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