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Greek Crisis

Posted: 21 Jun 2011 21:15
by andy0101
Hi Nigel

I am keen to know your thoughts on what the current Greek crisis will mean to Cyprus.

Will the euro devalue even more? meaning further increase of mortgage payment to us foreign investors,will the banks collapse in Cyprus as most are Greek banks?

Will Cyprus dump the euro?

All very worrying times is this part 2 of the financial crisis and we havent even recovered from the first


Re: Greek Crisis

Posted: 22 Jun 2011 08:52
by Nigel Howarth
Hi Andy,

In the early hours of today Papandreou survived a confidence vote on his govt's handling of Greece debt crisis. We can only hope that he will be successful in implementing the austerity measures and privatising state-owned businesses.

None of the economies will be protected if Greece collapses. It will affect Sterling as well as the Eurozone.

Cyprus is small fry in economic terms - if its economy collapses here it will have virtually no impact on anyone else. As for what Cyprus will do if its economy were to collapse is difficult to say. The island's politicians were in denial mode that there would be any problems here in the first place.


Re: Greek Crisis

Posted: 23 Jun 2011 13:58
by clive of payia
Greece is unfortunately now doomed. It has no choice but to renage on the bailouts and will eventually leave the euro and the EU, Germany will see to that, if nothing else than as a lesson to the other debtor euro countries.

The Cyprus banks are deeply into Greek debt along with the billions, nine was the last figure I saw, of outstanding, accumulating loans/mortgages, developers have taken out on property purchasers land which the purchasers are shortly to tell them they will not and cannot pay the loans off to obtain their title deeds. If you aren't selling you don't need them. Unless of course the Cyprus Goverment goes the next step and make the new property laws compulsory and enforces them. They may have no choice but to do that if they are to recoup the huge amounts of money involved into the State coffers. We wait and see.

Re: Greek Crisis

Posted: 23 Jun 2011 21:53
by mslambs
On the same point - our mortgage is with the national bank of greece (cyprus) - If they collaspe what does this mean fo our mortgages?

Re: Greek Crisis

Posted: 23 Jun 2011 22:18
by Pantheman
mslambs wrote:On the same point - our mortgage is with the national bank of greece (cyprus) - If they collaspe what does this mean fo our mortgages?
means either they call it in or sell it to someone else.

If you thought it would be erased, sorry, but that just will not happen.

Re: Greek Crisis

Posted: 05 May 2012 16:10
by Pantheman
gfere40 wrote:Hi there,
ok there is a big problem in Greece the finacial crisis, but why this will affect Cyprus? I think Cyprus made some serious moves to avoid that. AOZ, partnership with USA & Israel, strong finance countries. Greece is trying that now. So I would not worry for Cyprus.
Even for us Greeks have to work hard for following 2-3 years in order to decrease taxation and bring investments back to our country.

File, kalosorises, wise words, I admire your optimism in the face of such a crisis. Kala na'sai.