By Alexander Apostolides on February 28, 2012

Article in Alithia newspaper (In Greek) : The Cypriot Banking system is NOT collapsing

I have not posted for a long time and now I post twice in a day! This post is the second part of a series of four posts I want to make, the next two being on:
3) Adam Smith and the role of public debt
4) Presenting the a review of the latest work of Dr. Panikos Demetriades, who suggests alternative ownership systems in the financial sector reduce banking problems.

This article was in response the growing scene of anxiety among Cypriots over losses we know that the banks had since the Greek public debt crisis started in 2008. I am not saying that the situation is not serious, but that panic and individual action can make things unmanageable.

Correct leadership and coordination are now needed to stir the financial sector and the economy out of this difficult time. Soon, when the worst is over the questions need to be asked on who was to blame and how to distribute the blame.

Cybc Report on the economic interdependence project

The CyBc inter-communal programme "Biz/Emeis" has recently presented our work on economic interdependence that you can see here.



This is a presentation of the "Economic Interdependence Project" that was undertaken by the Peace Economics Consortium (PEC), a group of Turkish-Cypriot and Greek-Cypriot economists who are committed to research on how economic issues can aid to bring about peace in Cyprus. Anyone interested on the project or the consortium should feel free to contact me. The main findings of the first phase (Report A) have been published and are available here

Below is the details of this excellent proiject, which i feel proud to have been able to be a part of:

The “Economic Interdependence” Project is implemented by the Cyprus Chamber of Commerce and Industry and the Turkish Cypriot Chamber of Commerce with funding from United Nations Development Programme – Action for Cooperation and Trust (UNDP–ACT), which is supported by the United States Agency for International Development (USAID).

The objective of this stage of the project (Study A) is to examine the current state of economic interdependence between the Greek Cypriot and Turkish Cypriot communities and make recommendations for the future under both the present conditions on the island defined as a “delayed solution” (Scenario 1), and in the event of a solution, that is a Cyprus Settlement involving a comprehensive agreement to reunify the island (Scenario 2).

A second report (Study B) will follow, which will utilize the findings of Study A, but will focus on the development of a framework for joint economic planning aimed at facilitating competitiveness and economic growth. For the purposes of the study Scenario 1 has been assumed as the present situation on the island without fundamental changes,and Scenario 2 as a Cyprus solution as defined by the Peace Economics Consortium.

Project implementation was awarded to the Peace Economics Consortium (PEC), which has undertaken the study in close cooperation with the Cyprus Chamber of Commerce and Industry and the Turkish Cypriot Chamber of Commerce.

The Peace Economics Consortium (PEC) members are EMS Economic Management Ltd and the North Cyprus International Peace Research Centre. The PEC Team consists of Dr. Erdal Guryay, Mr. Costas Apostolides, Dr. Fehiman Eminer, Dr. Constantinos I. Papadopoulos, Dr. Okan Veli Safakli, Mr. Louis M.Loizou, Mr. Ahmet Ozyigit and Dr. Alexander Apostolides.

This study refers to the current state of interdependence and competitiveness and has been prepared by the Peace Economics Consortium, in accordance with the terms of reference of the Economics Interdependence Project for Report “A”. According to the Terms of Reference, Report “A” is entitled “Current economic Interdependence between the Greek-Cypriot and the Turkish-Cypriot communities assessed and recommendations for reinforced economic convergence”. It is a requirement that Report “A” should present an assessment of the current state of economic interdependence and recommendations for the future, based on two scenarios, the solution of the Cyprus problem, and a delayed solution.

Report “A” consists of this abridged version presenting the main findings and six volumes as follows:
Volume I: Comprehensive Assessment of Economic Interdependence (Scenarios 1 and 2).
Volume II: Current State of Interdependence and Competitiveness (Scenario 1).
Volume III: Current State of Interdependence by Economic Sector (Scenario 1).
Volume IV: Current State of Economic Interdependence: Survey and Workshop Results
Volume V: Current State of Interdependence regarding EU Harmonization, Environment and Sustainability.
Volume VI: Economic Interdependence after a Cyprus Settlement