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Are we pushing the economy?

15 January 2017

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Cyprus Economy

We also have an over enthusiastic Auditor General who on an overall basis does a good job, but then has gone overboard causing Governmental employees and others to hold back any decisions in fear of not being accused for ill doings

We have seen the announcement of the Minister of the Economy that we are out of the Troika measures and we could more or less follow our own way. And this, after Troika warned us that we are risking the economy we have not adhered with the lenders’ requirements, as yet, reporting that:

  • We have not passed the law for the reorganization for public service.

  • We have not done anything on the privatization of the public utilities.

  • We have not as yet managed to introduce a public health system.

  • These and other requirements are still pending.

The get out of the lenders’ requirements the above were prerequisites in order to get our head above the drowning water level.

For reasons which we cannot understand as yet (but must be political only) the Government is promoting its success and with the lenders saying that this is not the case and our Minister of Finance coming back saying that the lenders are incorrect.

And notwithstanding this, the Government is encouraging pay increases placing in the 2017 budget salary increases to civil servants of €20 mil. (this will be followed by the all other unions and including the semi Governmental bodies). We still live dear readers above the clouds with various Governmental top brass employees getting salaries of €200.000 p.a. (for similar jobs). Spain as an example with 70 mil. for some jobs get less). So no doubt the ever “hungry for cash” top brass, unions etc are now placing demands which will make our economy even more volatile. Even the much respected Minister of Labour has asked the employers not to reduce salaries and this notwithstanding that over the recent years we had deflation which amounts to approximately 6% an increase in the real value of income. What sort of a country are we dear readers? We wonder why we are placing the economy in danger as opposed to the interest of the country and this does not only apply to this Government but also to the opposing parties, who do just do about everything to block progress. Opposing MPs look after themselves and even their own income has been approved to be reduced by “mistake”, but once they have realised it, they say will come back to correct the error (what about the others?).

The private sector is the one which is suffering with salary reductions of around 20%-30% and with the 40.000 unemployed (surely not public servants) and this is a huge provocation for us all. What a ridiculous state of affairs dear readers that MPs with a 4 year service are eligible to get a pension (at the age of 60 and not like us all at 63 years) with the end result that we will be burdened with approximately 50 times more than their salary while in service. And as this is not enough look at the MPs standard, the recent one being the “they cannot afford to go to bouzoukia/clubs” and so many other rubbish!

So, do we have hope to get the economy and by projection the real estate market on the up? Our only hope is the aggressive Minister of Interior who keeps introducing new measures to encourage demand and development. But then he is faced with the Civil Service stubbornness and examples of disappointed foreign investors are evident with numerous full page local press publications to express their complains – and this even when we have the involvement of the President to help things out – but, then what can one man do? What a situation indeed!!

We also have an over enthusiastic Auditor General who on an overall basis does a good job, but then has gone overboard causing Governmental employees and others to hold back any decisions in fear of not being accused for ill doings (see the tragic situation on the Pafos desalination plan which we will demolish and erect another one because the procedures at the time of the desalination tenders were not correct) – see also the recent court decision against the Auditor General for being over enthusiastic, no proper investigation and having a biased behaviour.

So, here we are, with an uncertain future of the economy (the political situation apart) and with just about everybody asking for more and more. It seems that we think that we are alone in this world and that foreign investors, who are targeted by many countries, do not study the Cyprus situation. |

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