29/11/2002 17:20
Ninety-page “Memo” by the Finance Minister
The ninety-page “Memo” brought out by the Ministry of Finance contains analytical tables accompanied by Ministry’s remarks over the economic parameters of the Annan plan. According to “Stockwatch”, the “Memo” refers to the need for a consolidated regulatory body for the CSE, the Banking system and the insurance sector, that are to belong to the Central State.
The aforementioned tables contain outlines with data and numbers with regard to the Budgets of the Common and the two component states in accordance to the provisions of the UN peace plan and based on the standard of living and the economic indices of the Cyprus Republic and Northern Cyprus.
The Ministry’s “Memo” further includes proposals (with footnotes to tables) that recommend changes in several provisions and competences, differentiations, clarifications and other recommendations if the UN plan is to be set under negotiation. The Ministry stresses: a) the need to clarify the critical issue of economic relationship and interconnection between the two “states” with the Common State by introducing new mechanisms for the wiping out of all obstacles against the setting up of budgets, b) the relationship between the “Two” and the separate competences and administration responsibilities, c) the provisions for economic discipline of the component states to the Central State and the EU instructions, e.g. public debt, deficit, etc.
d) the period of time for the diminution of the gap between the two economies and the cost of the Greek Cypriot standard of living, ahead of the need to adjust with the Turkish Cypriots, e) the cost of compensation and resettlement of the Greek and Turkish Cypriots, f) the process of distribution and administration of the community items to component states, g) the cost required for the maintenance of a healthy economy in free Cyprus, with negative consequences for the development of the economic indices on the one hand, and the accession of the island in the Eurozone on the other.
The Finance Ministry is expected to submit the “Memo” to the Public Prosecutor, Alekos Markides.
The ninety-page “Memo” brought out by the Ministry of Finance contains analytical tables accompanied by Ministry’s remarks over the economic parameters of the Annan plan. According to “Stockwatch”, the “Memo” refers to the need for a consolidated regulatory body for the CSE, the Banking system and the insurance sector, that are to belong to the Central State.
The aforementioned tables contain outlines with data and numbers with regard to the Budgets of the Common and the two component states in accordance to the provisions of the UN peace plan and based on the standard of living and the economic indices of the Cyprus Republic and Northern Cyprus.
The Ministry’s “Memo” further includes proposals (with footnotes to tables) that recommend changes in several provisions and competences, differentiations, clarifications and other recommendations if the UN plan is to be set under negotiation. The Ministry stresses: a) the need to clarify the critical issue of economic relationship and interconnection between the two “states” with the Common State by introducing new mechanisms for the wiping out of all obstacles against the setting up of budgets, b) the relationship between the “Two” and the separate competences and administration responsibilities, c) the provisions for economic discipline of the component states to the Central State and the EU instructions, e.g. public debt, deficit, etc.
d) the period of time for the diminution of the gap between the two economies and the cost of the Greek Cypriot standard of living, ahead of the need to adjust with the Turkish Cypriots, e) the cost of compensation and resettlement of the Greek and Turkish Cypriots, f) the process of distribution and administration of the community items to component states, g) the cost required for the maintenance of a healthy economy in free Cyprus, with negative consequences for the development of the economic indices on the one hand, and the accession of the island in the Eurozone on the other.
The Finance Ministry is expected to submit the “Memo” to the Public Prosecutor, Alekos Markides.
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