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View The Full Original Topic: Blackmail and Meltdown


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Posted By: 2diffs

How is it these guys with all the information available to them, cannot see that they have screwed up, they are in a hole and they have now struck quicksand.
Quote:
CYPRUS will default within the next few days unless the additional financing needs until the end of the year are met, Finance Ministry Permanent Secretary warned on Monday.
Christos Patsalides attended a meeting of the Parliamentary Committee of Financial and Budgetary Affairs, which discussed the government’s request for a loan from its profit-making semi-state organizations, Cyprus Telecommunications Authority (Cyta) and Cyprus Port Authority (CPA), which would assist the state to cover its operational expenses and mainly to pay the 12th the 13th salary in the public sector.
CPA already decided to grant the government with a loan of 38 million plus a further €12 million if needed, whereas Cyta decided to lend the government with €100 million from the employees pension fund, which sparked reaction among the Cyta employees.
"If these additional financing needs are not met we will be talking about a default within the coming days," Patsalides said, adding that such possibility will drag the semi-governmental organizations along as the state will be downgraded to the level of selective default, which would in turn mean the annulment of the state guarantees for loans made by semi-governmental organizations .
He called on every one to realize the critical situation Cyprus is facing and to grant the loans requested by the government, adding that all other alternatives have been either exhausted or cannot be implemented.
Patsalides said that the government needs to secure €420 million until the end of December, adding so far €170 million have been secured from other internal sources. Hence, he said, the shortfall is currently at €250 million.
So if the SGO's don't pay up then all bets are off and they loose their bank/state Guarantees, but if they pay up now, next month the begging bowl will be out again for another handout guaranteed by the state or else.
http://famagusta-gazette.com/cyprus-to-default-unless-additional-financing-needs-are-met-says-finmin-p17552-69.htm



Posted By: geoffreys

Not sure about blackmail, but economic meltdown now seems inevitable here. What I am not clear on is how this will affect us British Expat retirees here??? Geoff

Posted By: eddiewizz

Well at least the sun shines everyday and the beach is free!!!!! Oops its raining today.... :shock:

Posted By: 2diffs

Blackmail achieved, Ports Cyta and EAC pensions are now at risk.
Merry christmas state employees!
    Quote:
  • THE ELECTRICITY company (EAC) last night approved a state request for a €100 million loan following a stark warning that without the cash the government would default in the next few days.
    “If these additional financing needs are not secured we will be talking about a state default in the next few days,” finance ministry permanent secretary Christos Patsalides told the House Finance Committee earlier yesterday.
    Patsalides said this would also drag semi-government organisations under, since it would put the state into selective default and annul any guarantees given to them.
    Telecommunications company CyTA had already agreed to lend the state €100 million - through three-month bonds - on condition that the


Posted By: 2diffs

  • geoffreys wrote:
    Not sure about blackmail, but economic meltdown now seems inevitable here.
    What I am not clear on is how this will affect us British Expat retirees here???
    Geoff

Cheer up Geoff, you are getting the winter fuel allowance :lol:

Posted By: Tangutica

  • 2diffs wrote:
    • geoffreys wrote:
      Not sure about blackmail, but economic meltdown now seems inevitable here.
      What I am not clear on is how this will affect us British Expat retirees here???
      Geoff

    Cheer up Geoff, you are getting the winter fuel allowance :lol:

:D
You made me splutter my coffee!

Posted By: scottie

  • Tangutica wrote:
    • 2diffs wrote:
      • geoffreys wrote:
        Not sure about blackmail, but economic meltdown now seems inevitable here.
        What I am not clear on is how this will affect us British Expat retirees here???
        Geoff

      Cheer up Geoff, you are getting the winter fuel allowance :lol:

    :D
    You made me splutter my coffee!

I have just offered my fuel allowance to the government in the hopes it may help the poor souls out :lol: :lol: :lol:

Posted By: mac69

Can't Cyprus just print more money like the UK does ?





Posted By: spanner

  • mac69 wrote:
    Can't Cyprus just print more money like the UK does ?

A kiosk owner in Larnaca was doing that recently, but the police didn't like it!

Posted By: geoffreys

  • 2diffs wrote:
    • geoffreys wrote:
      Not sure about blackmail, but economic meltdown now seems inevitable here.
      What I am not clear on is how this will affect us British Expat retirees here???
      Geoff

    Cheer up Geoff, you are getting the winter fuel allowance :lol:

That's the good news, along with my Christmas Bonus, but how about answering my question?
Geoff

Posted By: Andrew Brooks

  • geoffreys wrote:
    • 2diffs wrote:
      • geoffreys wrote:
        Not sure about blackmail, but economic meltdown now seems inevitable here.
        What I am not clear on is how this will affect us British Expat retirees here???
        Geoff

      Cheer up Geoff, you are getting the winter fuel allowance :lol:

    That's the good news, along with my Christmas Bonus, but how about answering my question?
    Geoff

Enjoy it while it lasts ! Heard on the radio today that the Tories are planning to do away with age related winter fuel allowances, bus passes and free prescriptions.

Posted By: geoffreys

  • Andrew Brooks wrote:
    • geoffreys wrote:
      • 2diffs wrote:
        • geoffreys wrote:
          Not sure about blackmail, but economic meltdown now seems inevitable here.
          What I am not clear on is how this will affect us British Expat retirees here???
          Geoff

        Cheer up Geoff, you are getting the winter fuel allowance :lol:

      That's the good news, along with my Christmas Bonus, but how about answering my question?
      Geoff

    Enjoy it while it lasts ! Heard on the radio today that the Tories are planning to do away with age related winter fuel allowances, bus passes and free prescriptions.

Well not quite correct, it was Nick Clegg suggesting it and that it should be means tested. Another rift in the coalition Govt!
What he did NOT say was what the threshold would be, but on my income means testing don't bother me! I would still get it.
Geoff

Posted By: bmelany88

this is just so great .... :( few months before they said that it was a great year for the turism well what about that money? I read in one Hungarian newspaper that the situation of cyprus is worse than Greece,i tought it is lie but it looks they knew very good

Posted By: moatkinis

andrew brooks have you got A prop with people geting IT or what

Posted By: bill

  • eddiewizz wrote:
    Well at least the sun shines everyday and the beach is free!!!!! Oops its raining today.... :shock:

:lol: :lol: :lol: :lol: :lol:



Posted By: expat observer

  • mac69 wrote:
    Can't Cyprus just print more money like the UK does ?

no because the ECB controls the printing press....

Posted By: geoffreys

  • expat observer wrote:
    • mac69 wrote:
      Can't Cyprus just print more money like the UK does ?

    no because the ECB controls the printing press....

Is it Germany who controls the ECB these days by any chance??
Geoff

Posted By: kokkinos

hows about all the goverment fat cats digging in to there saveings and forgoing there wages till after the loan is paid :)

Posted By: Jacs

Or perhaps the fatcats can open some of the big brown envelopes stashed with cash they have hidden away. Think its called Karma.

Posted By: Andrew Brooks

  • moatkinis wrote:
    andrew brooks have you got A prop with people geting IT or what

moatkinis don't have a prop with it at all and i should listen more carefully before reporting


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