Cyprus

Cyprus Bailout Levy

by | Mar 18, 2013 | Uncategorized

Since 2008, the European banking system has been under great stress due to bad mortgages leading to bank failures and bail outs for Greece, Ireland, Portugal, Spain and now Cyprus. In March 2013, the Cyprus government is negotiating a Cyprus bailout levy in exchange for €10billion ($13billion) from the European Union and International Monetary Fund. The levy is very unpopular with the people.

Bailing Out Cyprus Banks

The Eurozone agreement with Cyprus amounts to a levy of 6.75% (or 3%) on deposits below €100,000 and 9.9% (or 12.5%) above. The original plan has faced strong opposition. The bankers and politicians attempted to put their plan into effect over a three-day weekend. There was not enough support in the Cyprus legislature for the original levy, so there was a shift to increase the tax percentage on higher incomes.

Meanwhile, the original three-day “Bank Holiday” has been extended to a week. The title, “Bank Holiday” is a misnomer because it means that customer accounts are frozen. This has increased the uncertainty in capital markets. The UK has rightly identified the economic downturn as a “Credit Crunch.”

Theft, Tax or Levy

Banks prepared for the levy by freezing the allocated amount from accounts. They also placed capital controls in place to restrict electronic money transfers. Other nations have seen money flow out of their countries after experiencing financial troubles. Banks offered shares in the failed institutions in exchange for the levy.

Needless to say, savers were outraged. Consumers claimed this was theft, robbery and stealing. Why were savers being punished for the failures of banks? One disgusted customer drove his bulldozer in front of a bank. Depositors were lined up in front of ATMs to withdraw as much money as they could. Some customers are living paycheck-to-paycheck and any reduction in their savings would be tough on them.

Spreading Disease

The international banking system is all tightly connected. Lyndon Larouche compared the 2008 Banking Crisis with the Bubonic Plague of the 1300s. The use of a quarantine prevented the Bubonic Plague from spreading. Unfortunately, the 2008 Banking Plague has not been contained.

Cyprus had significant exposure to Greek loans. Cyprus leaders claimed that this bailout levy was required due to a “state of emergency.”

Fear of Bank Panic

The greatest fear of a financial institution is a bank run or panic. Unfortunately, this may be occurring in Cyprus. Depositors will wonder if their money is safe. As customer accounts are frozen, there is less capital for consumer spending. This could damage the entire European banking system.

The Island of Sin or The Island of Aphrodite

The Island of Sin or The Island of Aphrodite

by | Feb 22, 2013 | Cyprus

Before you come to Cyprus, you may marvel at the small size of the country on the map. When you come to Cyprus you’ll be amazed by the diverse range of activities in such a “small” place. Whether you want to go bird watching, tour wineries, see ancient ruins, go clubbing or just lay in the sun, Cyprus has it all.

Some have referred to Cyprus as the Island of Sin while others refer to Cyprus as the Island of Aphrodite. We like to think that we’re both, but you can experience whichever half you like. That is why it is imperative when you plan your trip to Cyprus, you know exactly what you are looking to do with your holiday.

If you want to go clubbing, see live music and live there is no tomorrow, Ayia Napa is the place to go. People travel from around the world to immerse themselves in Ayia Napa’s night life. There is a large cluster of bars, clubs and lounger concentrated together to explore. To cure yourself of any residuals effects of drinking, you can go sweat it off on the Ayia Napa beaches for the day.

For a more laid back experience there are a variety of trips you could plan. You can go to a quiet village like Lemona that has wineries located near it. You can go up to villages nestled in the Troodos Mountains for skiing, craftsmanship and beautiful views. Or you can hang out with the locals in our diverse capitol in Nicosia.

The possibilities are truly endless in Cyprus. It can be hard to choose what, when and where you are going to go. The great thing about being a small island is that most destinations are within close proximity. You can plan a trip with multiple destinations if you plan a car to experience different parts of the country. We’re excited to have you come, and remember you could always plan another trip to experience a different part of Cyprus!

A Mountain Town in Cyprus: Kalopanayiotis

by | Feb 14, 2013 | Cyprus

The Guardian recently wrote a piece on their lovely experience in Kalopanayiotis, and it inspired us to feature an article on the quaint mountain village. This town is nestled outside of Kyrenia in the Troodoos Mountains. There is everything from drink, food, religion, skiing and art to experience in the village. We love a little bit of everything in Cyprus.

Byzantino restaurants is the place to dine in the village town. It is a restaurant that tourist and local alike travel to, to get a wonderfully locally sourced meal. Kalopanayiotis is famous for the trout, so you really should order it when you go. As usual, the Cyprus meze lets you try a little bit of everything. For a meze at Byzantino for two the cost is 25 euro for an upscale dining experience.

You can tackle art and religion by visiting the church and monastery of Saint John Lampaditstis that dates back to the 11 century. It features frescoes from many different time periods, including the Byzantine and Renaissance. It is amazing to see the frescoes dominate the church from floor to ceiling, and will impress the most secular of visitors.

For lodging you must stay in the Casale Panayiotis, an upscale, small boutique that only has 29 rooms. It is a refurbished stable, but you most certainly can’t tell that it used to be a place where the barn animals slept. With tall wood beams and stone walls it is the perfect décor to suite your stay in the Troodoos mountains.

To get a glimpse of nature make sure to enjoy hiking, biking and skiing. For the more tame folks, you can go see the fresh mineral springs from a Venetian stone bridge.

There is no shortage of fun to be had in Kalopanayiotis. The tourism truly helps keep the small community going through the year, so that the village can continue its prosperity.

Get a Unique View of Lefkosia from the Tallest Building in the City

by | Jan 13, 2013 | Uncategorized

The Ledra Observatory Museum stands out in the skyline of Lefkosia as it towers over the not-so-tall city. Standing at 11 stories high, the actual height is nothing to write home about, but it does host a beautiful view of the entire city. The two towers give it the appearance of a mysterious Mediterranean castle that you will want to explore.

Unfortunately the bottom part of it is actually dedicated to a department store, but we aren’t really here to see the bottom half of it anyways. Once you go up you will enter the Ledra Observatory Museum.

In honestly, the Ledra Observatory “Museum” is not much of a museum. It has some photographs along with some history of the city, but you can look over all the information offered in 15 minutes.

One of the highlights of the video narrative is that you cannot see the green-line from the view 11 stories up, and that the city looks actually united. Wouldn’t it be nice? However, by now you’ve probably figured out it doesn’t appear that the two parts will be united anytime soon. To dampen the mood even more you can actually see some of no-man’s land that has ruins, barb-wire, etc. It may depress you, or fascinate you; it is interesting to see the green-line from an above perspective though.

Anyways, you will get a lovely panoramic view of the city from up here. You will want to bring your camera to take photographs. This place can get really busy during tourist season, so you may expect to wait to get a clear shot. I recommend going early in the morning to avoid some of the crowds, and avoiding it if it is a rainy day.

Coral Beach Hotel and Resort Top International and Affordable All-Inclusive Resort

by | Jan 11, 2013 | Uncategorized

CNN recently featured Coral Beach in Paphos, Cyprus in an article highlighting the top ten all-inclusive resorts on a budget. The article was searching destinations that have no catches, like the beach being a long ways away while still being affordable. Budget Travel included Coral Bay as one of the £60 per person per night.

Why do people stay in all inclusive resorts? If it includes all alcohol, food and lodging it really can be cheaper. Also, sometimes it is nice not to have to leave your destination once you finally get there. While we believe in exploring the area you go visit, we can understand just wanting to lounge away vacation with martini in-hand and food an order away.

Coral Beach offers a stunning 164-foot swimming pool that British Olympic swimmers actually use for training. If you keep your eyes peeled you might actually see one of the swimming Olympians! The resort overlooks the inspiringly blue Coral Bay that offers safe and sandy beaches for the family.

When you have dinner you can watch the boats in the harbor float by while feeling the breeze of the Mediterranean. The dinner service and service in the resorts is very helpful and friendly. Rarely are there any reports of a surly staff member, because Coral Beach takes care of their staff.

The rooms have a nice modern theme all with splashes of bright blues and aquatic themes that match the balconies that overlook coral bay. You can spend many an evening sipping wine on your balcony while looking out at the sea.

The one downside we would say is that the resort is beginning to show age. Some of the furniture, fixtures, etc could use a bit of refurbishing. Nothing scary though! Just if you want your hotel to have the feeling it was just built, this probably isn’t the resort for you.