Cypriot Politicians’ Loans Written Off

tromaktikoWith banks confiscating up to 80 percent of uninsured deposits over 100,000 euros ($130,000) and the country facing a deep economic crisis, Cyprus has forgiven loans to politicians and companies while others are generally being required to pay in full, media reports said, setting off fury on the island country.

The Greek newspaper Ethnos and the website said that loans to Members of Parliament from the three major political parties and other officials in the public administration from the Bank of Cyprus and Cyprus Popular Bank (Laiki) will be written down or off.

The list includes former and current politicians, wives and relatives whose debt will be excused while the banks chase others to pay their loans. It was not said whether the government or bank officials drew up the list of those who will be given preferential treatment and who won’t have to pay, essentially having received free money they can keep or spend as they wish.

The list including the names of those who managed to have their debts deleted is before the Parliamentary Committee on Institutions which will review it although it includes people they may know. There was no information on whether that would create a conflict of interest in their eyes. The privileged will be required to show why they were getting favorable treatment.

The Investigative Committee consists of three judges and will investigate who granted politicians immunity from debt. The president of the Committee is Georgios Pikis and members are Panagiotis Kallis and Giannakis Konstantinidis.

The Attorney General, Petros Klerides, who is in charge of any prosecution on the state’s behalf, has the list that is said to include eminent Cypriots, politicians and businessmen, who took loans from the banks that are being written off.

The list from website shows the write-offs include:

“Written-off loans of specific groups of individuals (Board of Directors members, Senior Executive Management and Politically Exposed Persons).”

Indicative examples for deleted loans by the Bank of Cyprus:

-Hotel Company “T.H.E.”, controlled by the Progressive Party of Working People (AKEL)-PEO. The total loan of €2.813.000 was written off on May 2012.

-The Pancyprian Labor Federation (PEO) was granted €193.000 out of a €554.000 loan on May.

-A company that belongs to the brother of a former minister of the Democratic Party (DIKO). The loan written off was up to 1.285 million euros ($1.647 million)

-Former MP of the Democratic Rally (DISY), S.H. -loan up to €26.000.

-Former minister and official of DISY, T.H. -loan up to €399.000 was written off in 2007 and 2008.

Hellenic Bank wrote off:

-A loan up to €543.000 in a company which belongs to a former MP of a small party.

Indicative examples for deleted loans by the Cyprus Popular Bank (Laiki):

-A.G., former MP of AKEL-loan up to €39.000 in 2012.

-A.G., former MP of DISY-debt up to €71.000 in 2011.


  1. politicians and those they serve enjoy immunity from criminal prosecution and now also immunity from debt. Unbelievable!

  2. @2106109e641a98d0b0d12ed1fd05b9fd:disqus Unfortunatelly, Greek and cypriot politicians are thee most corrupt in the EU, no wonder why both countries have gone down under…

  3. Lol. FKN hell! Only in Greece & Cyprus. Where is the FKN EU in this? They are just as corrupt!

  4. The people responsible to not belong to any nation. stop blaming ‘greedy’ Greeks, ‘corrupt’ Cypriots and look to the thieving banksters and their politic partners who are robbing the rest of the human race!! Stop holding your wealth in THEIR paper rectangles and get yourself some gold and silver, real money, and bring these assholes down!!

  5. Contagion……coming to a country near you…this should be a wake up call to anybody with their savings stored in a bank….it is not safe…a revaluation of all currencies is coming, be out of paper before this day comes. In 1971 people lost 60% and they called it decimalisation. History doesn’t repeat, but it sure rhymes!

  6. Come on don’t be surprised!
    This is how political immunity works!
    Let the corrupt incompetent wealthy leaders of our nations who mismanaged and grossly underestimated the seriousness of our financial dilemma to feel guilt-free while the innocent, recently unemployed, and now poverty-stricken people find salvation on their own in the streets without the hypocritical orthodox church and its political arse!

  7. Thank God[or the gods or Goddess]I heard this on the b.B.C. last night and just found the story here.Eureka![Eureka is the name of my town in California]

  8. We have to look to the ancient Romans to find parity to this corruption.Just like King Midas all they touch dies;the “Plutus”in plutocracy.