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15 June, 2024
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AKEL's bold demand: Tax bank profits to power people's pockets

Fuel and electricity subsidies urged as AKEL takes on banking surpluses


The AKEL political party is urging the government to take immediate action to alleviate the financial strain on Cypriot households by taxing banks' surplus profits and redirecting the funds towards fuel and electricity subsidies. In a written statement, AKEL's Spokesman, Giorgos Koukoumas, highlighted the urgent need for measures to counter the escalating costs faced by the majority of society.

As the cost of living continues to rise and with interest rates soaring, Cypriot families find themselves grappling with mounting financial pressures. Meanwhile, local banks report substantial profits running into hundreds of millions of euros. The disparity between growing bank profits and the financial burden on citizens has spurred AKEL to renew its call for decisive action.

AKEL's proposal calls for the revival of electricity and fuel assistance, aiming to provide relief to households facing increasing energy costs. Simultaneously, the party advocates for the formulation of a comprehensive strategy to subsidize interest rates on housing loans for low and middle-income segments of society. This measure is aimed at bolstering economic stability and assisting those most affected by the financial strain.

The party's proposal emphasizes the implementation of a tax on banks' surplus profits, drawing inspiration from successful initiatives in other European countries. By reallocating bank profits, AKEL aims to fund essential support measures to counter the impact of rising costs and higher interest rates.

AKEL's call for action is directed not only at the government but also at all political forces. The party urges clear and unequivocal stances on the matter, seeking a collaborative effort to alleviate the financial challenges faced by Cypriot citizens. As the debate unfolds, the pressing issue of addressing the growing gap between bank profits and household financial stability takes center stage, prompting the nation's leaders to consider a course of action that prioritizes the well-being of the people.

Cyprus  |  politics  |  inflation

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