Since the Government and ruling Democratic Rally party want to appear as protectors of society, we recall that they are the ones who by their very actions and decisions nourished the arbitrariness of the banks.

It is the Government and ruling DISY that:

  • Planned the dissolution of the Cyprus Co-operative Bank and loaded the worst agreement with the Hellenic Bank on people‚Äôs backs.
  • Changed the legislation on foreclosures three times in order to serve the interests of the banks and restrict the rights of borrowers.
  • Referred or sent to the Supreme Court the draft bills of the House of Representatives that aimed at improving the protection of borrowers
  • Gave tax credits to the banks
  • Reduced the special taxation paid by banks to the Single Resolution Fund
  • Approved legislation for the packaging of loans so as to facilitate the sale of loans by the banks

We are certain that society understands the intentions behind the sudden change in their stance.

Nonetheless, if ruling DISY party wants to continue its communications game, it doesn’t need to do much. It should reach an agreement first with its Government to curb the bank’s impunity and protect borrowers.

Statement by Head of the Economic Research Bureau of AKEL Ch. Polycarpou on Government-DISY stance towards the banks



One Response to The Cyprus Bank problem

  1. Christos Antoniou Ioannides says:

    I fully agree with your statement,however,successive governments,political parties,economicadvisers,central bank,politicians are all responsible for the demise of the economy and the thieving of people’s money and the biggest daylight robbery that took place on this island.
    You continue to support the monster public and semi government organisations that was created by previous and present governments.People in glass houses should stop throwing stones.

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