Nicos Anastasiades Tops Cyprus Presidential Election

Set amidst financial crisis and its unstable currency status, Cyprus finally elected its new president as majority of the electorate hope for dramatic change in the nation’s financial condition. Winning in the polls is Nicos Anastasiades of the Democratic Party who garnered 57.5% of the total ballots as against his AKEL (Communist Party) supported opponent Stavros Malas who emerged with 42.5% of the votes.

Voters’ turn out

There was a decrease in the turnout of voters in the latest election in which only 81.6% exercised their right to suffrage. Political and economic analysts said this could be a reflection of the dwindling confidence of the people on the government. Voters from the youth sector who went out to vote expressed their negative sentiment on the manner by which the Cyprus economy is being managed by the top officials of the land. Five years ago when Cyprus’ finances were still successfully managed, 90.1% of the electorate voted in the election.

Promise for economic recovery

Following Anastasiades’ proclamation as winner, the newly elected president made an early pronouncement of his promise to bring economic recovery to Cyprus. The country is one of those hard hit by the European financial dip as it put huge investments in sovereign bonds with Greece. As a result, Cyprus banks badly require recapitalization which the government hopes to attain by clinging to the Euro for bailout purposes.

Awaiting the new president are bailout negotiations which are expected to take place right after the election. Anastasiades has expressed belief that his victory is encouraged by the confidence of Cypriots on his leadership and ability to steer the country towards unity, financial recovery and positive economic change. He said he is bent on working with the country’s top leaders and its European Union allies so that Cyprus will resurface from its current economic debacle.

What the financial experts say

Even before he can officially assume the presidential seat, the 66-year old Anastasiades already laid out his plans on the forthcoming bailout negotiations with the International Monetary Fund, the European Central Bank and the European Commission – the famous trio or troika that handle financial security among European nations. Since Anastasiades is supported by the EU conservative bloc in which Angela Merkel, Chancellor of Germany likewise belongs, Cyprus voters who elected him are optimistic that the new president has an advantage in seeking economic reforms.

In November last year, Cyprus entered into an agreement with the troika in its aggressive move for bail out. The government has since cut salaries and pensions and increased its value-added tax. Recession is predicted to go on for a few years more and financial experts say the economy will even suffer more in 2013.

Cyprus’ attempt for financial aid was marred by Germany, resulting to some complications in the situation. Apparently the public no longer wants to help financially ailing nations and that Cyprus which is perceived to be a favorite center for oligarchs from Russia cannot readily avail of assistance. Cyprus people have countered the allegation by citing certain studies that prove the country has abided by the anti money laundering rule of the European Union.