Cypriot Politicians’ Loans Written Off

[dixiegrrrrl]

With 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 24h.com.cy 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.

http://greece.greekreporter.com/2013/03/29/cypriot-politicians-loans-written-off/

for some reason, folks on Cyprus are bit ticked off over this....

[dipsydoodle]

1. Check the dates - 2011/2012.

I'm guessing that despite the names mentioned they all relate to loans to construction companies which are recognised as being attributable to their demise. For whatever reason I'd say the article is being selective.

[dixiegrrrrl]

2. Wait, what?????

Recent write offs of the last 2 years by the very same banks which now claim they need money from depositors..

What is the article being selective about?

[dipsydoodle]

3. Selective only in the ones they chosen to report.

Banks holding delinquent debt on their balance sheets instead of writing it off is a worldwide problem.