“From here on, are there any dan­ger­ous ice­bergs loom­ing out of the fog that Cyprus needs to avoid?”

Financial Mirror (Cyprus) - - FRONT PAGE -

the Troika. The con­ver­sa­tion went some­thing along the lines of: Well, we ripped off the Brits, then the Ira­ni­ans, then the Rus­sians and now the Chi­nese. Who’s next? The Cyprus Prop­erty Scan­dal of de­vel­oper fraud is be­ing re­vi­talised.

Such re­portage sug­gests that sec­tions of the busi­ness com­mu­nity still re­tain their old ra­pa­cious model for mak­ing money, in which for­eign­ers are specif­i­cally tar­geted for fraud. Mr Ge­or­giades, I’ve got news for you: such re­cidi­vists are not lis­ten­ing to you, are not fright­ened by you and will thwart your best ef­forts to com­bat them.

One also has only to look at what has been hap­pen­ing in the pub­lic sec­tor com­pa­nies sched­uled for pri­vati­sa­tion. Staff at CYTA, EAC and port pi­lots at Li­mas­sol have all been var­i­ously en­gaged in try­ing to thwart any change in the sta­tus quo. This priv­i­leged mi­nor­ity of eco­nomic sabo­teurs, re­cidi­vists to their core, are de­ter­mined to pro­tect their his­tor­i­cally over-gen­er­ous re­mu­ner­a­tion, pen­sions and terms and con­di­tions, at the ex­pense of the tax­payer and the econ­omy.

Unless the gov­ern­ment cracks down hard on the re­cidi­vists in all their forms, I pre­dict that Cyprus is likely to hit an­other 2013 scale fi­nan­cial cri­sis within the next five years.

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