Cyprus Mail

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STREET SMART

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Nicosia mayor’s new cure for Old Town’s ills pages 6-7

Lady Luck falls on hard times as lottery sales drop

TV and lifestyle supplements to see you through the coming week

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www.cyprus-mail.com

September 2, 2012

WIN GREEK LESSONS FOR A YEAR IN PAPHOS INSIDE Cyprus Christofias: we could not have predicted crisis 3

World ‘10,000 are at risk from Yosemite hantavirus’ 10

19

Property What you should be doing in the garden this month 23

Sport 10-man Tottenham held by Norwich 40

LIVING

‘Be honest and get on with it’ What Cyprus can learn from Ireland’s bailout experience where first target was public sector By Stefanos Evripidou

Lifestyle Michelle and Anna fight it out to be First Lady

€1.60

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F CYPRUS is going to get out of the current economic crisis then it needs to be honest about the scale of the problem and simply “get on with it”, said Irish minister Lucinda Creighton whose country has received an €85 billion bailout. The Irish Minister of State for European Affairs was in Cyprus this week to attend the informal ministers meeting on the EU’s long-term budget. The Sunday Mail caught up with the young, straight-talking and on-the-ball Creighton in between negotiations and lunch to hear her views on how Ireland went from poverty to boom to bust (and bailout), and now slowly back to self-sufficiency. Asked what caused the crisis in Ireland, she said: “In a nutshell, the property bubble fuelled by an unregulated, irresponsible banking sector. Obviously government policy contributed to that but the nub of the issue is we had an enormous property crash which brought the whole economy crashing down with it.” Between 1995 and 2007, Ireland experienced extraordinary economic growth, making the ‘Celtic Tiger’ the poster child of the EU. In the summer of 2008, it officially entered into recession. In 2010, Ireland received €85 billion in the form of a bailout loan from the troika (European Central Bank, International Monetary Fund and European Commission) and through bilateral loans from Britain,

Sweden and Denmark. Two years later, unemployment is near 15 per cent but the economic indicators are starting to look positive. More importantly, Ireland has slowly regained the trust of the world and markets, even raising cash in July by tapping into short-term bond options. The aim is to get out of the bailout mechanism within 2013. “The economy is basically growing once again. We’ve effectively emerged from recession. The economy grew by over 1.0 per cent last year, so by and large it’s a good news story, though that’s not in any way to take away from the huge sacrifices that the Irish people have had to make,” said Creighton. The Irish experience has plenty that Cyprus can learn from. Both countries are islands with relatively small populations. Both have a historic enmity towards former colonial master Britain, though the British bailout loan to Ireland and Queen Elizabeth’s firstever visit to the Irish Republic last year did much to bury that hostility. Both experienced a period of enviable economic growth fuelled mainly by a property bubble followed by recession and soaring unemployment. Both applied for a bailout when the money dried up after international markets closed the tap on reasonable lending rates. The similarities end there. Once coming to terms with the crisis, Ireland took swift and hard measures to beat it, resulting in today’s more

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Store owner Rajesh Shah poses in front of his shop in Ahmedabad

(AFP)

Hitler store in India causes outrage A NEW Indian clothing store called Hitler has hurt the feelings of Jews around the world, a senior Israeli diplomat has told the BBC. Israel’s consul-general in Mumbai, Orna Sagiv, said she was “really shocked” by the “insensitive” name. The store opened in the city of Ahmedabad in Gujarat 10 days ago. Its owner says he did not know who Adolf Hitler was and the store is named after a business partner’s grandfather who was called Hitler for being strict. Sagiv said she would “raise the issue” with the state government next week during a pre-arranged visit to Gujarat, the BBC said. “I don’t think they have named the store out of malice, I think it’s just ignorance and

insensitivity on their part,” she said. The shop’s owner Rajesh Shah, who sells men’s clothing, said he was surprised he had upset people. “I didn’t know how much the name would disturb people,” he told the AFP news agency. “It was only when the store opened I learnt that Hitler had killed six million people.” Shah said he would change the store’s name if he was compensated for re-branding costs. He said he had spent 150,000 rupees (about $2,700; £1,700) on the logo, hoarding and business cards. The store has Hitler written in large letters over the front and a Nazi swastika symbol makes up the dot on the letter “i”.


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