Kibkom North Cyprus Forum

Went to the Economic Summit hosted by Credit West at the Acapulco Hotel this evening.

The first half was in Turkish, with instantaneous translation into English via cordless headphones. President Akinci opened the event and spoke about the peace process - a very impressive speaker. A series of Top people then spoke about the economic effects after the solution.

Coffee break, and then into the second half, which was in English with translation into Turkish via the headphones. This was because one speaker was Eastern European (I think) and another was a Greek economist, who was the best of all (in my opinion); he was very honest about the ongoing talks and actually explained possible solutions to the property exchange problem. I have been sceptical of the whole process, but have a much more optimistic view after the presentation. It was all very positive and all expressed the massive benefits for all the citizens of a United Cyprus. Of course there are problems and challenges ahead, but I was very impressed by the positive attitude and the great efforts being made at all levels to achieve a solution.

Then a splendid free buffet dinner and drinks. I was unsure whether or not to attend, but so glad I did as I have a new insight into the peace process. Not many expats present unfortunately, and there were many unoccupied seats

How did you find out about it?

That's why there were not many expats there, because thy were not aware of it. Sad really because I for one would have found it interesting.

It was by invitation only

So what was said then that isn't already in the media and please elaborate on...................



"was a Greek economist, who was the best of all (in my opinion); he was very honest about the ongoing talks and actually explained possible solutions to the property exchange problem"................

When I have time, I will share. There were some very interesting thighs said. And I took notes. As you rightly surmise Dalartokat, much of what was said , particularly in the first half' ) was a reiteration of many things already known to the public. The second half was m,pore forward looking with positives and negatives. Listening to that, I was reminded of the words of Prof Ozay Mehmet when he gave a talk as an economist concerning the TRNC and the EU. He said 'You are not ready for it' and this thought was partially re-stated at the conference. But I promise to give more later. To come down to earth, I need to go shopping!

Well, I have just posted a long post and it has disappeared!! Must remember to copy the text before I submit.

I had suggested in my 'lost' post that as our Marion was 'in the business', she might have a Press Release or similar. I have now seen Marion's post which was posted while I was typing.

I found out about the event from an expat friend. I then asked the Karakum Credit West branch if my wife and I could attend, and our invitations were confirmed by email. I just wonder if our 2 main expat organisations could talk with Credit West about opening up the event in future to the general public as I am sure it would be very interesting to many people.

"was a Greek economist, who was the best of all (in my opinion); he was very honest about the ongoing talks and actually explained possible solutions to the property exchange problem"................

Well, the talking went on for over 3 hours so it is impossible to summarise accurately what was presented.

The Greek economist made clear that the views he expressed were his personal views, but he has been involved in the 'peace process' for many years and was part of the negotiating team for the Annan Referendum. I would also like to stress that what I write is my own personal interpretation of what was said. I am sure Marion will put me right if I misunderstood anything.

It was made clear at the outset that despite speculation in the Press, there is NO Compensation Fund set up by the USA, Europe, IMF, World Bank or any other financial body and nor is one planned; compensation must be funded by the Cypriots!

There did seem to be an acceptance that Cypriots displaced in 1974 on both sides of the Island would, after 50 years, be settled in their new homes and unlikely to want to move back to their original properties. The likelihood of some compensation would therefore, be more likely to persuade them to vote Yes in a Referendum. One solution discussed would be for displaced TCs and GCs to be paid the 1974 market value of their land/property by the current owners. So no handing back of properties and current owners would not lose out on the investment they had made on their homes in the intervening years. This is only one possible solution being explored and there are many hurdles and challenges ahead. In fact, one TC banker raised the position of displaced TCs (and GCs) who were now mostly retired - how would they find the money to pay even limited compensation, as the banks were unlikely to take on loans for elderly people? The situation of TCs who owned land in the south that has since been built on by corporate bodies such as airports was not discussed.

I must say I was impressed by positive attitude of all the speakers. I was also astounded by the skill of the interpretors who listened in one language and simultaneously translated into another.

Over to Marion to add to or correct anything I have posted.

Later later my friends. But a good summation PB. I did write down some quotes and figures.d.
Will share layet. I must confess the 'compensation'bit scared me. If We had to pay........well I guess the promised of denktash l died with him.
More later. If into the sunshine to beautiful places.

Using the compensation scheme discussed, I guess if you moved into a GC villa, the compensation might be significant. If however, you had a villa built on what was 'forest land' the compensation should be nominal. My view only.

Apparently it wasn't open to the general public "for security reasons". As usual - not what you know, but who you know. Yes PapaBravo those girls are amazing aren't they. Have been to 4 functions where they have been involved and it seems they are the same two. Right up there with the UN and EU translators aren't they. Did you notice that they have to swap around from time to time as it is very stressful to continue for too long.

Yes Sophie, I did think that the swaps were to give their voices a break. Initially, during the President's speech, I thought they had a copy of the speech and were reading, but it quickly became aparent that they were interpreting live. Respect.

As for 'security reasons! That's a non-starter as my wife and I were invited!

Keith,

The invitations were to academics and bankers. As the Summit was organised by CreditWest, they also invaded a number of their customers.

It looks like the expats invited was more selective this years. As last year the last two rows of the auditorium was filled with expats in shorts and tee shires eating and drinking while talking although the proceedings.

The panel for the second half contained two Turkish Cypriots, two Greek Cypriots and Mr Krkoska, (who I think is from the Czech Republic).

PapaBravo,

I must disagree with you interpretation of

“One solution discussed would be for displaced TCs and GCs to be paid the 1974 market value of their land/property by the current owners.”

If this was the case then the price of land North and South would be of similar value. My understanding of Costas Apostolides statement was that the compensation would be based on current land values. Also it was only his opinion that there would be no funds available from other sources. You will also note that he modified some of his comments when answering the 1st questioner.

But perhaps my interpretation is coloured by the conversations I had with some of the panel members at the reception after.

Sophie

I can assure you that there were no “security reasons”. Having attended similar gathering with high up members of EU governments and some with members of the British Royal Family, Friday was a very low key security (only two from Rent A Thugs?) affair.
As I pointed out to Keith, the response of some of the expats last year did not present the image that was wanted.

Regards Mike Turner

Nevertheless I do wish it had been made more public, some of us are genuinely very interested in the Economic situation both North and South. Sadly there are always Expats that let the side down. Yes it is strange how speakers opinions change when they come down from the podium and start mingling!!

Bowman, you may well be correct; too much for me to remember the detail.

I have spoken to two people today who attended (both in or have been in, the finance sector in an advanced way) One went because he frequently drives past the Acapulco and there was a large banner across the entrance. He went in two or three days in advance, receptionists hadn't a clue about anything so he left his name and left. intending to turn up, which he did, on the day. The second person said it was well advertised on BRS and he registered. They both commented on how disorganised it was and that hotel staff started to clear up before it ended and translation head phones were being packed away whilst people were still talking.

Their joint opinion was that the EU representative who was extremely knowledgeable on the subject of finance, more or less told the representative from North and South to pull their fingers out, get the whole bloody thing sorted out, it had taken far too long and that when they did there was loads of money to smooth them on their way. That may or may not be the views of others on this forum who attended, but knowing the two people in question, I believe there is a lot in what they say.

I must have been in a different place, hearing different speakers or wearing different tinted spectacles and ears,. Interesting how we hear different things.

I will do my write up - been out unexpectedly and I have a lot of quote,s to share, but in the meantime, do take a look at what I have just posted in the News Section as written in Cyprus Mail on the financial aspect of the solution.

I owuld however say that for me, I agree with Papa Bravo - I found the event to be professionally organised and it was an honour and a privilege to be part of such an efficiently run, informative summit.
This is c what eidetic said at the beginning but the next 3 hours did not offer the same hope http://in-cyprus.com/sky-limit-says-eide-cyprus/
(Incidentlaly advertised on CreditWest facebook and web pages! see: http://www.cypruseconomicsummit.com/ )

AND to add a balance on the positive scale, the organiser have received a very complimentary thank you, which I share here - anonymously of course, but :-


"................. my wife and I attended the 2nd Economic Summit at the Acapulco resort hotel.
It was a remarkable evening, the speakers gave a fascinating insight to the projected financial implications of a possible settlement. In addition, some personal opinions provided interesting topics for later discussion. The translation services were worthy of particular praise, coping very well with some difficult phrases.
The organisation and in particular the hospitality were first class and were greatly appreciated.
My compliments and grateful thanks to all concerned."

I would echo that too.
Although I did find the translations a little difficult to fully comprehend whilst applauding the magnificent job the ladies were doing.

Sophie,

The second person said it was well advertised on BRS and he registered. They both commented on how disorganised it was and that hotel staff started to clear up before it ended and translation head phones were being packed away whilst people were still talking.

First point - I am not saying there was no advertising of this event, but I saw none of it, on BRS or anywhere else.

Second point - The second half, as you know, was in English so we did not need headphones. Consequently were were unaware that they were being packed away early. After the presentation, when I complimented one of the Credit West staff on the skill of the interpretors, she did say that they had got into a bit of trouble for leaving early; they were from Turkey and perhaps they had a plane to catch!

The hotel staff were very efficient, although they were, on occasion, very quick to remove plates and glasses that they thought had been 'finished with'. Personally, I took that as a sign of them being over zealous rather than trying to get the guests out early. My opinion only.

We handed our headphones in at the end of the second half.

Yes it was in English, but the head phones had switched to a Turkish translation.