Cyprus – A Warning To British Workers


Warning: strpos() expects parameter 1 to be string, array given in /home/customer/www/theworker.org.uk/public_html/wp-content/plugins/jetpack/modules/shortcodes/ted.php on line 110

One of the major problems facing Cyprus is the dominance of the banking sector in its economy. A key measure of this relationship is the size of the bank assets of a country compared to its Gross Domestic Product (GDP). Cyprus has bank assets 7.8 times larger than its GDP. This proportion is equaled by Ireland and exceeded by Malta which has a multiple of 8, which was also the multiple which Iceland had in 2008, when its banking system collapsed. The Icelandic people decided not to try and save it, but to let it collapse and start again, with a healthier banking sector which would serve their economy rather than dominate it.

The next highest multiple in the EU is the UK’s, at 5.4. To put this into context the EU average for 27 counties is 3.5, with Germany, Austria, Sweden and Belgium on 3.0 and Greece on 2.2.

During the Thatcher period of manufacturing closures, her economists and ideologues spread the idea that manufacturing was characteristic of less developed economies and the UK could thrive on the service sector, particularly finance and best of all the speculative part. The ‘Big Bang’ deregulation of finance was lauded as a great success, as was the destruction of much of manufacturing.

Blairites continued that philosophy which still holds sway in the current Tory-LibDem coalition. Despite their talk of ‘re-balancing the economy’, a serious plan to re-build Britain’s manufacturing does not exist. Instead there is blind faith in ‘the market’ and the hope that the finance sector will recover. The warning for British workers is clear; don’t trust the government, the banks or the EU. The plan must come from us.

The Workers’ Party Twitter Feed

Police fired pepper spray at hundreds of demonstrators in Warsaw as they opposed a court ruling almost completely banning abortion in the country. Demonstrators took to the streets in other towns across the country.
https://www.rt.com/news/504362-poland-abortion-ban-protests/

Cuba develop their Vaccine Soberana, against the Corona Virus; it's development is at the stage of clinical trials, with expectations that the vaccine will be ready for use on the population early in 2021.
http://www.rcpbml.org.uk/wwie-20/ww20-36/ww20-36-07.htm

Cuban advance in developing their vaccine against Covid 19, is no accident; it occurred because of the priority given since the Revolution to health services of the people & scientific progress. They started work on treatments before the first case there.
http://en.granma.cu/cuba/2020-10-21/the-emergence-of-soberana-1-is-not-a-chance-event

Cuba's Diaz Canel congratulates Bolivia's MAS' victory at the polls.
http://en.granma.cu/mundo/2020-10-20/in-bolivia-mas-is-more
La lucha continua.
The struggle continues.
http://en.granma.cu/cuba/2020-10-19/diaz-canel-congratulates-bolivias-movement-toward-socialism-after-recovering-the-countrys-presidency

Load More...


All text on this site is copyright The Workers' Party of Britain. Established 2006