Cyprus News | Greek Cypriot Elections – 17 February 2013

Cyprus News | Greek Cypriot Elections - 17 February 2013Cyprus News | Greek Cypriot Elections – 17 February 2013

When privately held Greek bonds lost over 70% of their value, Greek Cypriot banks lost €4.5bn and the south overnight lost 25% of its GDP. For that reason Sunday’s elections, for the first time since 1974, are not about the Cyprus Problem but instead are about a failing economy. The south has run out of money, the equivalent of an individual having ‘maxed out’ out their credit cards and overdraft facility and possibly having only the family silver left and the goodwill of friends and relations. They of course are going to be billionaires next year because of gas revenues but meanwhile, on Sunday, someone new will be shouldering the responsibility as President and that person will in all probability be the conservative opposition DISY leader Nicos Anastasiades.

Nicos Anastasiades is a lawyer, founder of Nicos Chr. Anastasiades & Partners. He graduated in law from the National and Kapodistrian University of Athens and completed postgraduate studies in shipping law at University College London (University of London). Interestingly, he supported the Annan Plan despite 61% of his party rejecting it and even calling for his resignation. Anastasiadis further upset Greek Cypriots by sending a letter to the European Parliament alleging that the government trampled on free speech and human rights during the campaign. [1]

So, what will Nicos Anastasiades do when he becomes President? Well one thing he won’t be doing, apparently, is pre-selling the controversial ‘Greek Cypriot gas reserves’.[2] Nice sentiment but that means that he’d be saying goodbye to short-term cash he may discover he’d be desperately needing. He has also suggested the idea of the electorate being able to put forward ideas for legislation as long as 10,000 signatures supporting it can be collected within 4 months. I wonder how many will support a law removing British bases, for example, and what the new President would actually do with these legislation ideas? [3]

However, whatever the new President believes he will be doing, in reality, in my opinion, ‘whoever pays the piper calls the tune’.

[1] Wikipedia – Nicos Anastasiades
[2] Cyprus Mail – 15/2/2013
[3] Cyprus Mail – 12/2/2013


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