It’s now the banking sector’s turn to reciprocate Cypriot society

24 Mar 2020

Excerpts from yesterday’s intervention by the General Secretary of AKEL Andros Kyprianou on Sigma television

In 2013, the Cypriot people made a huge sacrifice. It propped up the banking sector so that it could overcome its difficulties and reach the level it is at today – not ideal, but at a good level. It is now the turn of the banking sector to reciprocate Cypriot society for all the support it has received in recent years.

We therefore expect the banks to respond also with regards the suspension of installments and the repayment of loans over a period of time. The banks should support businesses, but also households as well so that they can cope with the difficulties they will find before them over the next 2 to 3 months.

The government has decided to support the banks with € 2 billion in state guarantees. AKEL’s view is very clear – if the banks do not submit a concrete package of measures that will first and foremost aim at providing support to households, but also businesses so that Cypriot society can withstand this great ordeal, AKEL is not going to support state guarantees for banks. We want to know where the € 1.3 billion that will be granted from the banks will be going to support the Cyprus economy.