Debate: who is behind the rising unemployment level in Cyprus?

Ever since the haircut crisis (and even earlier actually), there has been a dramatic rise in unemployment on this island.

Many have blamed the monopolies, troika, Europe, Germany, banks, the Russians, the government, foreigners, and even ourselves. We’d like to hear what you think is the core reasons behind the unemployment in Cyprus.

Have a read over the summaries of some of the arguments we’ve heard/read/had over the last few weeks, and then let us know what you think is behind the rising unemployment by posting a comment on the right of this page.


Companies are struggling to cover the expenses imposed by the monopolies (or apparent oligopoly) in the provision of Electricity, Water, and Telecommunications. Crazy expenses, means less jobs. Obviously we want more competition, but we are a small island, and setting up competition in these sectors requires massive investment and physical space.

Troika, Europe or Germany

If you need us to explain why people blame these three, we wonder which rock you live under, and if there’s space for a few more.
(Note: Seriously… Let us know in the comments! We’d love to hide there with you for an hour or so.)


People have always disliked banks, but now they are also limiting how quickly people and businesses can mover their own money around. This has obvious effects on the economy, the jobs available and the rate at which businesses can grow. As institutions they told us that if we go bust, we would lose our homes and everything, but when they did… well you know the story. But on the flip side, they also helped a lot of businesses grow and bankers were just doing what they were told to do by senior management, who in turn were given directives from higher up.

The Russians

Mostly due to international media branding us the piggy bank of dirty Russian money, there are some who blame the unemployment crisis on the Russians. Yes the same Russians, who invest in homes, spend money in businesses, put their children in our schools, travel around our island and haven’t abandoned the country even after all the ridiculous stereotyping. Whether the ultra-rich chose to store their money here, why have the other piggy banks of Europe not been branded as such?

The Government

As an apolitical website, we try not touch this topic when we don’t have to, but there is a lot of anger in Cyprus towards both the current ruling party and the previous one. Unfortunately these flames are aired by political propaganda, fraternal-kommata affiliation and the monotonous televised debates on each and every station island-wide each and every damn day.

Foreigners and Ourselves

We think the idiocracy surrounding the notion of blocking ‘foreigners’ (most times our European compatriots)  from getting jobs they are skilled to handle is clearly described as a story in this blog post by Hector on his personal blog. Are the foreigners really to blame? Did they really steal all the good jobs? Are we not the country with the highest number of university graduates per capita?

So what do you think?

Leave a comment and let us know.

Although we believe in free and open conversation, comments will be moderated to keep the debate clear of personal attacks, spam and off-topic rants.

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