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Cyprus Eastern Forum Index » Coffee Shop Chat » Blackmail and Meltdown
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Blackmail and Meltdown 
Post: #1   PostPosted: Tue Dec 18, 2012 7:26 am Reply with quote
2diffs
Joined: 19 Feb 2009
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Location: Dheryneia

 
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
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Post: #2   PostPosted: Tue Dec 18, 2012 7:51 am Reply with quote
geoffreys
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Location: Agios Georgios Acheritou Refugee Camp.

 
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
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Post: #3   PostPosted: Tue Dec 18, 2012 7:52 am Reply with quote
eddiewizz
Joined: 09 Apr 2008
Posts: 1467
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Location: Oroklini and MANCHESTER UK

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

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Post: #4   PostPosted: Tue Dec 18, 2012 7:55 am Reply with quote
2diffs
Joined: 19 Feb 2009
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Location: Dheryneia

 
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
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Post: #5   PostPosted: Tue Dec 18, 2012 8:01 am Reply with quote
2diffs
Joined: 19 Feb 2009
Posts: 2335
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Location: Dheryneia

 
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 Laughing
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Post: #6   PostPosted: Tue Dec 18, 2012 8:10 am Reply with quote
Tangutica
Joined: 11 Jul 2008
Posts: 11935
Pictures: 26

 
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 Laughing

Very Happy
You made me splutter my coffee!
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Post: #7   PostPosted: Tue Dec 18, 2012 8:33 am Reply with quote
scottie
Joined: 01 Feb 2012
Posts: 7521
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Location: kapparis

 
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 Laughing

Very Happy
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 Laughing Laughing Laughing
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Post: #8   PostPosted: Tue Dec 18, 2012 9:05 am Reply with quote
mac69
Joined: 21 Feb 2010
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Can't Cyprus just print more money like the UK does ?
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Post: #9   PostPosted: Tue Dec 18, 2012 9:15 am Reply with quote
spanner
Joined: 07 Aug 2008
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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!

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Post: #10   PostPosted: Tue Dec 18, 2012 9:21 am Reply with quote
geoffreys
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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 Laughing


That's the good news, along with my Christmas Bonus, but how about answering my question?
Geoff
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Post: #11   PostPosted: Tue Dec 18, 2012 10:04 am Reply with quote
Andrew Brooks
Joined: 15 Nov 2007
Posts: 2736
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Location: Larnaca

 
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 Laughing


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.
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Post: #12   PostPosted: Tue Dec 18, 2012 10:10 am Reply with quote
geoffreys
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Posts: 7434
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Location: Agios Georgios Acheritou Refugee Camp.

 
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 Laughing


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
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Post: #13   PostPosted: Tue Dec 18, 2012 10:52 am Reply with quote
bmelany88
Joined: 31 Jul 2011
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Location: larnaca

 
this is just so great .... Sad 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
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blackmail meltdown 
Post: #14   PostPosted: Tue Dec 18, 2012 11:00 am Reply with quote
moatkinis
Joined: 14 Jul 2010
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Location: Pernera/Lincoln

 
andrew brooks have you got A prop with people geting IT or what
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Post: #15   PostPosted: Tue Dec 18, 2012 11:53 am Reply with quote
bill
Joined: 20 Mar 2006
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Location: nice n sunny cold at night oroklini on the mossie breeding grounds

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

Laughing Laughing Laughing Laughing Laughing

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Post: #16   PostPosted: Tue Dec 18, 2012 12:24 pm Reply with quote
expat observer
Joined: 07 Nov 2010
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Location: limassol

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

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

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Post: #17   PostPosted: Tue Dec 18, 2012 12:37 pm Reply with quote
geoffreys
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Location: Agios Georgios Acheritou Refugee Camp.

 
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
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money the lack off it 
Post: #18   PostPosted: Tue Dec 18, 2012 1:16 pm Reply with quote
kokkinos
Joined: 14 Oct 2005
Posts: 1046
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Location: oroklini

 
hows about all the goverment fat cats digging in to there saveings and forgoing there wages till after the loan is paid Smile
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Post: #19   PostPosted: Tue Dec 18, 2012 1:24 pm Reply with quote
Jacs
Joined: 12 Aug 2007
Posts: 2720
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Location: Swansea/Kapparis

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

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Re: blackmail meltdown 
Post: #20   PostPosted: Tue Dec 18, 2012 3:25 pm Reply with quote
Andrew Brooks
Joined: 15 Nov 2007
Posts: 2736
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Location: Larnaca

 
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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Blackmail and Meltdown 
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