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Tuesday, October 16, 2012

The head of the Church of Cyprus:"Hands off the Cooperatives"


NICOSIA – The head of the Church of Cyprus, Archbishop Chrysostomos, has expressed strong opposition to a proposal by Cyprus’ international lenders - known as the Troika (EU Commission, International Monetary Fund and European Central Bank)- to harmonize the supervision of cooperative credit societies with the supervision of commercial banks.

"Hands off the Cooperatives," said the Archbishop, speaking to reporters on the sidelines of a meeting with the teachers’ organization POED.

“Troika has to respect the Cooperatives, because they have helped the people of Cyprus to survive during past difficulties,” he said.

Looking back at his childhood, the Archbishop said that many poor families would not have survived without borrowing from the Cooperatives.

“For this reason we must all take care of our Cooperatives," he said.

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