Cyprus-Forum.com

[Tim Drayton]

What do people think the impact of Sunday's referendum will be on Cyprus? Obviously, if there is a 'yes' vote and Greece remains within the same Troika programme, things here should also continue as before. Otherwise, if Greece were to default on its sovereign debt and revert to the drachma, which in all probability will devalue quite quickly, what will the impact be here? I wonder how much exposure Bank of Cyprus and other local banks have to Greek sovereign debt. Could this be the final blow that pushes them over the edge? If Greece has a devalued drachma, it will become a much cheaper destination for European tourists and Cyprus could find itself with far fewer tourists. Greece's exports will become more competitively priced, too, although I am not sure if Cyprus exports many things that compete directly with Greek goods (citrus fruits perhaps).

On the other hand, there is speculation that some Greek companies would choose to relocate to Cyprus.

I haven't noticed longer than usual queues at the banks here this morning, the last chance for people to get their money out before the vote. This suggests that there is not too much concern here.

[B25]

Tim, I don't think we have that kind of exposure that we had in the past. The RoC has even offered to write of a 330m debt to Greece, which is a sure sign we have stabilised sufficiently to be able to do this.

My Main Concern is that the EU/US/NATO don't create a political vacuum in Greece. desperate people do desperate things. China/Russia/Turkey are all standing on the sideline waiting to pick up the pieces and for the price is dead cheap and we could end up with dangerous scenarios within Europe.

It's all very well for the Troika to be kicking Greek ass, but they need to do it constructively not by bullying. Pushing a country that far will have consequences and maybe non reversible ones too.

My thoughts are with the Greek people right now only they really know how they are suffering and will have to endure more. if it is not now with a Yes (Nai) vote, it'll be later when things catch up with them again.

Exei O Theos.

[Sotos]

The exposure of our banks in Greece is not that great anymore... and if Greece exists the Euro then I am sure EU will take measures to prevent any direct domino effect. But the other concerns are valid... Greece will become much cheaper which could mean less tourism for Cyprus. Also we have very close trade links with Greece which will be very negatively affected. And then there are the political issues ... a weak Greece is not in our interest. Then again if they exit the euro they might become stronger in some years.

[Kikapu]

What do people think the impact of Sunday's referendum will be on Cyprus? Obviously, if there is a 'yes' vote and Greece remains within the same Troika programme, things here should also continue as before. Otherwise, if Greece were to default on its sovereign debt and revert to the drachma, which in all probability will devalue quite quickly, what will the impact be here? I wonder how much exposure Bank of Cyprus and other local banks have to Greek sovereign debt. Could this be the final blow that pushes them over the edge? If Greece has a devalued drachma, it will become a much cheaper destination for European tourists and Cyprus could find itself with far fewer tourists. Greece's exports will become more competitively priced, too, although I am not sure if Cyprus exports many things that compete directly with Greek goods (citrus fruits perhaps).

On the other hand, there is speculation that some Greek companies would choose to relocate to Cyprus.

I haven't noticed longer than usual queues at the banks here this morning, the last chance for people to get their money out before the vote. This suggests that there is not too much concern here.

If Greece has a devalued drachma, it will become a much cheaper destination for European tourists

Tim, this does not happen automatically, because as soon as the Greek currency is devalued, let use the example that has been floated here on CF of 30%, the inflation rate in the country will also rise dramatically, which makes everything more expensive for the locals and for the visitors alike. Turkey is a prime example, that some things are just as expensive in Turkey as they are in the rest of Europe. Petrol is the most expensive in the world. In the last 5 years or so, Turkish currency has lost almost 180%-200% against major world currencies and they still import far more than they export every month. The only relief Greece will have would be on locally produced and grown food items. People shouldn't expect Greece to become a cheap destination where one can have a holiday for peanuts. They shouldn't expect that at all.

[GreekIslandGirl]

Whatever the result on Sunday, Greece will never leave either the Euro-zone or the EU. So, no change for Cyprus.

After this show, other countries might be brave enough to tackle the bankers, that's all.

[miltiades]

Whatever the result on Sunday, Greece will never leave either the Euro-zone or the EU. So, no change for Cyprus.

After this show, other countries might be brave enough to tackle the bankers, that's all.

I share your views GIG, It is inconceivable that Greece will exit either.

[Paphitis]

What do people think the impact of Sunday's referendum will be on Cyprus? Obviously, if there is a 'yes' vote and Greece remains within the same Troika programme, things here should also continue as before. Otherwise, if Greece were to default on its sovereign debt and revert to the drachma, which in all probability will devalue quite quickly, what will the impact be here? I wonder how much exposure Bank of Cyprus and other local banks have to Greek sovereign debt. Could this be the final blow that pushes them over the edge? If Greece has a devalued drachma, it will become a much cheaper destination for European tourists and Cyprus could find itself with far fewer tourists. Greece's exports will become more competitively priced, too, although I am not sure if Cyprus exports many things that compete directly with Greek goods (citrus fruits perhaps).

On the other hand, there is speculation that some Greek companies would choose to relocate to Cyprus.

I haven't noticed longer than usual queues at the banks here this morning, the last chance for people to get their money out before the vote. This suggests that there is not too much concern here.

The impact on Cyprus will be minimal but Cypriot Banks could have some exposures which might vanish into thin air.

[Get Real!]

What do people think the impact of Sunday's referendum will be on Cyprus?

The greatest danger to Cyprus is the arrival of even more Greeks on the island in search of a better life, who will be foolishly assuming that we are in a better financial position than Greece. We are in a *different* financial situation to Greece but nonetheless a dire one.

Not only will the arrival of more Greeks be increasing pressure on our already over-burdened unemployment problem but they are a very devious people who cannot and should not be trusted by Cypriots.

Cyprus’ narcotics problem skyrocketed as a result of recent increased arrivals of Greek nationals. This information I attained from the island’s leading narcotics expert who is frequently seen on Cyprus TV informing of drug busts etc, and happens to be an acquaintance of mine.

Drugs, prostitution and crime generally rise wherever Greeks appear. The average Greek is a con artist, so be warned and I therefore strongly advise my fellow countrymen not to employ them, not to form any business partnerships with them, and to avoid having social relationships with them.

[GreekIslandGirl]

What do people think the impact of Sunday's referendum will be on Cyprus?

The greatest danger to Cyprus is the arrival of even more Greeks on the island in search of a better life, who will be foolishly assuming that we are in a better financial position than Greece. We are in a *different* financial situation to Greece but nonetheless a dire one.

Not only will the arrival of more Greeks be increasing pressure on our already over-burdened unemployment problem but they are a very devious people who cannot and should not be trusted by Cypriots.

Cyprus’ narcotics problem skyrocketed as a result of recent increased arrivals of Greek nationals. This information I attained from the island’s leading narcotics expert who is frequently seen on Cyprus TV informing of drug busts etc, and happens to be an acquaintance of mine.

Drugs, prostitution and crime generally rise wherever Greeks appear. The average Greek is a con artist, so be warned and I therefore strongly advise my fellow countrymen not to employ them, not to form any business partnerships with them, and to avoid having social relationships with them.

In your mind!

[Cap]

What do people think the impact of Sunday's referendum will be on Cyprus?

The greatest danger to Cyprus is the arrival of even more Greeks on the island in search of a better life, who will be foolishly assuming that we are in a better financial position than Greece. We are in a *different* financial situation to Greece but nonetheless a dire one.

Not only will the arrival of more Greeks be increasing pressure on our already over-burdened unemployment problem but they are a very devious people who cannot and should not be trusted by Cypriots.

Cyprus’ narcotics problem skyrocketed as a result of recent increased arrivals of Greek nationals. This information I attained from the island’s leading narcotics expert who is frequently seen on Cyprus TV informing of drug busts etc, and happens to be an acquaintance of mine.

Drugs, prostitution and crime generally rise wherever Greeks appear. The average Greek is a con artist, so be warned and I therefore strongly advise my fellow countrymen not to employ them, not to form any business partnerships with them, and to avoid having social relationships with them.

Remember the Greek priest who tried to smuggle drugs into Cyprus?