AKEL ON ΒΑΝΚ OF CYPRUS BIG DEBTORS

 

Statement by Haris Polycarpou, Member of the Economic and Social Research Department of the C.C. of AKEL, on the financial results of the Bank of Cyprus

  

Unfortunately once again the results of the Bank of Cyprus for the six months ended 30th June 2013 confirm all that we had frequently pointed out concerning the selling off of the Cypriot banks in Greece. Despite the assurances given then by the Government that this was a very advantageous agreement, the sale left the bank with losses of €1, 36 billion Euros.

 

At the same time, we want to note the reference made by the Bank of Cyprus CEO John Hourican that twenty customers of the Bank owe €6 billion Euros. The Government, but also the Central Bank, must turn their attention to this tiny minority of big debtors, who also represent the biggest part of the problem. Although the Government seems to be seeking to shirk its responsibilities, together with the Central Bank it must find the means and ways so that the loans of this tiny minority should not in the end be loaded on the whole of the economy and society.

 

As AKEL, we stress once again that in these conditions it is the duty of the organised state to find ways and means to protect the small debtors from the mass confiscations and excessive charges of the banks.