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22 June, 2024
 
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AKEL blasts government amid rising bank profits

The political party criticized the Cyprus government for inaction amid soaring inflation and surging bank profits

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The political party AKEL has voiced its discontent with the government's handling of economic issues, particularly in light of the recent decision to raise interest rates for the tenth time. In a strongly-worded statement, AKEL criticized the government's inaction in the face of soaring inflation and record bank profits.

"The tenth interest rate hike comes at a time when inflation in the European Union and Cyprus continues to rise. The EU's policies, which seem to lead nowhere, are only bolstering bank profits while putting immense pressure on households and businesses. It's a situation where everyone pays, except the banks, which are enjoying unprecedented profits thanks to the government's permissive stance," AKEL declared.

"It's a situation where everyone pays, except the banks, which are enjoying unprecedented profits thanks to the government's permissive stance"

AKEL further emphasized that the government can no longer justify its inaction. They argue that it's the government's foremost responsibility to support society, especially during challenging economic times. They noted that other EU countries have taken proactive measures to assist borrowers and implement precise actions. Meanwhile, AKEL criticized the government for clinging to half-hearted efforts and unproductive deliberations.

The party called for immediate and concrete measures to address unemployment, rising interest rates, and the housing crisis. Suggestions included reinstating subsidies for electricity, reducing fuel taxes, implementing targeted interest rate subsidies for housing loans, and advancing social and affordable housing projects.

AKEL concluded by asserting that the country doesn't need more discussions and delays from the government but rather swift action to confront pressing economic issues. They urged the government to prioritize the well-being of its citizens by implementing measures that directly address these challenges.

TAGS
Cyprus  |  AKEL  |  banks  |  inflation  |  economy

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