Cyprus: Troika baffled by massive construction embezzlement scandal.

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The Daily Telegraph reports today that the Troika is suprised by the true situation in Cyprus: European Commission representative Maarten Verwey told the Cypriot Government:

“What we have seen is that your fiscal system is worse than we expected … prospects for growth are lower than what we expected, and as a result, there is a huge gap between your income and expenditure.”

“And no roofs, we are noticing also. We demand to know how and when these disappeared. What will you do when it rains? These pillars do not conform to EU Safety standards, and appear to have no insulating materials or glass between them. The reconstruction programme will cost millions and yet you have made no provision for it. We shall be reporting back to Brussels in a most negative tone.”

EU Commissioner for Economic Monetariness and Austere Fiscal Growth Olli Rehn said, “This is the same all over Cyprus: they half-build stuff and then go bankrupt without paying their taxes. It is typical. I am Finnish and there we finish everything, perhaps even the eurozone. This was joke, thank you.”

15 thoughts on “Cyprus: Troika baffled by massive construction embezzlement scandal.

  1. <blockquote.These pillars do not conform to EU Safety standards, and appear to have no insulating materials or glass between them. The reconstruction programme will cost millions and yet you have made no provision for it.

    This situation does not seem to be new, judging by the photographs accompanying this article.

    I have often said that the situation in Greece (etc) should have been looked at by the EU bigwigs long before it all came to a head. Was ist die Meinung von Herrn Blanketstein, unsere sog. Frankfurter Bankier?

    Mind you … he probably is a frankfurter.

  2. Construction embezzlement doesn’t only happen in Cyprus, London is much closer to home.

    The IMF released a transcript of a conference call regarding the 2012 spillover report, it contained this gem of a paragraph (in the context of ‘uneven bars’)

    ‘I don’t want to repeat the results. It’s easy enough for you to scan. The report is relatively short, and it has a lot of pictures; you can kind of get the gist from those.’

    This is the transcript.

    http://www.imf.org/external/np/tr/2012/tr080212b.htm

    • “Distant and elusive’ is also a term which has been used on Obama since his election.
      Happens to them all once they get into office and discover what’s *really* going on.

  3. By the time of his inaugural speech Obama seemed to have aged overnight, he looked grey. Strange really given his major financial backers- he should have known the score.

    As far as the Uk coalition are concerned, they surprisingly seemed to hit the ground running, as if they had been given a mandate by TPTB. Since when they have done nothing of substance, they appear to be waiting…..for their next instructions?

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