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If you are dishonest and cheat the government will protect you?

Spot on- why pay anything when you can get away with nothing.

There is also another aspect to it of course, in so much as many Cypriot households are up to their eyeballs in debt and paying back their mortgage or car repayments is going to put a serious dent in their disposable income, which will have a huge knock on effect on the economy too.

Despite the utterances of Harris Georgiades the fundamentals of the economy remain a complete mess and the only thing that stopped it collapsing entirely was the appalling passport scheme, which may be about to turn sour.

Cypriots borrowed way too much money to buy houses and cars that their basic incomes could not afford and those basic incomes are still too low to service their debts (although not in all cases). Someone really ought to have explained the running costs of a Mercedes to a lot of Cypriots before they borrowed a pile of money to buy it (or used one off windfalls from selling land to do so)

KI

Our View: Populist debt-relief scheme Estia is doomed to failure



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