Cyprus-Forum.com

[halil]

The debt crisis that has been ravaging Greece is also having an impact on the economy of Greek Cyprus, which many Turkish Cypriots have typically relied on for jobs. These days, though,the number of Turkish Cypriots crossing the border daily for work has reportedly plummeted due to the worsening economic outlook in the southern part of the island.

“The number of Turkish workers passing through the Lokmacı [Ledra] gate in Nicosia has decreased sharply from 8,000 per day to 2,000,” Cafer Gürcafer, the president of the territory’s Civil Engineering Contractors Association of Cyprus, told the Hürriyet Daily News over the phone.Due to the crisis in Greece, many firms in Greek Cyprus have had to fire Turkish Cypriot workers, who had sought higher wages. Greek Cypriot businesses have started to hire Polish and Sri Lankan immigrants.“Most Turks crossing the border were employed in construction, which has been heavily hit by the Greek crisis,” he said, adding that the real-estate market on both sides of the divided island was suffering.

Greek Cyprus is posting healthier economic figures than Greece, such as a budget deficit of 5.3 percent of gross domestic product and government debt that stands at 60.8 percent of GDP. The figures are 32.4 and 96.2 percent for Greece, respectively. However, its banking sector remains largely dependent on Greek banks, which have heavy exposure to government debt.

According to Gürcafer, another reason for the decline in border crossings is the rising nationalism in the south. “Turkish Cypriots have been working there for many years,” he said. “But recently, Greek Cypriot nationalists have started to complain about them. As the crisis started to bite, Turks became the first ones to be fired.”

“In order to stimulate investments, a solution [to the Cyprus problem] has to be found,” Gürcafer said. He also claimed Turkey is planning to bring the Housing Development Administration to Turkish Cyprus for mega projects. “Such an attempt would destroy the construction sector of Turkish Cyprus,” he said.

http://www.hurriyetdailynews.com/n.php? ... 2011-07-26

[denizaksulu]

Wtf is Greek Cyprus? there is only the RoC.

[kurupetos]

Wtf is Greek Cyprus? there is only the RoC.

What do you expect from Hurriyet?

[denizaksulu]

Wtf is Greek Cyprus? there is only the RoC.

What do you expect from Hurriyet?

The poster should correct it.

[supporttheunderdog]

The debt crisis that has been ravaging Greece is also having an impact on the economy of Greek Cyprus, which many Turkish Cypriots have typically relied on for jobs. These days, though,the number of Turkish Cypriots crossing the border daily for work has reportedly plummeted due to the worsening economic outlook in the southern part of the island.

“The number of Turkish workers passing through the Lokmacı [Ledra] gate in Nicosia has decreased sharply from 8,000 per day to 2,000,” Cafer Gürcafer, the president of the territory’s Civil Engineering Contractors Association of Cyprus, told the Hürriyet Daily News over the phone.Due to the crisis in Greece, many firms in Greek Cyprus have had to fire Turkish Cypriot workers, who had sought higher wages. Greek Cypriot businesses have started to hire Polish and Sri Lankan immigrants.“Most Turks crossing the border were employed in construction, which has been heavily hit by the Greek crisis,” he said, adding that the real-estate market on both sides of the divided island was suffering.

Greek Cyprus is posting healthier economic figures than Greece, such as a budget deficit of 5.3 percent of gross domestic product and government debt that stands at 60.8 percent of GDP. The figures are 32.4 and 96.2 percent for Greece, respectively. However, its banking sector remains largely dependent on Greek banks, which have heavy exposure to government debt.

According to Gürcafer, another reason for the decline in border crossings is the rising nationalism in the south. “Turkish Cypriots have been working there for many years,” he said. “But recently, Greek Cypriot nationalists have started to complain about them. As the crisis started to bite, Turks became the first ones to be fired.”

“In order to stimulate investments, a solution [to the Cyprus problem] has to be found,” Gürcafer said. He also claimed Turkey is planning to bring the Housing Development Administration to Turkish Cyprus for mega projects. “Such an attempt would destroy the construction sector of Turkish Cyprus,” he said.

http://www.hurriyetdailynews.com/n.php? ... 2011-07-26

The report is b*llsh*t as the problems in the construction industry are not connected with Greek debt but more with the British retreat due to the collapse of sterling against the Euro, aided abetted by some scandals reported in the property trade with developers mortgages, as well as the general world economic situation. This also accounts for some of the problems in the N Cyprus property market,where I suspect many foreign buyers have been frightened off by the horror stories about the banks and developers, but hopefully also by events like the Orams case.

[kurupetos]

Wtf is Greek Cyprus? there is only the RoC.

What do you expect from Hurriyet?

The poster should correct it.

The BRTK boy? Wishful thinking!

[bill cobbett]

Oh dear... oh dear ... oh dear...

...and what was the response from the Illegal Regime to Pres X's idea of starting the huge, mega demolition and rebuilding with jobs for all of Occupied Varosi???