Cyprus Financial Crisis and The Shipping Industry

By Finance

The Minister of Ttransport of Cyprus, Tasos Mitsopoulos said that the shipping registry will not suffer from the financial crisis. He explained that the impact of the banking problems will not have crucial impact on the local shipping industry. It is known that none of the banks of Cyprus is financing the ship companies and the sector.
But these assurances will not help companies with bank deposits and will suffer from the financial crisis. The most of the shipping companies could lose 40% on amounts over 100,000 Euro. The local industry could also suffer from restrictions.