Bad Economy in Cyprus: 1

There is a little island in the Mediterranean called Cyprus that is not doing so well, and by that we mean they are doing very poorly. It seems like they have gotten themelves into quite a predicament, their economy is suffering of a loss of 2.5 billion Euro due to illegal online casino and land based casino activity. This situation that they are currently in is very serious and is definitely being treated as such. Charilaos Stavrakis who is the Finance Minister released a statement to the House Institutions Committee which commented on the island’s dire situation with finances. To which the public and the press hounded him with questions on why online casinos and internet gambling are not illegal in the island and why there is no law that bans or makes such activity illegal.

In 2004 the Finance Ministry had made plans to make a law for the new trend in internet which was online casinos and internet gambling. They hired several international consultants to draft these laws that were much needed but the project was scrapped soon there after because the consultants were suspected of having outside interests in the online casino industry which would clearly make the laws for internet gambling biased. Since then Cyprus has become sort of the center of e commerce and online gambling in the Mediterranean. The government has tried to protect themselves from what is currently going on but due to their overlooking of certain principles which would have established rules for internet gambling and online casinos, there was nothing done about it.