Anastasiades says Georgiades not to blame for Co-op

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By Stelios Orphanides

President Nicos Anastasiades said he did not accept Finance Minister Harris Georgiades’s offer to resign.

“I fully respect views expressed by the country’s political forces, which does not mean that I accept them,” Anastasiades said in a statement on Monday, hours after the minister said in an interview that he offered to resign after being asked to do so by opposition politicians over the handling of the Co-op.

“It is indeed a fact that the finance minister offered to resign but I believed and (still) believe that accepting it would not be justified since the Co-op’s problems were neither created by the finance minister nor were they a result of his decisions,” the President said.

The President’s comments came hours after a committee appointed by Attorney-general Costas Clerides tasked with probing the reasons that led to the collapse of the Co-op was sworn in.

Anastasiades added that Georgiades enjoys his “absolute trust” due to him achieving a turnaround of the economy which stood at the verge of disaster and is not generating balanced or surplus budgets.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Spanner Works

    “and is NOT generating balanced or surplus budgets.”

    Shouldn’t that be “now”?

    • Cydee

      Hopefully, yes.

  • Jeremy Rigg

    Walk away Georgie Boy, whist you still have a tiny shred of credibility.Either that or go down with them.

    • Neroli

      Nobody will go down for anything especially with these 3 ‘investigators’ they wouldn’t know one end of a cheque book from the other and they call themselves bankers!!

      • Jay Bee

        An appropriate letter change may be necessary at the start of the last word to bring a little ‘reality’ to the story …….

        • Neroli

          I didn’t want to get deleted! You do it!!

          • Jay Bee

            OK. Done

          • Jay Bee

            Sorry to cause offence. It was not intended.

          • Neroli

            No offence taken! I can’t believe your comment was deleted????? Come on CM that’s a bit much

          • Jay Bee

            Hello N. Sorry for the confusion ?
            I deleted my post as I was concerned it had caused offence. That is not my style and never has been.

            Again, sorry if my actions were not clear……

          • Neroli

            No offence caused at all!! In fact I would have written the same!! Sorry thoughy CM had deleted it. Apologies CM!!

      • peemdubya

        Last word, first letter, wrong.

  • gentlegiant161

    So starts the annual traditional dance for innocence around the ‘Not my fault’ tree.

    • peemdubya

      Hey, we could have a Public Holiday to celebrate……………oh, no, that would be every day for the “Not my fault”. Silly me.

  • Jack Iacovou

    On balance Georgiades has done an excellent job for Cyprus and there is no-one better who can take over from him. The coop fiasco is of course his responsibility as this should have been dealt with way before things got too out of hand.
    We should be impressed that he was willing to resign over this which further demonstrates that he does feel responsible but there are not many in Cyprus that would take offer their resignation over it.
    So please sort this out as soon as possible. This is of course another embarrassment for Cyprus and demoralising if you are an investor. Where on earth in Cyprus would you entrust your hard earned savings.

    • Pc

      Harris can only do what the law permits. The previous laws to deal with the NPLs were left wanting because the majority of parliament, the opposition, got their hands on them. It was the luck of BoC and Hellenic that their NPLs were more with corporations, which they could strongarm into paying. The COOP is full of NPLs with small house owners and small companies; exactly the groups that are exempted and protected in the various NPL laws. The COOP never stood a chance to recoup any of that money.

      For the rest, you are absolutely correct.

  • The opposition parties blocked the repossession laws, which caused the Co-op Bank to go bankrupt. Now they blame the government for the failure of the bank. The opposition MP’s are unable to see the relationship between cause and effect – they are at the cognitive level of pre-school children. Children of age 8 develop this thinking skill. The inability to link cause and effect is also a common symptom of psychosis, as exhibited by criminals.

    • Cydee

      Spot-on Travis.

    • Viale

      I do not think that they cannot, they just do not want, as it would mean they are wrong, and obviously they are always right (:.

  • costaskarseras

    Up to a point I agree with the President, that Mr Georgiades is not wholly responsible for the present state of the economy. He was only following orders from the wise men of TROIKA and his total dedication in fulfiling the mission that they entrusted to him can’t be questioned. Mr Georgiades knows very well that these policies are not meant to work for the benefit of the working people.

    Soon after the presidential election, Mr. Georgiades made a desperate attempt to escape to the foreign ministry but nobody wanted the poisoned chalice. It is believed that some of the laws passed yesterday by the parliament could be unconstitutional and it may be back to the drawing board. The prevailing slogan is “Not a Single Home in the Hands of the Bankers”. The struggle for the defence of the Cypriot family’s home depends on the determination of the people.

    • Stokie

      I don’t like to try to reason with you. But its a fact that the persons not paying their loans should not have homes at all. They have them because they borrowed. Otherwise they would not have them. So to take the homes off them means they are where they would be had the bank not helped them with a loan. You of all should grasp this. its not neo liberalism etc.. Those who are not paying are stealing from persons putting funds in the bank. The bank does not loan its own money. It loans money it has received from investors. I agree that in many many cases the bank should not have loaned money to most of these not paying. That is because the bank managers were largely incompetent. But the house was the security. At all times the borrower knew if he did not pay he would lose his house. Why are you now trying to say anything differently.

      • Evergreen

        A logical approach.

      • costaskarseras

        In every humane society, the right to have somewhere to live should be the human right of every citizen. People borrow money from the banks and building societies which they had to satisfy of their ability to repay the mortgage. It was not self-service. In the UK when the banks had plenty of money they became so lax that they allowed self-certification. The economic circumstances often change beyond the control of the borrower. Because of the corruption in the banking system, not only in Cyprus but in many countries, it has caused the economic crisis and people lost their jobs or their wages were reduced. Since the economic crisis of 2008, earnings have not risen in the UK.

        Of course, the banks don’t have their own money and that is why they behave in such an irresponsible manner. In addition, the bankers were rewarded with huge bonuses for their recklessness. Surely you are aware that the taxpayers across the world are bailing out at great cost by paying for the excesses of the bankers? The British Government has recovered only 5 %, (£58billion) of the £1.2 trillion bailout that it provided to the banks during the credit crunch and recession, new National Audit ­Office figures show.
        I would not like to see the family of the most irresponsible banker or anybody else to become homeless but house them in smaller accommodation.

        • peemdubya

          Costas, you appear to be trying to defend the indefensible. “The struggle for the defence of the Cypriot family’s home depends on the determination of the people.” Transferring the property within the family to avoid confiscation is fraud. “In every humane society, the right to have somewhere to live should be the human right of every citizen.” Only if they have paid / are paying for it in accordance with an agreement. “People borrow money from the banks and building societies which they had to satisfy of their ability to repay the mortgage.” EXACTLY!!!! “The economic circumstances often change beyond the control of the borrower.” Well, that is called financial management within the family budget. If you can’t afford it, get rid and move on. When the interest rate hit 16% in 1990(?) the house I had mortgaged in Dorchester in 1989 was taking over 75% of my monthly income so I offered to give it back to the Woolwich BS as I could not afford to keep up the repayments (over £1000/mth). The manager persuaded me to keep paying what I could, and eventually it all came out OK. How about the delinquent Cyprooos loans get serviced just somewhat, instead of not being serviced at all? As for quoting world-wide and British issues, this article is about CYPRUS!!

          • Neroli

            Precisely! We had a huge house in UK in fact my husband had a bad accident and wasn’t allowed his pilots licence back as was co sidered unfit to fly. Worried about not working and not paying the mortgage we sold the house and rented a beautiful one. Why can’t people here do the same it’s not their right to own a house and not pay for it

        • Neroli

          For a start we are not talking about UK! Earnings certainly have increased in UK since 2008! House the many people in Cyprus who are defaulting, in smaller houses, they have to downsize or rent!!

    • Neroli

      The ‘president doesn’t hold Harris responsible for the state of the economy it was the coop ‘bank’ he was talking about. The wise men of Troika were correct, the country was on its knees and bankrupt. The homes of some families who don’t/wont pay for them belong to the banks. That’s the problem with the country peoplehave been taking from the banks for too long and not returning. Those houses are not theirs to keep

  • comments-on-mail

    A Minister who was ready to rightfully shoulder the burden of an economic debacle. A benevolent President who would not let facts such as a multi-billion economic disaster get in the way of a good succes fairy tale, according to which the Minister is his shiny armor brough growth and prosperity to the Kingdom of Credulity. And the Oscar goes to.