AKEL meets with representatives of the Troika: The Government cares for the few
Cyprus News Agency 10/11/2015
10% of the rich in Cypriot society have seen their incomes increase during the last two years by 3.4% while 90% of society have seen theirs fall by an average of 8%, Andros Kyprianou, the General Secretary of AKEL, said today, adding that “This says quite a lot about how there has indeed been a redistribution of wealth as a result of the measures which are being promoted and implemented by the Anastasiades Government”.
Speaking after a meeting with representatives of the Troika at the central offices of the party, Mr. Kyprianou said that “We had an in-depth discussion with the representatives of the Troika on the situation in the Cyprus economy” as it has developed after the implementation of the Cyprus program that had been agreed with the Troika, adding that “our own analysis is extremely negative about this programme.”
“Not only has the banking sector – which was the main reason why the Troika came here and why Cyprus has been put under a Memorandum – after two and a half years failed to recover, but on the contrary faces huge problems. Non-Performing Loans (NPL’s) have reached 28 billion Euros and represent the greatest danger to the Cyprus economy. The banking sector cannot support the island’s economy in order for Cyprus to move forward on the path towards growth and development, while at the same time the restructuring of loans is progressing too slowly. Furthermore, the foreclosure of family homes is on our doorstep,” said the General Secretary of AKEL.
The General Secretary of AKEL said that, “the program that has been implemented is anything but part of a success story with regards the Cyprus economy. Our analysis is that, unfortunately, things have become much worse. The policies that are being promoted in our view are negative and will leave their negative mark on the economy of Cyprus and Cypriot society in general. ”
“And I regret to note that the Government with its policies is evidently interested in serving the interests of the privileged few. We are interested in the majority of the Cypriot people, who for sure are much worse off with the measures that have been implemented.”
Replying to questions, the GS of AKEL said that, “Our own view is that the problem will not be addressed easily by the NPL’s”. At the same time he stated that AKEL will vote against the concrete Bill for the “packetization” of loans. “We do not think this is the way we should deal with the issues before us, particularly since there are small-borrowers are not protected”, he concluded.
