23 October 2012 14:50

NICOSIA  President Christofias  has attributed the debt of the Cypriot banks to speculation and wrong moves, making it clear that his government should not be blamed for the world financial crisis.

Addressing a festival of Cypriot pensioners, on Sunday in Limassol, President Christofias said the government had taken measures to address budget deficits and structural problems, noting that the majority of the parliamentary parties had rejected government bills providing for more measures of around 180 million euros.

He reiterated that the deficit of banks constitutes the major problem of the Cypriot economy and attributed the debt of the Cypriot banks to speculative mania and wrong actions.

He added that the wrong moves were made at a time when the crisis in Greece was at its peak and when Cypriot banks were buying Greek bonds from the German banks.

He said the government has secured more humane living conditions for pensioners, adding that it is also trying to ensure that austerity measures will not affect low-income pensioners and low income workers.

The President made ​​it clear that in the measures proposed by the government affect those whose salaries are over one thousand euro and stressed "everybody should contribute, but especially those who have more”.

He also said that the Cyprus EU presidency is striving to implement a policy that takes into account the common man.

Asked about a visit to Cyprus by the Troika (EU Commission, European Central Bank and IMF), he said the exact date of the visit is not known yet, adding that it will be known when consultations on the home front conclude.


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