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Tuesday, April 23, 2013
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President lashes out over bailout Anastasiades: Cyprus a guinea pig to test new economic theory By Poly Pantelides CYPRUS has been an unwilling guinea-pig for a possible policy of enforcing a haircut on banks’ deposits, President Nicos Anastasiades told his European Union partners yesterday. He was speaking at the Nicosia-based conference of EU parliament speakers in the presence of members of the European Parliament, which comprises of voted representatives from all 27 member states. “Cyprus was treated as an experimental guinea–pig for testing the economic theory of enforcing a haircut on bank deposits and the consequent repercussions which were to follow,” Anastasiades said yesterday, on the first day of a two-day conference. Anastasiades conceded there was “reckless management by the banks affected” and lax supervision of the banking system, but he said that Cyprus’ treatment took place “irrespective” of those facts. He summed up the aftermath of a decision to raid deposits made during a meeting of the eurozone’s finance ministers on a Cyprus bailout as an unjust decision made by more powerful EUpartners, a dig at paymaster Germany whose policy dominated the March 16 Eurogroup decision to impose an unprecedented haircut across all deposits - even the insured ones - across all Cyprus-based banks. As Plato said, “‘Do not ex-
pect justice where might is right,” Anastasiades said. Although Cyprus’ parliament rejected the first bailout proposal, Cyprus was later to agree to a bailout that impacted uninsured depositors - mostly Cypriots - in the island’s major banks whose deposits are subject to significant haircuts. But Anastasiades said that he had extensive meetings with his EU counterparts and high-level EU officials to convey “a clear message: Cyprus is not asking for a special treatment, but expects a just and fair treatment, based on the same terms and conditions applied to all other EU countries”. The message was that Cyprus was a partner in need, requesting solidarity but that “fundamental EU principle was not respected”, Anastasiades said. “On the contrary, decisions reached beforehand by the interested parties were coercively imposed. “I sincerely hope that this precedent in relation to Cyprus is not going to be applied elsewhere in Europe,” Anastasiades said. “Although, as is well known, the main raison d’être of a precedent is that it can serve the purpose of establishing norms and guidelines to be repeatedly and universally applied.” Anastasiades’ statement is bound to resonate with some of his EU partners. High-level officials have been quick to state that the terms of Cyprus’ bailout was
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Head of the European Parliament Martin Schulz with President Nicos Anastasiades yesterday. Schulz said his visit to Cyprus had brought home to him how people need hope and activity in the wake of the bailout (PIO)
Britain’s darkest secrets revealed to man’s best friend A NEW study in the UK has revealed that 65 per cent of dog owners are more likely to tell their innermost secrets to their pet instead of their partner. In total, three quarters of dog owners share their personal secrets with their pet ahead of or instead of a family member, friend or loved one a study by Churchill Pet Insurance found. Almost nine in 10 dog owners (87 per cent) has at some point shared a personal secret with their pet. Secrets relating to the often tricky subject of personal relationships are the top subject for sharing, with almost
half (49 per cent) admitting to talking solely to their dog on the subject. The second most popular subject to talk about is health (24 per cent), followed by finance/money (14 per cent) and work worries (13 per cent).
NON-JUDGEMENTAL NATURE When asked why they told their secrets to their pet dog instead of a person, 50 per cent cited the non judgemental nature of the animal, stating that their pet “will love me whatever”. This was closely followed by “(my dog)
will listen and not judge” (49 per cent). One pet owner revealed, “My dog, Kooks, was there when I found out I was pregnant (twice). When I went into labour and the contractions began he worried just as much as us”. K9 Magazine editor Ryan O’Meara comments, “It’s no great surprise that so many Briton’s turn to their pets as a shoulder to cry on or an ear to confess to. “They don’t judge, they don’t tell tales and they seem to always be ready with the right response. “Further evidence as to why man’s best friend earned his title.”