The largest commercial financial institution on the island, the Bank of Cyprus, has warned that the country risks becoming the fourth member of the Eurozone to need a bail out from the European Financial Stability Facility.
A BoC statement said "Time has run out. We are at that turning point at which history will judge us. It's time for immediate and effective action. With our inaction we are risking the ability of refinancing the state and the consequences will be instant and serious. There is an immediate threat of the country entering the European Union's support mechanism, with everything bad that entails."
This follows on from the governor of the Central Bank of Cyprus recently saying that a bail-out may be unavoidable.
The country is struggling with debt but has so far not taken the action the markets would like to see.
Although the Nicosia does not need to raise funds until the end of the year, the amount they then need would be some €2 billion. But bond yields are already in the region of an eye-watering 9%.
What has not helped is that on July 11th a cache of impounded Iranian munitions exploded at a naval base close to a power plant killing 13 people as well as causing major power shortages and up to €3 billion in damage, which could equate to 20% of GDP. The glimmer of light here is that Cyprus may get EU funds for infrastructure development.
The picture still looks no rosier when you see that their banks are sitting on about €5 billion in Greek debt as well as economic trade being heavily reliant on Greece. A Greek debt default would be disastrous for Cyprus.
Then there is the government. Last week President Demetris Christofias was left trying to rebuild an administration after the cabinet resigned leaving the country without a political resolution to its problems.
Rating agencies have been downgrading Cyprus over the last few months as well, the latest by Standard & Poor’s Corp on Friday followed Moody’s earlier in the week citing concerns over the size of its banks compared to GDP (600%) and the huge effect that the naval base explosion would have on the country’s prospects.
Should the country require a bail-out it would be small enough not to be much of a bother when compared to the other recipients and potential recipients. But it does send out the message to the world that EU debt contagion is still not contained.
It could also have a very adverse effect on the country’s ability to maintain its competitive banking services.
Cyprus Financial Sector is unstable and provides no opportunities neither adaptability for the native Greek Cypriot population today.
While on the other hand we have the public sector which is filled with people that don’t provide any work to the most part, get paid a ton of money and high pension and all in the expense of the actual hard working natives and big companies that exist in the island.
Cyprus as a place for the actual native Greek Cypriots to live at, has no present and no future at all. No future at either the financial(economic) sector, apart of getting worst by paying higher taxes, working more years and getting a lower pension on the end of the day since politicians keep spending it for their luxuries.
Also neither future at social life since the social circle is worsening by the day and we even get fewer in population, nor any chance for proficiency and careers growth since pretty much anyone getting a raise (not in private sector) is because of his personal relations and not his skills or work.
So in other words, we have all grown in Cyprus as native Cypriots, but no matter what happens, even though we have the most naturally beautiful island with the best climate, our few good friends that aren’t shadowed by hypocrisy and our families, even with those ingredients, the situation is so grim that it isn’t worth living in Cyprus as a native anymore.
You would ask me why and I would gladly provide you with the reasons and facts about why. And even I dare any of those everyday lying politicians of our “non-existing†government or from the corrupted governments of the last 30 years to try and step in and find me to be wrong in any of those points.
So long talks cut short, open your eyes and read what they rub in your faces for years now:
1. Almost everyone in high government places doesn’t have anywhere near the skill or actual education for that position. They are basically useless people that took over because of personal connections to politicians.
2. In Cyprus if you want your work to be done right in the public sector, you have to go and find the low-salary people, which know how to do the job and they actually work. As higher as you go in public ranks, there is literally no way you can get any actual job finished.
3. We have an Education System (our schools) where the Lecturers and Professors (if you can call them that) qualifications doesn’t matter. If for example someone finished a top 3 ranked European University with best marks and even has additional work experience and someone else has finished a University in the middle of nowhere like for example in Greek Island like in Samos with worst ever marks, it doesn’t matter. They both count their qualifications as the same thing. They get listed as the same skill, they get drawn to the Education System as the same. Even if someone wants to contribute to the system for the actual education, he simply can’t because he is literally get fed up with how many useless people are gathered in one place in our schools.
4. Additionally our Education System is only recognized only in Cyprus and partially in Europe and nowhere else in the whole world apart from been a way mediocre university from a small island. What I mean is that no matter what they keep telling you, in Cyprus they want some low to medium paid workers that come from Cyprus University thus they keep saying about how good our university is. In actuality Cyprus University which is supposed to be the best around is struggling to even reach the top 400 Universities in Europe.
None will even care about that, apart from the usual Cypriots employers that want so called “fresh meatâ€.
5. Health Care system now in Cyprus. Talking about the worst joke ever created in Cyprus. Before the supposed “free-for-public†Health Care system was installed from taxes, almost everyone was literally visiting private doctors to get his health. Cyprus Hospitals were literally empty from patients since none wanted to visit them from the really bad doctoring it had, killing so many people from careless behaviour and stupid accidents over the years. So the government said why keep paying them from the public fund, let’s create the Health Care system were the natives will pay extra. So actually now Cypriots have to pay for a redundant and not needed Health Care system in order to have “free†treatment in Hospitals and still none use them because of th bad doctoring and they still go to private doctors to get healed. Even if hospitals are now “free-with-taxes†for people, they are afraid they going to get hurt there. Additionally the bad hospital doctors got even worse since they now have their paychecks thus they care even less for patients.
6. Now natives having less actual rights from foreigners. I do understand we are a holiday destination island, but nowhere in any country qualify of having the natives with fewer rights. Brightest example of that, which I can give, is a situation which happened in 2008. A native Greek Cypriot had a broken arm and headed for the Hospital for treatment. He was put in the line to wait from the useless doctors. After 30 minutes waiting, an actual Turk not Turk Cypriot came to the Hospital with flu. Because the Turk was considered a “foreignerâ€, he was put first in line and got a straight away free treatment. While the Cypriot with the broken arm still waited in the line, while he was paying his whole life for taxes and Health Care thing and got the worst treatment he could.
7. Tell me the last time you remember a politician or government actually doing something that will benefit the citizens in the last 30 years, apart from some rare individual cases. Not many things, just tell me once for Christ sake.
8. Additionally talking about the munitions disaster which happened. Let get Japan which had a nuclear plant and needed a whole tsunami and a lot of nature forces to actually have a disaster in their country. We managed by ourselves due to this public sector and useless military force incompetence to destroy the naval base plus the biggest power plant in our country, while everyone still hides the actual content of the containers and we have to find out from Wiki-leaks what was in the actual cargo. That’s the useless high rank officers that our Army has. Believe me I served 25 months in there. Anyone of a slightly high rank and up doesn’t have a personality. They are all people which gained their positions with foul means, have literally near to zero qualifications and they even took this position so they feel like gods that shout orders to little boys which just joined the army in their 18ies.
9. Furthermore every useless person that you grow up with from small kid and you know who they actually are and has no actual personality while never worked in his whole life has but one dream in Cyprus. Get a public job. They get the public job, never do any work and get paid. And then you people say we have deficit. That’s their dream and you pay for it.
10. Furthermore the Cyprus Pension System. The only jobs that actually generate actual work in Cyprus are the private business, which is anything that doesn’t have any relation to public services. Those people pay 6% of their salaries every month for their Pension. While public employees pay nothing and provide literally no work at all. And when the Pension time comes, the public employees get a high pension, while private business employees which were paying their whole lives, get paid way-way lower pensions. And you call that fair?
11. Let’s talk about the Stock Market collapse some years back also. Every politician was calling all strings and media to call out in people to buy shares for easy money. It went on for months and months. Corrupted media and financial advisors were getting more and more of you to buy the useless shares. Then suddenly in 2 days time the whole market collapsed. All politicians sold, you people lost fortunes, houses, get full in debt. And what they did? They called the usual “experts from abroad†to supposedly check what happened. They just got paid a huge amount of money from public fund of your paying taxes and never said who was responsible since everything was forgotten.
12. Should I also go over on for Helios plane crash? So many Greek Cypriots died in that plane crash. Meanwhile none was ever held responsible, not even a name. Guess what? Usual politicians which thought that a third airline apart of the already existing Cyprus Airlines and EuroCypria, which is ridiculous for a small island, thought that could cause some more deficits in the public fund by getting paid high salaries while doing no job. People even died, nothing ever happened. Thing got forgotten. Do you really think that anyone will ever get punished for munitions accident too?
So I call you out, any Cypriot with any sense of integrity and public sense.
As you can see Cyprus has no future and it will never have one.
Your only chance for a good life is to leave and immigrate to any other European country apart of Greece while there are chances around.
I know it is hard, but you can always come back for holidays for your families, the sun, and the beaches. Either way you were using those less or less by the years (apart of families of course).
Please don’t waste your lives, you don’t need to be an idiot for politicians and corruption your whole life.
Don’t waste your life for them, they are not even worth your nail tip.