North’s Banking System is ‘Safer Bet’ than the South’s
NORTH CYPRUS Finance Minister Ersin Tatar sent a clear message to British residents in South Cyprus to move their money north.
He told Britons worried about their deposits in beleaguered south Cyprus banks that their money would be guaranteed in the Turkish Republic of North Cyprus.
He said: “We are a small country we have a good banking system supported by Turkey. We have no problems. Please come up to the North and bring your money to a bank in the North. We are guarantors of that and we will look after you.”
Turkey administers North Cyprus as a part of the Turkish mainland which means banks there are as secure as any bank in Turkey.
Mr Tata’s comments came in an interview for BBC Radio 4’s PM programme on 27 March 2013. Click here to hear an excerpt.
He added: “Our Cypriot friends are going through a major crisis. This is something we also are upset about.”
The BBC report also interviewed residents in the North who believe the crisis in the south could help speed up reunification of the island.
A united Cyprus would mean both north and south economies would work together to speed up economic development which would help offset the sense of gloom in the south.