Statement by AKEL Political Bureau member & Head of Economic Policy Haris Polycarpou
Society is paying the price and banks are getting richer but the government is still looking into what to do
15 September 2023, AKEL C.C. Press Office, Nicosia
The tenth interest rate hike comes at a time when inflation in the European Union and Cyprus continues to rise. The EU’s policies, which seem to lead nowhere, are only bolstering bank profits while putting immense pressure on households and businesses. It’s a situation where everyone pays, except the banks, which are enjoying unprecedented profits thanks to the government’s permissive stance.
There are no more excuses for the Government. Supporting society is first and foremost its responsibility. At a time when one after another EU countries are taking measures to support borrowers and promote specific actions to combat expensiveness and high prices, the N. Christodoulides government insists on pursuing half-measures and engaging in wishful thinking without any real impact.
What the country needs isn’t endless discussions and delays from Nikos Christodoulides and his government.
What the country needs is immediate measures to tackle the problem of unemployment, rising interest rates and the housing crisis. Measures such as reinstating the subsidy for electricity, reducing fuel taxes, implementing targeted interest rate subsidies on housing loans and advancing social and affordable housing projects.

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