Cyprus Bailout | Rift Between South’s Banks and Government

Cyprus Bailout | Rift Between South’s Banks and Government

It has been said that there is a rift between the Bank of Cyprus and the new Government. So what?

Perhaps that is the healthiest news I have read so far. Too tight a relationship between the two is probably how this mess has been allowed to fester and grow.

No more banks employing relatives and friends with no experience and little intelligence. No more cronyism, no more nepotism which goes hand in glove with corruption. How ridiculous is it to employ people based on relationship and not ability? More so when those same people are charged with looking after our money. No more promotions based on familial ties. The Government should keep a close eye on the banks and especially on the Bank of Cyprus and, if it does not already exist, a Banking Ombudsman should be appointed.

You only have to look at some of the massive loans made, not least to Greece, to realise, financial savvy has been very low in the past.

This new Government inherited a ‘smoking gun’ from its predecessor, it has gotten to grips with the situation early in its tenure and it is to be hoped the voting public realise this. This situation could only have been avoided by previous governments acting earlier and taking a firmer control of a banking system that was clearly ‘out of control’.  To blame this government for the sins of the past would be unfair and untrue. It is unfortunate that the current leadership has allowed the situation to hobble from crisis to crisis but it has to be said, there is no blue print, no previous experience to learn from.

Well there is now, and if this government allows the former status quo to return, I do not believe its people will ever forgive them.

Power to the people

Citizen Smith

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