Unilateral government decisions on Cooperatives serving the interests of the privileged few at the expense of the majority of the people

AKEL C.C. Press Office, 5 April 2018, Nicosia

The recent official statements on the Cyprus Co-operative Bank do not change the course of its privatization, but on the contrary they represent another step in the process of selling off the Bank.

The government, through its actions, has once again taken care to put the burden of the losses on the shoulders of taxpayers and society in general. Instead of delivering Cooperatives to citizens as they had pledged to do, they are preparing to hand over Cooperative profits to private investors, leaving the state to pay for the damage

We recall that the Government is again inconsistent, given that it had pledged to proceed with the preparation of a comprehensive proposal on non-performing loans that it would subsequently discuss with the rest of the political parties.

With the ongoing developments that it has set in motion, the Government is demonstrating that it has taken its decisions, in the absence of the political forces and the People; decisions that once again seem to be unilateral, painful and above all directed against society, serving the interests of the privileged few at the expense of the majority of the people.