‘Eco­nomic pros­per­ity lies in fed­er­a­tion’

Financial Mirror (Cyprus) - - FRONT PAGE -

Eco­nomic pros­per­ity for the Turk­ish Cypri­ots and their exit from iso­la­tion lies in a agree­ing to a fed­er­a­tion, with rap­proche­ment the ba­sis of rec­i­proc­ity, said economist An­dreas Theo­phanous, while the Cen­tral Bank of Cyprus was launch­ing its new cam­paign to at­tract for­eign and off­shore in­vestors wit the theme “Europe’s Best Kept Se­cret,” ac­cord­ing to the Cyprus Fi­nan­cial Mir­ror is­sue 95, on Jan­uary 25, 1995.

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Dr An­dreas Theo­phanous, at the In­ter­col­lege, said that eco­nomic pros­per­ity for the Turk­ish Cypri­ots, as well as their sur­vival as a dis­tinct com­mu­nity can only be achieved with in the frame­work of co­op­er­a­tion and peace­ful co­ex­is­tence with Greek Cypri­ots in a uni­fied fed­eral repub­lic of Cyprus. Nev­er­the­less, he said in an ex­clu­sive in­ter­view that a set of poli­cies could be de­signed which would be help­ful to the Turk­ish Cypri­ots, while it could also be used to pro­mote co­op­er­a­tion and build con­fi­dence be­tween the two com­mu­ni­ties and pre­pare the ground for a last­ing set­tle­ment.. Theo­phanous said at the launch of his book “Eco­nomic As­pects and Con­se­quences of Fed­eral So­lu­tion to the Cyprus prob­lem” that the eco­nomic gap be­tween the Repub­lic of Cyprus and the TRNC con­tin­ued to grow.

Ia­covos Pashos, Se­nior Man­ager at the Cen­tral Bank told a meet­ing of the Cyprus Off­shore En­ter­prises As­so­ci­a­tion that 1994 was a record year of off­shore company reg­is­tra­tion, reach­ing 4,314, up 49% com­pared to 2,892 in 1993. The to­tal since 1976 had reached 17,332 of which 1,097 main­tained fully-fledged of­fices, em­ploy­ing 5,700 peo­ple, of which 3,700 lo­cals and 2,000 ex­pats. He said that the Cen­tral Bank’s new cam­paign was themed “Cyprus: Europe’s Best Kept Se­cret”.

Lawyers for Takis Sha­cal­lis and his as­so­ciates said they will fight the tem­po­rary in­junc­tion freez­ing as­sets (in­clud­ing three ships) of the col­lapsed Best Leisure group, after the law firm of Tas­sos Pa­padopou­los sought to claim the in­ter­est of hote­liers who were owed CYP 3 mln, while the Group al­ready owed a to­tal CYP 5.52 mln to 122 ho­tels and clients.

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