Cyprus-Forum.com

[CBBB]

Until now, the Turkish government has coughed up nearly $500m yearly to north Cyprus

By Philip Turner 17.NOV.08

The leader of the Turkish Cypriot administration Ferdi Sabit Soyer has continued his contacts with the Turkish Minister responsible for Cyprus, Cemil Cicek on the issue of Turkey’s financial aid to the breakaway regime.

A source in the Turkish Cypriot “government” has described the enclaves financial situation as “very desperate.”

According to reports, Ankara is refusing to transfer more money to the occupied areas, after keeping it afloat for over 30-years.

Until now, the Turkish government has coughed up nearly $500m yearly to finance the budget deficit - which exceeded 7 per cent of gross national product in 2007 - and infrastructure projects.

Those fluid cash injections are gradually grinding to a halt, leaving many people, especially “civil servants”, worried for their future.

Funds from a €259m EU package approved three years ago are finally starting to flow into the territory, but commentators predict such a small amount will not keep northern Cyprus propped up for much longer.

Dervis Deniz, a consultant and former finance minister told the FT recently that: "Now that Ankara is taking a tougher line over transfers, covering the budget deficit is becoming a worrying issue."

In a seperate development, President Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat are meeting in Nicosia again today as part of the direct negotiations process which began in early September under UN auspices. - Copyright © Famagusta Gazette 2008

http://www.famagusta-gazette.com/defaul ... te&he=.com

[Nikitas]

500 million dollars cannot be 7 per cent of Turkey's GNP.

[Tim Drayton]

500 million dollars cannot be 7 per cent of Turkey's GNP.

I think they mean 7% of the North Cyprus's GDP.

[paliometoxo]

even abandoned by turkey ! trnc wont last much longer

[Get Real!]

I guess we won’t be seeing VP online for a while…

[Viewpoint]

WHy would that be GR?

[Piratis]

VP is paid directly by the occupation army. I am sure they wouldn't cut any funds from them. Right VP?

[Viewpoint]

Very funny Piratis, you couldnt be more wrong but Ill allow you your little snipes, Turkey has supported us and we will always ne indebted to her, unlike the GCs who tried to "love us to death" death being the operative word.

[Piratis]

Very funny Piratis, you couldnt be more wrong but Ill allow you your little snipes, Turkey has supported us and we will always ne indebted to her, unlike the GCs who tried to "love us to death" death being the operative word.

We only defended ourselves against your attacks. You are the ones who invaded our island, and I doubt "love" was your motive.

[Get Real!]

WHy would that be GR?

I though you’d be busy with the “TRNC” funeral…

When we were telling you of the impending bankruptcy you were brushing it off and even boasted many times about surpassing the GC economy!