BBF (Bi-zonal Bi-communal Federation) is something that we were blackmailed to accept as the basis of a negotiated solution after the Turkish army invaded Cyprus, illegally occupied 1/3rd of our homeland and kept it as a hostage while at the same time refusing to obey UN resolutions calling for the withdrawal of their troops from our island.
While the terms of any such a "solution" would be clearly racist, as they would forcefully divide and segregate the population based on ethnic background, we accepted to negotiate such a solution because we wanted to have at least some of our lands back and at least some compensation for the rest of the refugees who would not be able to return to their homes.
Unfortunately the Turks didn't stop at BBF, but they continued asking for more and more, and the end result was the Annan plan which was more of a confederation than a federation and if accepted it would have created an undemocratic, dysfunctional state were racism and human rights abuses would have been institutionalized, while Turkey would have a say in every important decision that Cyprus would take (essentially making the whole Cyprus a banana republic of Turkey as the so called "trnc" is today). Clearly that sort of so called "solution" was too much for Cypriots to accept and it was naturally rejected in the referendum a few years ago.
For 37 years the Turkish minority of 18% illegally occupies the 37% of land and over 50% of the coastline and natural resources of the island. It is also obvious from the negotiations that a proportional share of power / land / resources is not something that the TC minority would ever agree, as they are very happy to use the military power of Turkey to forcefully take a far greater share than what proportionally belongs to them. They keep our land under illegal occupation and they claim that it is supposedly a "compromise" from their part if they give back to us even part what is ours to begin with. They even insist on occupying the fenced part of Famagusta, insisting that no land would be returned until a comprehensive solution is found.
Well, things might change soon if vast amounts of natural gas are found in the sea south of Cyprus. This gas would be exploited in cooperation with Israel and the USA, and Turkey can bark all she wants but she will not be able to steal this resource, no matter how much they would like to. If the predictions are right the profits from natural gas could be in the billions, far more than what the Turks can make by illegally exploiting our lands in the occupied part of Cyprus.
The president said that the gains from such resource would be shared with the TCs, but it goes without saying that any such sharing can only come after a comprehensive solution is found.
Today the 18% Turkish minority is keeping under illegal occupation more than the 50% of the natural wealth of Cyprus. But if large amounts of natural gas is found in the sea south of Cyprus, then this 18% minority could actually be in possession of less than even the 18% of the natural wealth of the island. Suddenly this separation, with TCs in the north and us in the south, could actually be economically beneficial for us, and we will be in no rush to accept any racist, dysfunctional "solution" where the TC minority would take more than their proportional share on our expense. The tables would be turned and it would be us, not them, who would have in our possession a disproportionally large amount of the wealth of Cyprus (and unlike them we will be able to legally exploit it).
As always we will continue to be ready for a fair solution in the Cyprus problem which will create a truly free, independent and democratic Cyprus, where all Cypriots are equal citizens and where the communities can share fairly and proportionally the wealth of our common island. But from then on the Turks and TCs will not be able to blackmail us by saying "we won the war and now you have to accept our terms". Any sort of unfair solution, including "BBF" as TCs envision it, will be dead and burred for good.