Finance Minister Haris Georgiades described the 48-hour strike “an unacceptable and irresponsible act”, adding that it “undermines efforts for the final stabilisation of the financial system and the recovery of the economy”.
In a statement issued on December 17, Georgiades said “It is a provocation to the rest of our working and taxpaying fellow citizens,” a day after lawmakers agreed to increase the Central Cooperative Bank’s capital by up to €200m in tax payer’s money after injecting €1.5bn in 2014.
On December 16, ETYK called on its co-op members to strike for 48 hours in protest about employment arrangements at the Cooperative Central Bank. EYTK said that it was in the process of raising criminal lawsuits against the members of the Commission and the Management of the co-operatives for suspending annual salary increments and wage-indexation in 2014-15.
“For the last two years, have been working relentlessly to try and find a solution to the personnel of the Cooperative Central Bank,” ETYK’s General Secretary Christos Panayides told state radio.
“Their problems are not being addressed or looked into and we have gone from parliamentary committee to another. On November 30, we had what we thought was a constructive meeting with the board of the Cooperative Central Bank during which certain items on the agenda were agreed.”
“The only thing that was left pending was the signing of the agreements which we were led to believe were a formality. But unfortunately, the agreements were not honoured. This matter is very serious.”
Panayides went on to say that he was unaware as to why the board had seemingly back-tracked on the agreement saying it was not just because of annual salary increments and wage-indexation in 2014-15 that the workers were striking but because they felt they were being treated unfairly by their employers, In Cyprus reports.
“This is not the first time that the workers were promised certain things only to be left disappointed in the end. Neither we as ETYK nor the board of the Cooperative Central Bank have the right to deny the workers the right to seek justice or to protest.”
He added: “It is matter of respect. Deals and agreements have to be honoured. Employees cannot be treated like this. If we bow down to such treatment then we are effectively breaking a basic code of honour.”
When asked about the timing of the strike (being so close to the Christmas holidays), Panayides replied, “We didn’t choose the timing. We were not the ones to betray a trust. It was others that have pushed the situation to where it is today.”