Government policies serving the privileged few will continue in the so-called post-Memorandum era

Statement of Georgos Loucaides, AKEL C.C. Spokesperson

AKEL C.C. Press Office, 3rd March 2016, Nicosia

 

In Cyprus we pay the most interest rates on housing loans, given that the Cypriot banks lend with the highest mortgage and business interest rates in the Eurozone. In a country where the government is celebrating day and night about the “success story” of its policies, Cypriot society continues to pay for the profitability of the banks.

Besides, it couldn’t be any different as the philosophy that is applied is the same for all of the government’s policies, that is to say that the majority of the people are paying so that the select few and privileged are profiting. This is the current government’s biggest success.

In any case, this is what their own figures and statistics illustrate, which the Government often invokes to support its “success story”. 90% of Cypriot society has seen their incomes fall dramatically to the benefit of the 10% most privileged, which have increased their total income. The government assesses its policy options based on these criteria and it is on these criteria that it will continue to act also in the so-called post-Memorandum era.