Borrowers association slams government over contradictory inflation policies

The Cyprus Borrowers Association (Syprodat) has criticised the government for what it describes as a series of contradictory actions that are negatively affecting citizens.

In a strongly worded statement released this week, Syprodat questioned “how the government could claim just ten days ago that there was no longer a need to persist with anti-inflation measures, only to now reinstate the zero VAT rate on products like children’s and adult diapers”.

“This inconsistency does not address the issue of inflation,” Syprodat stated, saying that “instead, it creates uncertainty and pressure on citizens”.

It added that these actions “convince no one” and “expose the governing authorities”.

What is more, the association expressed concern about the current state of affairs, saying that “the situation is becoming worrisome, and this highlights the complete absence of the state”.

Syprodat also warned that the measures being implemented will provide no meaningful relief to the poor, and that even the middle class is at risk of slipping into poverty.

Furthermore, it stated that “inflation, the rising cost of living, and high interest rates continue to affect households,” leading to widespread dissatisfaction.

“People are disappointed, their resilience is exhausted,” the association continued.

“While their expenses multiply daily, their incomes remain stagnant,” it concluded.