Cyprus News | Banking Crisis Impact on Tourism


Cyprus News | Banking Crisis Impact on Tourism

It was very interesting to read this from a blog in the ROC.

“There can be no doubt of the impact the banking crisis has brought to all the financial, business and tourist sectors in the south.

Walking in the streets of Larnaca, Paphos, Limassol and other tourist destinations reveals this as fact. You can play ‘spot the tourist’.

When you read of the way the banks have shamelessly given preferential treatment to its board members it is little wonder that the hard working Cypriot people feel short changed (forgive the pun) by those they entrusted with their money and the Government who sat back and let it happen.

Lack of good auditing practices, lack of supervision of the banks, lack of policing its policies and lack of strong Governance led to the crisis in the banking system and its reputation in the ROC.

The 64,000 dollar question (do they have $64,000 dolars?) has to be ‘ will they learn from this and make sure it never happens again’? Only time will give us that answer.” [North Cyprus Property]

This will be written as a very dark period in the history of this beautiful island. However in the interest of being even handed, it has to be noted that in the north of the island, the banks are not averse to treating themselves better than the they treat their investors – NCFP

In a world where cash in no longer king, we are all forced to use banks. It would be nice to be able to do so without fear.

Power to the people

Citizen Smith

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