This site uses cookies. By accepting cookies you can optimise your browsing experience. Read more.
Cyprus: Patriotic Cypriot fishermen are not harmed by the crisis yet00:41

Cyprus: Patriotic Cypriot fishermen are not harmed by the crisis yet

Cyprus, Zygi
March 20, 2013 at 19:02 GMT +00:00 · Published

Cyprus: Patriotic Cypriot fishermen are not harmed by the crisis yet

While politicians in the Cypriot capital Nicosia try to find a way out of Cyprus' economic problems fishermen in Zygi continue with their daily lives and routine. Almost all restaurants in this coastal village have fish as their specialty.

Because Zygi is popular among tourists, restaurant owners have not felt the negative consequences of the crisis unlike other businesses on the island. Consequently the restaurants keep buying their daily stock from local fishermen who said 2013 has been a great year for fishing thus far.

However, if the EU bailout plans had been accepted by the Cypriot parliament even the fishermen would have to have given up a percentage of their savings. For Gregorios this wouldn't have been a great problem. Patriotically, this fisherman states "If my country needs my money, I promise to give it."

The Cypriot Parliament rejected a bail-out plan on Tuesday meaning Gregorios' savings are still safe. The plan was announced last Saturday by the Troika of the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Banking Authority (EBA) after an EU summit in Brussels.

Not one member of Parliament voted in favour of the plan which included a levy of 9.9% on saving accounts containing more than 100,000 euros ($130,000). The bail-out would have hit smaller savers too since at first the plan consisted of taxing a 6.5% levy for savings under 100,000 euros. Later the Cypriot government came with an alternative plan to spare savings under 20,000 euros ($26,000).

To avoid a financial meltdown Cyprus needs 17 billion euros ($22 billion). The EU has offered to contribute 10 billion euros ($13 billion) only if Cyprus independently brings in 5.8 billion euros ($7.5 billion). In order to find the funds necessary Cypriot financial minister Michael Sarris visited Moscow on Wednesday to discuss another Russian loan.

Cyprus: Patriotic Cypriot fishermen are not harmed by the crisis yet00:41
No Account? Sign up!
Top downloads in last 24 hours
Show more
Description

Cyprus: Patriotic Cypriot fishermen are not harmed by the crisis yet

While politicians in the Cypriot capital Nicosia try to find a way out of Cyprus' economic problems fishermen in Zygi continue with their daily lives and routine. Almost all restaurants in this coastal village have fish as their specialty.

Because Zygi is popular among tourists, restaurant owners have not felt the negative consequences of the crisis unlike other businesses on the island. Consequently the restaurants keep buying their daily stock from local fishermen who said 2013 has been a great year for fishing thus far.

However, if the EU bailout plans had been accepted by the Cypriot parliament even the fishermen would have to have given up a percentage of their savings. For Gregorios this wouldn't have been a great problem. Patriotically, this fisherman states "If my country needs my money, I promise to give it."

The Cypriot Parliament rejected a bail-out plan on Tuesday meaning Gregorios' savings are still safe. The plan was announced last Saturday by the Troika of the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Banking Authority (EBA) after an EU summit in Brussels.

Not one member of Parliament voted in favour of the plan which included a levy of 9.9% on saving accounts containing more than 100,000 euros ($130,000). The bail-out would have hit smaller savers too since at first the plan consisted of taxing a 6.5% levy for savings under 100,000 euros. Later the Cypriot government came with an alternative plan to spare savings under 20,000 euros ($26,000).

To avoid a financial meltdown Cyprus needs 17 billion euros ($22 billion). The EU has offered to contribute 10 billion euros ($13 billion) only if Cyprus independently brings in 5.8 billion euros ($7.5 billion). In order to find the funds necessary Cypriot financial minister Michael Sarris visited Moscow on Wednesday to discuss another Russian loan.