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Steps to speed Cyprus Title Deeds issue flop

In a leaked confidential letter to President Christofias, the Cyprus Finance Minister has admitted that steps taken to accelerate the issue of Title Deeds have not added a single Euro to the state’s coffers.

ACCORDING to a confidential letter from the Cyprus Interior Minister Charilaos Stavrakis to President Christofias, the forecast that this year’s deficit will reach 7 percent of GDP is optimistic.

In his letter, details of which were published by Stockwatch, the Finance Minister analysed the “alarming” condition of Cyprus’ public finances and sounded alarm bells for the future of the island’s economy if no measures are taken.

If no steps are taken to improve economic situation, the Finance Minister predicts that the deficit will reach 7% in 2010 and will rise to 10% by 2013 – and the public debt will rocket to 80%.

In his letter to the President, the Minister analysed a series of failed initiatives taken in 2009 to address the situation that resulted in pushing the deficit higher – and admitted that the target for collecting €50 million by accelerating the issue of Title Deeds had not added a single Euro to the state’s coffers.

Readers' comments

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  • R Knowles says:

    “The tangled webs we weave are often our own undoing…” The last minute attempts to save this situation are like studying a university course in the last hour before the exam…the results are poor.

  • Penelope Hearns says:

    What you see happening in Greece, will happen in Cyprus. The government is losing so much revenue, it cannot cope.

    People are leaving the island, tourism is down, economic downturn, inefficiency is rife and tax evasion is a national sport.

    People were warned of the crisis in the world, but Cyprus chose to ignore it, and it hit Cyprus later.

    The same problem as what is happening in Greece. It is just a big cover up. They will have to own up sooner or later, as the other EU members will crack down and will want to see how the books are being cooked.

  • Andrew Brooks says:

    Sue and Matt have it about right as far as I can see. Short term gain mentality and jobs for your relatives and friends will lead Cyprus down the Greek route to financial disaster. Inefficiency is seen everywhere. One operative tapping away on a computer whilst sipping coffee and munching biscuits, being watched by two or three others, usually with expressionless faces.

    Bringing people in with proven track records abroad to raise standards, is rejected in favour of an easy life and jobs for the boys.

    Unfortunately it would appear to be ‘the Cypriot way’.

  • KAP Monty says:

    ‘In a leaked confidential letter to President Christofias, the Cyprus Finance Minister has admitted that steps taken to accelerate the issue of Title Deeds have not added a single Euro to the state’s coffers.’

    Unbelievable! Could it be the main reason is the fact developers have loans and mortgages on completed properties thereby holding up the issue of Title to the rightful owners?

    I suggest the government goes flat out on getting my Title Deeds ready. My land and building are free of loans and mortgages so there’s no excuse.

    In exchange for my Title Deeds I’ll willingly add some Euros to the CY coffers!

    Any government minister reading this please contact me soonest.

  • Matt says:

    My wife is a UK Cypriot, Degree educated experienced Head of Town Planning & Enforcement Officer. When she contacted the Cyprus government Head of Town Planning for possible job vacancies, she was told nothing is available.

    The Cyprus Planning law is basically the same as UK law.

    I think it was more of a case that UK Town Planners have far more in-depth experience dealing with 1,000’s of building control and applications. The whole of Cyprus authorities struggle with a few hundred applications and they don’t want fully qualified UK Cypriots making them look stupid with a handful of work.

    If the Cyprus Ministers are serious about pulling in revenue from Title Deeds & Final Certificates, then there is nothing to stop them using UK contractors to setup new departments and complete this basic task in a couple of years!

  • Ian says:

    The government in Cyprus are acting like amateur golfers, they have driven the ball into a bunker.

    The caddys are useless handing them a driver to get out, the more they strike the more sand falls in on them.

    Unless they are handed the right club they will bury themselves. The spectators are all ready leaving the match bored with watching them.

  • Clive Fletcher says:

    Gosh! What a surprise. Now who is going to pay the toxic debt left by the developers taking out loans on property already paid for but Title Deeds cannot be issued?

    You guessed it!

  • Sue says:

    Nothing will change in Cyprus until they kick out the untrained people who have got their jobs through nepotism, it seems that every thing goes from desk to desk because they don’t know how to work a computer as would an IT trained worker, and that will take another ‘ hundred years ‘, get rid of the siesta and put in cool rooms to work through the day.

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