12° Nicosia,
14 June, 2024

#PoliticsBlog Loans to Politicians

Fresh, in-depth take on the news with an inside scoop



The Non-Performing Loans (NPL) associated with political public figures, that is, politicians and their relatives and even legal entities linked to the arena of politics, reach over €160 million just in the cooperative bank alone.

This revelation was made recently during the House Watchdog and Finance committee hearings. And based on the information I am getting, it appears that at least two members of parliament are looking intensely into the matter and asking for… names and addresses.

“How is it possible to have politicians not paying up and at a time when the people are being asked to be responsible in their financial obligations even if they don’t have any income?” one of the two MP’s wondered out loud.

The other MP made it very clear that political credibility was on the line, for both politicians and political parties, and so names of politicians who owe money should be made public.

“There are some who will have to stop playing hide and seek and really start worrying”

“We must know when did they get their loans, who provided them and under what terms. And more importantly, why are they specifically shown so much lenience?” the MP told a reporter, expecting answers to these questions.

“There are some who will have to stop playing hide and seek and really start worrying,” the MP said.

The recent statement by Finance Minister Harris Georgiades, that “no loan would be forgiven” along with the new upcoming requirement that everyone must file a tax return, were all well received by everyone.

But an economist, who heard the minister talk yesterday at the 8th Nicosia Economic Congress, said it best by stating the obvious:

“The question here is who will certify that these measures will be applied correctly to everyone, especially politicians?”

Cyprus  |  Onasagoras  |  politics  |  NPL

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