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The state of the financial system impacts the state of the property market, each straight (gross sales costs) and not directly (troublesome loans). With out being essentially specialists on the financial system, we perceive that the way in which out of the prevailing state of affairs is to encourage growth and enterprise enlargement, so as to add confidence to these daring traders, particularly these concerned in massive initiatives and cut back paperwork. We can even add that we’d like some type of “financial system patriotism” by all of us, so the person “sacrifice” massive or small can profit the entire nation.
As we have now famous excessive measures don’t rally the patriotic feeling that we’d like (see Greece with the bombing reactions and so on and extra lately in France with the pension proposals).
Our Authorities, we can’t say, it will get prime marks in its financial system administration. This Authorities has inherited from the earlier Authorities ½ bil. extra and over the two years of its governance, it has managed to spend all of it and borrow one other 1½ bil. Financial reviews together with that of the E.U. and the Governor of the Central Financial institution encourages this Authorities to chop down spending with the first consideration the wage invoice of the civil service. But, whereas the civil service accepts a discount of salaries for all incoming wages for brand new incoming employees, this Authorities doesn’t agree with (civil servants get roughly 1.75 time greater than equal jobs within the personal observe) and all this, however the truth that the opposing events agree with the discount!! Governmental spending contains additionally initiatives that aren’t essential these which can assist the Cyprus financial system over the fast future. The Tradition Heart (which can price round 100 mil.) is an instance, as is the brand new Pafos-Polis highway (however the truth that we’re all for it, it might be postponed by 1-1½ years), the Akamas nationwide park (estimated price over 250 mil.) and numerous smaller however quite a few “voting chasers initiatives” which quantity to 15-20 mil.
As if all these weren’t sufficient, we have now a state of affairs with the Qatar funding, which may quantity to over 150 mil. upfront money, plus the remaining fringe advantages from this 55.000 sq.mts. growth (together with the institution of a enterprise hub for the gulf states and emirates). Our expertise to date is that opposing politicians will do nearly every little thing to cancel the mission regardless, numerous professionals emanating purely from personal promotion/jealousy and so on have adopted a small-mindness strategy and nobody is contemplating what the impacts shall be if the Qatar fund pulls out and the “message” that this shall be handed on to worldwide traders (we have now invited as Authorities the Qatar fund to take a position after which we stated no!!).
The very unhealthy dealing with of Eurocypria airline, which is shutting down at a price of 50 mil. (the injury to Cyprus tourism aside), is an addition of the entire very unhealthy state of affairs.
One other facet, indirectly associated to the financial system, however associated to actual property gross sales overseas, is the extent of safety. The extent of particular person safety’s feeling is falling, however nonetheless it has retained its European third finest secured place, as a result of the opposite nations are additionally having a deteriorating state of affairs. Purse thefts are rising, organized crime (referring to prostitution and playing) is rising and problematic/violent conduct (see soccer matches) is the extraordinary state of affairs. But the Chief of Police complain that 25% of the newcomers law enforcement officials are ladies and that % is rising quick and his suggestion to have a ladies’s quota has been rejected (an enormous mistake), so in a number of years who’s going to deal with the evening policing, the drags raids and soccer hooligans?
These are a few of the factors that bother us and we needed to share our ideas with you. The financial system and its prospects rely on many elements, native and worldwide, however could also be on the finish of the day, we, as Cypriots, sit again and chill out like nothing is going on, driving a automotive down hill with rising velocity? Ought to the financial system not be above political ambitions and will we not ask politicians to mission themselves for the good thing about the financial system of the nation?
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Source by Antonis Loizou