A quick catch-up and my opinion on Cyprus’s deposit haircut

Hello Readers. Sorry for the long delay between blogs but I’ve been pretty busy those last days.

Last week it was the Leicester Showcase where every year all the dance societies perform some of their acts. Our Dance sport Team had a 10min performance to which I took part. This required a lot of practice and so a lot of my time was devoted to this. This is something I never regret doing, despite my busy schedule, as I really enjoyed it and after this I don’t know when I will get the chance to perform something for an audience again.

In addition, many deadlines were looming just around the corner. I always try my best on those assignments even though they only count for the 20% of the whole mark. You never know how you will feel during the exam period and what may go wrong so is good when you know that you have a chance to increase your grades. I never underestimate the value of an assignment and I am so happy that 2 years ago our Department decided to implement this new system.

On top of that, since last Saturday a particular news topic caught my eye and since then I follow each bit written/said about it. I would never believe that my small island would become the centre of attention and all the newspapers in Europe (and not only) would have huge headlines about this.

Can you imagine waking up on a Saturday morning and being by 10% poorer because the IMF decided to levy a tax on your deposits? Yes, Cyprus has asked indeed for a bailout but the way they treated us was just unfair. Why haven’t they implemented this measure to any other countries? Their aim is to tackle the banking sector and the Russians who use the island for tax evasion and money laundering. They have a vision of a common banking system everywhere in Europe.

What they don’t understand is that “nation building”, as American call it, cannot be done in a country in just 24hrs. You cannot destroy a country and re-built it the way you like. Cyprus’s banking system and foreign investments are its oxygen.

What is even worse, is  that they put Cyprus on target when is not the only country that has a different banking sector. Why don’t they chase down Switzerland, Luxemburg or Malta that have low tax rates too? Or Latvia, for its money laundering?

This anger of mine has nothing to do with the fact that Cyprus is my birth place but with the hypocrisy from the European “friends”. It seems that nowadays the vision of a united Europe has vanished.

Yesterday night this measure was rejected from the Cyprus parliament as it was expected. What is going to happen now? Nobody knows! What is true, is that this measure will have a negative impact on the Euro Zone as any  resident in any country now has a rational fear if its deposits in the banks are safe.

Tomorrow is a new day and a new page awaits to be written.

Until next time, take care! 🙂


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About Pantelis

Pantelis graduated from the University in Summer 2013 and is no longer blogging for this site.

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