Saturday, 3 September 2011

In praise of the New Cypriot Minister of Finance

After the slow departure of the Cyprus cabinet in the beginning of the month many names were suggested for the position of minister of finance, Until Mr. Kazamias was chosen.

I have to say that I originally thought the choice was a unknown and hence not what one would needs in grave times like these. However I withheld judgement since Mr Kazamias has the support of the respected fellow blogger Professor Panikos Georgiades, who gave a shining reference on his personality, astuteness and character.

The Minister has surpassed all expectations in his first month of office. He has repaired the relationship between the minister of finance and the governor of the central bank, and has brought a spirit of co-operation with the opposition parties, allowing a very swift passing of economic measures that the previous Minister of finance argued they were not possible - even arguing that such measures were not even necessary.

The minister has quickly and without fanfare rescinded decisions of the previous minister that did great damage to the Cypriot Credit Rating. It gave the handling of the government debt back to the central bank, thus reversing one of the most damaging decisions of the previous minister. He has talked bravely of tough changes and managed to haggle something out of the strong unions without ruining his relationship with them... relationship that is crucial in his attempt of passing further measures of budget restrictions.

The success of the new minister makes the previous "do nothing" approach of the Mr. Stravarkis look very poor in comparison. Mr. Kazamias seems capable in providing strong leadership and in promoting the spirit of co-operation that would allow for drastic changes to tackle structural problems of the government budget and i wish him all the best.


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