Economic crisis in Greece affects Greek Cypriots

LEFKOSA

Georgios Stavris, a Greek Investment Advisor, said that Greece was under danger and due to its economic situation Greek Cypriots in southern Cyprus would suffer.
Stavris pointed out that the Greek Cypriot administration was affected by the economic and political crises in Greece.
Stavris said that Greeks come to southern Cyprus for searching jobs but they cannot find them since Greek side of the island is suffering its highest level of unemployment (10.6 percent) since 1974.
The Greek Investment Advisor said that Greek economy went down because Greeks had published bonds to fill up financial opening and the banks of southern Cyprus have bought them by paying billions of euros.
Stavris said there was prepared and cheap credits behind the success of the Greek economy but now due to economic situation the bonds do not exist. He added that this situation has been transmitted to southern Cyprus and they are also suffering because the economic situation of southern Cyprus has changed.
Stravris said that the effect of Greek economy on southern Cyprus has increased when the banks of southern Cyprus went to Greece.
Stavris also said that returning to Greek currency from Euro will worsen the economic situation and directly affect the economy of Greek side of Cyprus because there are more than 300 southern Cyprus banks in Greece and they cannot collect credits. 
He added that the economic situation in Greece directly affected southern Cyprus and Greeks were worrying and were frightened.

Reporting by Zuleyha Karaman