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'I went to sleep Friday as a rich man. I woke up a poor man'
Sydney Morning Herald
March 29, 2013
Nick Miller
Journalist
''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick
fingers. ''I lost all my money.''
John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he
lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and
imitation jewellery.
He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young
children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He
retired to Cyprus in 2007 with about $1 million, his life savings.
He planned to spend it on his grandchildren - some of whom live in Cyprus - putting them through
university and setting them up. There would be medical bills; he has a heart condition. The interest was
paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a
boat.
He wanted to leave any big purchases a few years, to be sure this was where he would spend his
retirement. There was no hurry. But now it is all gone.
''If I made the decision to stay, I was going to build a house,'' John says. ''Unfortunately I didn't make the
decision yet.
''I went to sleep Friday as a rich man. I woke up a poor man.''
His money was all in the Laiki ''Popular'' Bank which was the main casualty of Cyprus' bailout package
set by the European Union. Laiki is to be dismantled. Savings of less than €100,000 are to move to
the Bank of Cyprus. Anything more than that will almost certainly be wiped out as the bank is
wound down, its remaining assets taken by the bank's creditors.
Last week he heard a rumour that the bank was in trouble and went into Aiya Napa to ask his bank
manager - a friend - if he should move his life savings.
''There's no problem, nothing to worry about,'' he was told.
Not so. ''I go to bed and I can't sleep. I walk around, I have a coffee. I am thinking about my family.''
John's tears flow. As he chokes up, his son George, who moved to Cyprus in 1990, explains.
''The whole family, we used to work at the markets. I would work at the markets on the weekend to help
my parents while my mates were off having fun. Honest work in honest jobs. Now all that hard work is
paying
the debts of other people and the government. It's disgusting, to be honest.''
George says he can start again - if things get worse he and his family might move back to Australia.
''But not my dad. He can't go back to Australia. He is not allowed to fly because of his heart, and anyway
where would he live? He has no house. He will have €100,000 left to live off. Soon he's not going to have
a cent to his name.''
John has a thin hope. His money was sitting in the bank in Australian dollars instead of euros, so he
wonders if it would be exempt from the bank's collapse. But the bank's doors are closed, so he doesn't
even know to whom he should put that argument.
''For the moment I am 'sitting on charcoal', as they say,'' waiting to see if he gets burnt.
''It's not Russian money, it's not black money. It's my money.''
There are almost 5000 Cypriot-Australians on the island. Most are - or were - self-sufficient veterans of
the 1950s engineering boom or the 1974 war who came back to retire or to be with family (John is
looking after his 90-year-old mother).
This week Britain stopped paying pensions into Cypriot accounts, advising expatriates to open a
British bank account instead.
Australia's high commission in Nicosia has already fielded inquiries from dual nationals seeking advice
on their pensions. They were told to set up different payment arrangements, a spokeswoman for the
Department of Foreign Affairs and Trade said.
''We expect the main impact will be for Australians who have invested large sums in Laiki
Bank or the Bank of Cyprus,'' she said. ''There is no need for special measures at this stage.''
Source
Another Cyprus Article at The Cross Roads.
Sydney Morning Herald
March 29, 2013
Nick Miller
Journalist
''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick
fingers. ''I lost all my money.''
John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he
lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and
imitation jewellery.
He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young
children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He
retired to Cyprus in 2007 with about $1 million, his life savings.
He planned to spend it on his grandchildren - some of whom live in Cyprus - putting them through
university and setting them up. There would be medical bills; he has a heart condition. The interest was
paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a
boat.
He wanted to leave any big purchases a few years, to be sure this was where he would spend his
retirement. There was no hurry. But now it is all gone.
''If I made the decision to stay, I was going to build a house,'' John says. ''Unfortunately I didn't make the
decision yet.
''I went to sleep Friday as a rich man. I woke up a poor man.''
His money was all in the Laiki ''Popular'' Bank which was the main casualty of Cyprus' bailout package
set by the European Union. Laiki is to be dismantled. Savings of less than €100,000 are to move to
the Bank of Cyprus. Anything more than that will almost certainly be wiped out as the bank is
wound down, its remaining assets taken by the bank's creditors.
Last week he heard a rumour that the bank was in trouble and went into Aiya Napa to ask his bank
manager - a friend - if he should move his life savings.
''There's no problem, nothing to worry about,'' he was told.
Not so. ''I go to bed and I can't sleep. I walk around, I have a coffee. I am thinking about my family.''
John's tears flow. As he chokes up, his son George, who moved to Cyprus in 1990, explains.
''The whole family, we used to work at the markets. I would work at the markets on the weekend to help
my parents while my mates were off having fun. Honest work in honest jobs. Now all that hard work is
paying
the debts of other people and the government. It's disgusting, to be honest.''
George says he can start again - if things get worse he and his family might move back to Australia.
''But not my dad. He can't go back to Australia. He is not allowed to fly because of his heart, and anyway
where would he live? He has no house. He will have €100,000 left to live off. Soon he's not going to have
a cent to his name.''
John has a thin hope. His money was sitting in the bank in Australian dollars instead of euros, so he
wonders if it would be exempt from the bank's collapse. But the bank's doors are closed, so he doesn't
even know to whom he should put that argument.
''For the moment I am 'sitting on charcoal', as they say,'' waiting to see if he gets burnt.
''It's not Russian money, it's not black money. It's my money.''
There are almost 5000 Cypriot-Australians on the island. Most are - or were - self-sufficient veterans of
the 1950s engineering boom or the 1974 war who came back to retire or to be with family (John is
looking after his 90-year-old mother).
This week Britain stopped paying pensions into Cypriot accounts, advising expatriates to open a
British bank account instead.
Australia's high commission in Nicosia has already fielded inquiries from dual nationals seeking advice
on their pensions. They were told to set up different payment arrangements, a spokeswoman for the
Department of Foreign Affairs and Trade said.
''We expect the main impact will be for Australians who have invested large sums in Laiki
Bank or the Bank of Cyprus,'' she said. ''There is no need for special measures at this stage.''
Source
Another Cyprus Article at The Cross Roads.
| ''It's not Russian money, it's not black money. It's my money.'' |
Thanks to Dave Haith (England)
John Demetriou - Photo: Nick Miller
ALERT: Australians
ALERT: British Pensions
ALERT: Cyprus today, us tomorrow
ALERT: British Pensions
ALERT: Cyprus today, us tomorrow
| This is The Cross Roads |