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article imageCyprus' Orthodox Church offers government church assets

By Katerina Nikolas     Mar 21, 2013 in World
Nicosia - As the Cypriot government desperately scrambles to seek finance, the head of Cyprus' Orthodox Church has offered the church's assets to help the island nation.
Having decisively rejected the EU bailout deposit tax levy Cyprus must now come up with €5.8 billion or risk bankruptcy. A spokesman for Economic and Monetary Affairs Commissioner Olli Rehn stated: "It is now for the Cypriot authorities to present an alternative scenario respecting the debt sustainability criteria and corresponding financing parameters." (Ekathimerini)
As Cyprus turns to Russia for a get out clause, Archbishop Chrysostomos II praised the government's decision to stand up to the EU. The Cyprus Mail reported the Archbishop said: “They made the right decision and sent a strong message to Europe that they should respect small countries too."
Following a meeting with Cyprus President Nicos Anastasiades the Archbishop said the church was willing to mortgage its assets to invest in government bonds. He said: "All the land that belongs to the church is at the state’s disposal to help the people so that the banking sector does not collapse and so we can stand on our own feet. We can mortgage all of the church’s property and with that money we can invest in bonds to help support the government."
His offer of support is refreshing, particularly in light of the allegations reported by Credit Right Downs that Cypriot government officials were allegedly involved in the captial flight of €4.5 billion in the week leading up to the announcement of the proposed deposit tax levy.
More about cyprus bailout, Cyprus financial crisis, Cyprus Orthodox Church, Archbishop Chrysostomos II, Cyrpus capital flight
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