Shipping Industry Calls for Lift of Bans of Capital Controls

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limasolA delegation of the Cyprus Shipping Chamber (CSC) has met with the Troika delegation to discuss the disadvantages of capital controls on the shipping industry. Troika is in Cyprus to review of the adjustment program which came into effect last march. The shipping industry constitutes 7% of the islands GDP, as expressed by CSC Director-General Thomas Kazakos. Mr Kazakos, elaborated and explained the advantages of shipping to the Cypriot economy and made clear how the chamber opposed to capital controls from the start as it projects a negative image to Cyprus as an international financial centre.