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Banks in Europe don't trust us

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Δεν μας εμπι&sigma ;τεyονται οι τραπεζες στην Ευρoπ&eta ?

By Alexias Kafetzis

The “stain” of the recent banking and other scandals remains indelible for Cyprus, with the result that Cypriot citizens find it in front of them in their transactions with foreign authorities.

This bad past is often faced even in European Union countries. According to information provided by Kathimerini, for some months banks in Spain have been refusing to open bank accounts for Cypriot students, since they consider it a high-risk country. This problem is not only focused on banks in Spain, as Cypriot bankers who are aware of the situation convey to the newspaper that there are also banks in other member states (see France) that consider Cyprus to be a high-risk destination and do not open bank accounts to Cypriots students.

The problem that arises – especially in Spain – is not of a financial nature, as there are now several ways for a student to meet his needs. There are the financial technology companies that compete with traditional financial methods in the provision of financial services (see Revolut), banks in Cyprus now have (apps) where parents transfer money to students in their Cypriot bank account, there is Apple Pay, Google Pay and so on. Possibly, the above ways “come out even cheaper” than if a parent transferred money from a Cypriot bank to a Spanish one in order to serve his child.

The problem that is created is clearly political, since the name of Cyprus has not yet been cleared and every few months it is in the international headlines for the wrong reasons. Latest revelation, the Cyprus Confidential of the international consortium of journalists, with publications about Cypriot companies, money that passed through Cyprus, sanctions and other related “confusions”, most of which have a basis. Before, it was the “earthquake” brought by Al Jazeera's revelations on the issue of passports, also known as the Cyprus Investment Program (CIP). Al Jazeera's revelations were the “tombstone” of the program that brought good, but at the same time, dubious quality investments and investors to Cyprus. Before these publications, there were regular reports in the international media about Russian oligarchs who had a relationship with companies in Cyprus, who had passed money through Cyprus, or who had acquired Cypriot citizenship and were “caught” by the authorities of another state for reasons such as money laundering. With those publications in the denominator and with American pressure, Cyprus proceeded with the directive on shell companies, which led to the closure of many companies that had an appearance on the island, but no real presence in Cypriot business.

The points that are black still exist, and the efforts to clear the name of Cyprus abroad – as evidenced by those of Spain and the bills – should continue.

Source: 24h.com.cy

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