Jovanna Yiouselli 0

Cyprus: Don't Take Our Money!

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We -the undersigned- believe that the decisions taken by the EU, IMF and Cypriot government harm Cypriots around the Globe and especially students studying abroad. We believe that the decision taken to freeze and to take money from Cypriot bank accounts raised several issues. These are the following: 

How does this decision affect students?

a)Cypriots’ bank accounts had been frozen and could not be accessed. Most of these students did not have access to any other means to obtain money. Their parents, or those who would provide them with money under normal circumstances, could not deposit money into their Cypriot bank accounts or any other bank accounts.

b)Due to the above, students have not been able to pay for food, bills, transport or other essentials that are either vital to their well-being or their studies.

c) This has caused distress and emotional anguish for many students.

 How does this affect all Cypriots with Cypriot bank accounts?

a)The poor will be poorer and will be hit harder than the wealthy.

b) Pensioners that have worked their entire lives will have their money taken with little chance of it being replaced.

c) The money that will be taken by the Cypriot government has already been taxed.

d) This decision that was made by the EU, IMF and the previous, and incumbent Cypriot government was made behind closed doors and was not consulted upon by the Cypriot people.

e) It is disgusting that banks accounts have been frozen and people cannot access their own money.

f) When the Cypriot owned banks open on Wednesday people will flock to withdraw their money and there is a strong chance they will collapse. This will cause mass unemployment and will create more poverty on the island.

g)Cyprus’ economy is heavily reliant on tourism and foreign investment. This will be put at risk if both tourists and investors feel the Cypriot economy is volatile and governments untrustworthy enough to take their money.

h)Cyprus is being punished for being a small island. Portugal, Italy, Greece and Spain and in fact all nations that have ever been bailed out have never received such disgraceful terms for a loan.

i) Cyprus is being blackmailed by lenders.


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