10/02/2012 13:18
DISY Vice President, Averof Neophytou stated on Friday that bank managements are responsible for the island’s economy from the crisis in Greece.
In his statements to the Parliament in response to the developments in Greece and the loan agreement, Mr. Neophytou for the first time blamed the bank managements for their exposure to Greece.
According to him, not only they were exposed with the amount of €5 billion to Greek bonds but also with the amount of €25 billion to private loans.
Mr. Neophytou invited everyone to assume their responsibilities and stressed that he will continue supporting the banking system, which is the heart of the economy.
“Indeed, there were mistakes on behalf of the Boards of the banks and the politicians. Now, we have reached the point that their mistakes burden the Cypriot citizens, the citizens who borrow, the small-medium companies that borrow”, he said.
“It is unfair the borrowers with the additional lending rates to pay the mistakes made on political and banking level”, he added.
“Justice requires that everybody must assume their responsibilities”, he stressed.
As for the financial conditions in Greece, DISY MP said that the economies of Cyprus and Greece are closely intertwined.
“Problems in Greece are now beginning”, Mr. Neophytou said and wondered whether the agreement will indeed lead Greece to the end of the crisis or will sink it further into recession.
He expressed his uncertainty about whether Greeks will withstand the new sacrifices and wished that the new measures will be to the positive direction.
“If the Greek economy fails to start growing even after the new agreement and the new memorandum, we will have our own problems”, he concluded.
In his statements to the Parliament in response to the developments in Greece and the loan agreement, Mr. Neophytou for the first time blamed the bank managements for their exposure to Greece.
According to him, not only they were exposed with the amount of €5 billion to Greek bonds but also with the amount of €25 billion to private loans.
Mr. Neophytou invited everyone to assume their responsibilities and stressed that he will continue supporting the banking system, which is the heart of the economy.
“Indeed, there were mistakes on behalf of the Boards of the banks and the politicians. Now, we have reached the point that their mistakes burden the Cypriot citizens, the citizens who borrow, the small-medium companies that borrow”, he said.
“It is unfair the borrowers with the additional lending rates to pay the mistakes made on political and banking level”, he added.
“Justice requires that everybody must assume their responsibilities”, he stressed.
As for the financial conditions in Greece, DISY MP said that the economies of Cyprus and Greece are closely intertwined.
“Problems in Greece are now beginning”, Mr. Neophytou said and wondered whether the agreement will indeed lead Greece to the end of the crisis or will sink it further into recession.
He expressed his uncertainty about whether Greeks will withstand the new sacrifices and wished that the new measures will be to the positive direction.
“If the Greek economy fails to start growing even after the new agreement and the new memorandum, we will have our own problems”, he concluded.
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