Cyprus-Forum.com

[Paphitis]

Paphitis, the collapse was entire due to corruption and greed. Mismanagement and heavy involvement in lending to Greek businesses as well as buying their junk bonds that every other nation was discarding.

The EU provided and still does a stop to malpractices in the financial world.
To have continued on the destructive course would have meant the nation going bust.

No it had nothing to do with corruption or mismanagement.

It was a Banking collapse because they bought too many Greek Bonds.

[miltiades]

Paphitis, the collapse was entire due to corruption and greed. Mismanagement and heavy involvement in lending to Greek businesses as well as buying their junk bonds that every other nation was discarding.

The EU provided and still does a stop to malpractices in the financial world.
To have continued on the destructive course would have meant the nation going bust.

No it had nothing to do with corruption or mismanagement.

It was a Banking collapse because they bought too many Greek Bonds.

Paphitis, my dear friend, you are so wrong.
Did you know that a certain Cypriot lady was found in possession of 2 million euros in her suitcase at Larnaca airport. A few calls later she was allowed to take it out!!.
Corruption amongst the ruling classes is endemic, I have witnessed many occasions blatant disregard of law and regulations.

We have a corrupt elite in Cyprus, starting from bankers, lawyers and government officials. It is who you know that counts.

[Paphitis]

Paphitis, the collapse was entire due to corruption and greed. Mismanagement and heavy involvement in lending to Greek businesses as well as buying their junk bonds that every other nation was discarding.

The EU provided and still does a stop to malpractices in the financial world.
To have continued on the destructive course would have meant the nation going bust.

No it had nothing to do with corruption or mismanagement.

It was a Banking collapse because they bought too many Greek Bonds.

Paphitis, my dear friend, you are so wrong.
Did you know that a certain Cypriot lady was found in possession of 2 million euros in her suitcase at Larnaca airport. A few calls later she was allowed to take it out!!.
Corruption amongst the ruling classes is endemic, I have witnessed many occasions blatant disregard of law and regulations.

We have a corrupt elite in Cyprus, starting from bankers, lawyers and government officials. It is who you know that counts.

Milti,

I don't doubt corruption exists in Cyprus or that it is widespread. But, even so, it existed in the past also when the economy was booming. What we saw was Banks that got too large they were left to buying junk Greek Bonds rather than buy low yield US or German Bonds and that led to a major meltdown when Greece went down the gurgler!

Also, the EU is incapable of preventing this corruption!

[B25]

Joking about what ?
You don't by any chance think that our economic mess was due to our EU membership, do you?
Some 4 years ago I visited a cousin of mine in Limassol at his plush office.
A very wealthy, on paper, man who married into a well known wealthy family. He was in the process of buying a hotel
which had closed down earlier. He rung his bank manager and asked for 2 million, today he said I want it in my account!!!

He got the money before even signing a loan agreement!! This is nepotism at its extreme.
We are in the mess we are in because "my koumparos" will see that I get what I want!!

Milti, with respect, I have done this very thing in The UK. My credit rating was that good with my bank, my manager would deposit money into my account and said sign next time you are over. This is not a Cypriot thing. My manager was English with no family ties to me.

[miltiades]

Joking about what ?
You don't by any chance think that our economic mess was due to our EU membership, do you?
Some 4 years ago I visited a cousin of mine in Limassol at his plush office.
A very wealthy, on paper, man who married into a well known wealthy family. He was in the process of buying a hotel
which had closed down earlier. He rung his bank manager and asked for 2 million, today he said I want it in my account!!!

He got the money before even signing a loan agreement!! This is nepotism at its extreme.
We are in the mess we are in because "my koumparos" will see that I get what I want!!

Milti, with respect, I have done this very thing in The UK. My credit rating was that good with my bank, my manager would deposit money into my account and said sign next time you are over. This is not a Cypriot thing. My manager was English with no family ties to me.

For 2 million ??

[B25]

Joking about what ?
You don't by any chance think that our economic mess was due to our EU membership, do you?
Some 4 years ago I visited a cousin of mine in Limassol at his plush office.
A very wealthy, on paper, man who married into a well known wealthy family. He was in the process of buying a hotel
which had closed down earlier. He rung his bank manager and asked for 2 million, today he said I want it in my account!!!

He got the money before even signing a loan agreement!! This is nepotism at its extreme.
We are in the mess we are in because "my koumparos" will see that I get what I want!!

Milti, with respect, I have done this very thing in The UK. My credit rating was that good with my bank, my manager would deposit money into my account and said sign next time you are over. This is not a Cypriot thing. My manager was English with no family ties to me.

For 2 million ??

No not quite, but that not the point, it was a saziable amount. the point being, they used to do these things of they trusted you enough. Sadly, the banks in the UK have gone to shit, you cannot even get a small OD facility with signing your life away and don't get me started on their help centre in India FFS.

[observer]

Interesting. I think that everything mentioned so far as a reason why RoC should have joined the EU is either something that has not changed from before RoC was in the EU or something that might happen in the future.

RoC has been in the EU for 10 years. Is there anything positive that has happened in the last 10 years? If not I'd say that it was a mistake to have joined the EU.

[Paphitis]

Interesting. I think that everything mentioned so far as a reason why RoC should have joined the EU is either something that has not changed from before RoC was in the EU or something that might happen in the future.

RoC has been in the EU for 10 years. Is there anything positive that has happened in the last 10 years? If not I'd say that it was a mistake to have joined the EU.

The only positive thing is political and that is so important to a country currently under illegal occupation by a country that is 100 time larger.

[observer]

Yes but what can you point to and say ... by joining the EU this has changed

[Paphitis]

Yes but what can you point to and say ... by joining the EU this has changed

The political situation means it is advantageous and vital from a security point of view that the RoC be a member of the EU.

Another thing is the bailouts so we do actually get some financial support from the EU. The methodology might be wrong, but nevertheless, they are trying to help the RoC reform and streamline the economy. They are not unconditional handouts though.