Cyprus bailout next?

[Dr Mordrid]

After reading that and some research on my own, you have my sincere sympathies - you guys are screwed until your govt changes.

[Brian Ellis]

Read the readers' comments at http://www.cyprus-mail.com/cyprus/ch...-mari/20120602 to get an idea how well our President is respected!

[Dr Mordrid]

This is why I prefer 2 dominant parties, term limited chief executives, and bicameral legislatures with different apportionment methods.

Fortunately here in Michigan we have some pols who while having different philosophies are 'honest brokers.' Our Governor is Rick Snyder, a conservative Republican businessman - not a career politician. He appointed as his Treasurer Andy Dillon, a fiscally pragmatic Democrat who was previously Speaker of the House, to guide his financial reforms.

Between them they've taken us from a $1.7 billion deficit to a $450 million surplus in 1 year by reforming regulation, the tax code, public employee benefits and retirement packages (both massively excessive), schools (partly), and setting up a system to temporarily take over the finances of failing municipalities and school districts and set them right. Now the biggest argument in the legislature is what to do with the surplus

There was a lot of screaming & yelling and there's more to do, especially with the schools, but it got done and now we have the 6th fastest growing economy in the US.

[Brian Ellis]

The next Presidential elections are in February for a 5-year stint. He has declared he won't stand for re-election, but there's plenty of time to change his mind.

The party system here does not help:
The three main parties are
AKEL, pseudo-communist with a slightly Stalinist flavour, very popular (up to recently)
DIKO, centrist, slightly to the right. After the last Presidential elections, coalesced with AKEL to form the government, but left the coalition last year.
DISY, right wing (not extreme), opposition

Then there are four minor parties with extreme right, centrist left, socialist and green badges. These have failed to find a common candidate for next year's prezzie elections.

DISY's boss is standing for next year, but he is not popular.
An ex-AKEL (thrown out for misconduct) independent is standing but is an idiot (he has said he will leave the country if he doesn't get 3% of the votes)

Quite frankly, I can't see a single potential candidate who is not corrupt and whose wing-span is sufficient to keep him afloat. The political class is currently at an all-time low.

It is not helped because parliament is unicameral, which places the government in a legislative as well as executive position, while the judiciary are not totally independent with the Attorney-General a presidential nominee. Up to now, this system has ± worked, but is currently close to total failure.

Give or take, there are 200,000 adult males in the country and 200,000 political parties (the women are told by the men what their politics are!). Without being patronising, at least 195,000 of them think they are God's gift to humanity with a mentality to match. OK, perhaps 190,000! It is said that they drive with the car window open and their arm hanging out because they need to beat their donkey to make it go faster; this is not true, as they use their right hand to hold their cellphone to their ear or to send text messages. There are a lot of very intelligent Cypriots, but they are too intelligent to go into politics. Those who do go are generally there for the glory and not to pay their speeding fines.

To misquote the Bard, there is something very, very rotten in the State of Cyprus. But it's a great place to live!!!!

[Dr Mordrid]

Jumpin' Jesus How long is his term, or is this a parliamentary system where as long as his party's in power and he pays them off with ministerial appointments he has a job ????

[Brian Ellis]

It is a President and government gone mad. The President is a paranoid megalomaniac who brooks no opposition. He refused to speak with the Governor of the Central Bank for years because the latter was warning him about economic policies driving the country to ruin. (The Governor was recently replaced by a presidential poodle). In the past year, we have had 3 Ministers of Finance who have tried to cut public spending, but have been thwarted by the President. The present one can't make up his mind.

Of 3 main commercial banks, Laiki exposed itself to tens of billions of losses through over-exposure to Greek Bonds. The President has promised a government bail-out if necessary, without saying where the money is coming from. The Bank of Cyprus is also exposed by billions but is less in danger. The Hellenic Bank can take its losses (millions) in its stride. All 3 have been classed as junk by the ratings agencies despite profitability of Hellenic.

The EU can't make head nor tail of what is happening, any more than anyone else.

When Prezzie was elected, he had a popularity rating of >70%: today <20%. No way to impeach him. He alone is to blame (apart from the commercial banks and their exposure to Greek debt). He weasels himself out of every awkward situation. Last year's explosion that killed 13 and seriously injured many tens more and destroyed our electricity supply has not helped him. He commissioned an independent enquiry which blamed him personally for the catastrophe; he responded by denying any responsibility and putting the blame on everyone else, including two ministers in his government who are being prosecuted for manslaughter etc., while he has weaselled his way out, Scot-free.

Corruption and nepotism has bounded upwards in his 4 years in power.

See http://famagusta-gazette.com/index69.htm and http://www.cyprus-mail.com/ for all the complexities and contradictions in the situation. Read back a few days to get the flavour that Cyprus, a prosperous country 4 years ago, is now morally and economically bankrupt.

[Dr Mordrid]

http://english.alarabiya.net/article...05/218792.html

OK Brian, hat's the skinny? Is it really Greek debt, the local pols deflecting, or both?