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The new President - Anything Changed?

11 February 2017

 

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Cyprus Goverment Ministers 2018

We have to wait and see who the new council of Ministers members will be and its initial decisions will indicate the direction that we will be leading for the coming 5 year period.

This right wing politician had to make all sorts of compromises in order to attract floating voters and others (around 25%) and in his efforts to do this, he has made all sorts of promises regarding subsidies and handouts, that it reminded us of the ex-president Christofias (left wing-Communist) who in his efforts to become more popular had the Cyprus economy almost reaching to bankruptcy. This right wing politician had to make all sorts of compromises in order to attract floating voters and others (around 25%) and in his efforts to do this, he has made all sorts of promises regarding subsidies and handouts, that it reminded us of the ex-president Christofias (left wing-Communist) who in his efforts to become more popular had the Cyprus economy almost reaching to bankruptcy. It appears that our politicians do not learn that going out for a spending spree may attract some, but scares many others who do not appreciate this and put a minus on a president who in his effort to be elected, does not necessarily pay full attention to the sustainability of the Cyprus economy and its effects as long as he gets elected.

As far as the Cyprus political situation is concerned the two second round candidates agree on the parameters and this is “good” news in the sense that both agree on the principles of the political solution. On the other hand, the elected president does not have a majority in the House of Representatives and he will have an almost impossible job to get bills through. It appears that major issues such as those regarding the re-organization of the local Government, the union demands and various other bodies always asking for more will not be supported by the middle of the road party which seems to have a personal grudge against the new president, an empathy which is personal and not healthy. So we expect troubles in the economy ahead.

Regarding to Cyprus economy which is based on tourism and property development/sales to the foreign market, we do not foresee any particular problems, but regarding other items and regarding the demand for cost of living indexation to be reintroduced is the result of the sickening competition between political parties, who will test the economy regardless. This situation might place the Cyprus economy in danger and just as well that we have the E.U. and the international rating bodies to warn us about it and the dangers that we might follow. The N.P.Ls is a major issue and so far the previous Government has made some efforts to assist towards this problem, but is this a problem that we can see a major improvement over the coming years? Doubtful but the efforts are there and the encouragement of the increase of loans and the better management of the financiers balance sheet are some indicators. A negative development will be the possible departure of the Bank of Cyprus CEO Mr Hurigan, who, although we understand that he is not staying after end 2018 he came to know us Cypriots and our way of thinking and for a new one to come on board must have similar talents. No one is irreplaceable but it is a point to note. Of course much of the improvement of the Cyprus economy will depend also on the gas finds, which might be most helpful, but it will take a few years from now (if we find a feasible volume) to materialize.

A case study for scholars should be in hand for everybody to study. Another loss will be if the existing economy Minister Mr H. Georgiades, is not included in the new Government and for the same reason it was a loss with the ex-minister of the Interior Mr Hasikos whose forceful nature on real estate etc is missed. It is a fact that Ministers place their own “stamp” on matters and it is important to note who the new people will be. Who on earth knew the ex-minister of Health Mr Pamborides, who has progressed the National Health system after the previous 3 Ministers have failed? We need him for at least another 5 year period to make the system work.

What do we expect from the new Government regarding the building/real estate industry?

  • Improvement of the procedures regarding the issue of permits (study with details submitted by us).

  • Limitations on the red tape procedures regarding the title issues (proposal submitted by us in detail).

  • Revision of building density upwards regarding mainly the beach plots and the results of this has been shown in the improvement of the hotel quality and the construction of new ones.

  • The drastic improvement of the legal system procedures (submitted by us) is another related matter.

  • Etc

We have to wait and see who the new council of Ministers members will be and its initial decisions will indicate the direction that we will be leading for the coming 5 year period.

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