Cyprus Mail
Business Cyprus

Following Tsipras’ policies would be suicidal for Cyprus

Greece's Prime Minister Alexis Tsipras

By Stelios Orphanides

Cyprus would possibly commit a fatal mistake to apply policies propagated by the new Greek prime minister Alexis Tsipras, who is also leader of the left populist Syriza party, an economist said.

Tsipras who was sworn-in two days ago and appointed a cabinet with people known for their anti-austerity beliefs, such as the new finance minister Yanis Varoufakis, who compared austerity with “fiscal waterboarding,” pledged to renegotiate the terms of Greece’s bailout with international creditors and seek a reduction of the country’s debt. One of the new government’s first decisions was to freeze the privatisation programme which includes the privatisation of the Public Power Corporation S.A. and the Piraeus Port Authority, the country’s biggest port. The Athens Exchange general index lost more than 10 per cent since Monday in response.

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