MICHAEL SARRIS, CYPRUS FINANCE MINISTER RESIGNS AS BLAME GAME STARTS

When formal investigation began into the events leading to the country’s €10bn bailout, the Cyprus finance minister quit on Tuesday, under which savers are taking a financial hit in a first for the eurozone.

The Tyler Group Barcelona Hand and Gavel quoted Michaeil Sarris as he resigned, His previous role as chairman of Laiki, the country’s second largest bank which is being wound down, was likely to be subject to scrutiny.

“I believe that in order to facilitate the work of [investigators] the right thing would be to place my resignation at the disposal of the president of the republic, which I did,” said Sarris, who had been finance minister for just six weeks...

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ECONOMIC EFFECTS OF WAR ON TERROR

Terrorism involves senseless destruction, suicide attack, bullying and murder of innocent people. Terrorism disrupts the lives of people, damages infrastructure, causes economic slowdown, breaks the social fabric of communities and brings political unrest.

Looking at the historical background of the world, we see wars ravaging nations — from Africa to Asia to Europe and to other regions. Escalating terrorist attacks against individual citizens, property, transport and airports are related to the reduction of capital formation and low GDP per capita growth. The International Monetary Fund (2001) calculated the direct costs of the 9/11 attacks on the US to be $21.4 billion while, Navarro and Spencer (2001) found that the loss of capital stock was from $50 billion to $53 billion.

Since September 2001, Pakistan has been waging a war on terror. Up to this point, it has cost the nation the lives of over 35,000 citizens and 3,500 security personnel, as well as damage of infrastructure and direct economic loss of $67.93 billion. The country faces terrorist attacks, including suicide bombing, which has disrupted law and order and, thereby, has caused reluctance among foreign investors wanting to conduct business in Pakistan...

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