Cyprus shows what the EU is all about

mkpdavies · 10-01-2005, 10:45 AM

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12:24 - 10 January 2005 - Recent editorials in Financial Mirror have commented on the economic woes of Cyprus and, in particular, the fact that, with tourist revenues in decline, only the artificial property bubble stands between current discomfort and deep recession.

As redundancies and job losses gather apace, and the prospect of the property bubble bursting increases by the month, there is an almost desperate need to find a new formula for maintaining Cyprus's prosperity

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Given the growing difficulties Brits are experiencing in the UK with their decreasing disposable income and increasing taxation plus a desire for better value for money and exotic adventures elsewhere, those who still have money hardly seem worth the effort in pursuing. Can they be readily replaced? Forget the 'old' EU - they all have problems like the UK. Forget the 'new' EU members - their citizens earn even less than Cypriots. After all, they are coming here to a low wage economy to take local jobs

Sounds like Cyprus is wising up to realties that joining the EU brings to me!

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