Every day that goes by without the Cypriot government taking action is disastrous, tarnishing the reputation that Cyprus enjoyed for more than two decades (and worked for so hard) as a solid, reputable business hub and financial center!
The way forward is relatively easy, relatively painless and simple. The benefits are huge, benefits that with some sacrifices will be enjoyed by current and future generations, if only a spirit of collectiveness, pride and transparency is adopted. Cyprus is given now the opportunity and probably a last chance to eliminate “cancerous” practices that have accumulated over the years.
The main policy priorities should be to stabilize public debt at a more prudent level and boost competitiveness, while safeguarding the stability of the financial sector.
The banking, tourism and real estate industries have to be reinforced in each and every possible way! Corporate and personal income taxes have to remain intact. Incentives, especially for foreign investors…