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Archives April 21, 2013 posted by George Psyllides

Our lily-livered media failed to stand up to the bankers


As I’ve previously asserted, this country could have avoided sinking into one disaster after another had we an independent and impartial media and real reporters. That goes for the economy as well. No doubt the present bankruptcy could have been averted had we a media and reporters who did their job properly, who were not pawns to the various established interests – politicians, bankers and so on. Television networks, the radio, newspapers, journalists and economists are now railing 24/7 against the “greedy bankers who destroyed us”; yet up until quite recently all these did not dare speak a word against the bankers.

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Archives April 21, 2013 posted by George Psyllides

Money has no smell, taste or patrida!


“I was never ruined but twice – once when I lost a lawsuit, once when I won one,” said Voltaire, 1694-1778 (philosopher and writer of Age of Enlightenment). 

A strange local phenomenon is that (at least until a few years ago) every lawyer who owned a pair of shoes was paid a retainer by their local banks. The reason, or in any case the result, was that they would not take cases of litigation against the banks. 

Until recently, it was the same against doctors here.

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Archives April 21, 2013 posted by George Psyllides

The need for a Plan B: a return to the Cyprus pound


CYPRUS has found itself in the extremely difficult position it is in because both the present and previous governments went into bailout negotiations at all levels unprepared and without identifying and examining their options. Furthermore they went into discussions believing that their “friends in Europe” would offer them reasonable terms, and they failed to make realistic assessments and study the alternatives.

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Archives April 21, 2013 posted by George Psyllides

Are we at war with our enemies or ourselves?


The crisis our country and our people are experiencing is primarily economic, but along with that all the sins of our political system and social structure, which we diligently swept under the carpet for many years, have been brought to the forefront. Weaknesses, obsessions and mentalities that led us to today’s tragic situation have been highlighted. And what is most worrying and dangerous is that the public cannot see any intention of change and no indication of collective action and unity among the state’s political powers so we can deal with the difficulties. 

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Archives April 21, 2013 posted by George Psyllides

Minister Kasoulides’ visit to Israel – A political analysis


The visit of Foreign Minister Ioannis Kasoulides and Minister of Commerce, Industry and Tourism, George Lakkotripis to Israel was preparatory to President Nicos Anastasiades’ visit scheduled May 6-7. It took place, however, within a particular climate, characterised by two important events affecting Cyprus-Israeli relations – the attempted rapprochement between Turkey and Israel and Ankara’s threats aimed at hindering the exploitation of the natural gas in Cyprus’ Exclusive Economic Zone (EEZ).

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Archives April 21, 2013 posted by George Psyllides

Children loom large in pensioners’ fears for the future


“I don’t know if we’re getting our pensions next month,” said Koulla Tabidji. 

“I only got my widow’s pension this month, not my pension. Then I had to go back and ask for my pension,” added Chloe Panayi.

“Mine was late too,” said a third lady.

“I think mine was less this time,” shouted out a fourth.

“The Labour Minister said we’re going to get our pensions. But then I heard some reports we are not getting it next month, and then I heard other reporters say we are. I don’t know,” said Eleni Miliou. 

“I think they’re going to cut my pension. Well everyone’s pension, not just me. It’s a general phenomenon,” said another lady.

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Archives April 20, 2013 posted by George Psyllides

Milk price cap renewed until June

THE commerce ministry announced the renewal of the cap on milk prices yesterday, keeping it at a maximum of €1.41 a litre for retail and €1.32 a litre for wholesale, including VAT.

The renewed decree will be put into effect on April 21 and will last for 45 days, making it due to expire on June 4. The price of milk was last renewed on March 6. 

The maximum price for 1.5 litres is €2.06 for retail and €1.93 for wholesale. The maximum price for 2 litres is €2.69 for retail and €2.52 for wholesale. All figures include VAT.

In a statement the commerce ministry asked that “all parties involved show restraint, especially during these economic conditions, in order to protect consumers and domestic producers of fresh milk.”

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