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However, at the same time Eti off-loaded its transport equipment and responsibilities to the newly founded public concern: Cyprus Turkish Maritime Company Ltd. So the création of Denko is another example of the overlapping functions of state and quasi-state sector organisations in what is a tiny economy. The Industriai Divisions of the Co-operative Central Bank are like Britain's old nationalised industries; an amalgam of poorly performing, formerly failed private businesses (in the case of the independent co-operatives taken over by the CTCCB). The Dairy Products Industry (Division) was established in 1958 as an independent co-operative, "Dairy Products Co-op Ltd", but because of financial problems it was absorbed by the CTCCB in 1969, after which its activities were enlarged from pasteurised milk and Hellim (Cypriot - Halloumi) cheese production, to UHT milk in 1970. In 1985, there was a further diversification into orange and grapefruit juice production. Table 4.4 Cyprus Turkish Co-operative Central Bank's share of cows milk market 1989 49% 1990 43% 1991 44% 1992 48% Note: northern Cyprus is self-sufficient in cows milk, so what the CTCCB produces also represents market share. Source: Sériés of interviews with Gulhan Alp, Chief Accountant at the CTCCB, 21/4/95- 11/8/95. Overall the Dairy Products Industry produces around 70% of the local dairy requirements of yoghurt, cheese and milk and has provided considérable exports, mostly to the Middle East. Due to transport problems, and consequently compétition from other producers (particularly the Republic of Cyprus), these markets are said to have declined, as goods have been theoretically required to go through Turkey, 183
increasing costs 31 . This is perhaps reflected in the considerable Iosses reported by the division throughout the 1980's (see Table 4.4 below). Table 4.5 Dairy Products Ind. (Division ofthe Cyprus Turkish Co-operative Central Bank), profit & loss &. no. of employees, 1984-93 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Net P&L in ths US$ -$80 -$30 -$360 -$190 -$40 -$60 $140 $110 $140 -$20 Employees* 115 101 99 45 35 92 95 93 104 105 »Employment ßgures include lemporary staff. Source: Series of Interviews witli Gulhan Alp, Chief Accountant at the CTCCB, 21/4/95 - 11/8/95. For most of the 1980s, there had also been substantial exports to London, mostly through the (CTCCB 1 s) KOPEX subsidiary. Like Eti, the CTCCB had set up a wholly owned subsidiary in its main overseas market. KOPEX's speciality was imported Hellim (Halloumi) cheese for the London Cypriot market, but it also marketed other products such as Sun Flower Oil. KOPEX set up as a UK registered, limited liability company in 1983. It ceased Operations however in 1989 because of mounting debts (see Table 4.6). Table 4.6 Kopeks Ltd., final net P &L in thousands of current US$ 1987 1988 Net P&L in ths US$ -$20 -$20 Scurce: Series of interviews with Gulhan Alp, Chief Accountant at the CTCCB, 21/4/95 - 11/8/95. Another business failure, this time absorbed by the CTCCB, was Ayko (Shoes). As production expanded, so its performance deteriorated further (see Table 4.7). Established in Nicosia in 1972 as an individuai co-operative society, mounting financial problems forced Ayko into being taken over by the CTCCB on 1 Aprii 1990. Its plant has not been upgraded since it was installed in the early 1970s, which is partly why Ayko's products are restricted to the domestic and particularly the locai (Turkish Cypriot) military market. In civilian production, competition 31 Interview with Gulhan Alp, op. cit. 184
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ACKNOWLEDGEMENTS I would like to th
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ABSTRACT This thesis examines the e
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Table Of Contents Page Change in ec
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List Of Figures 2.27 Revenue from t
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List Of Figures 5.25 Main destinati
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List Of Figures 7.8 The degree of o
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List Of Tables 6.7 All island, Gree
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This thesis will examine the econom
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Vassiliou's classic work 5 publishe
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As many questions raised by economi
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Figure 1.1 The structure of recent
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In terms of the topic of this thesi
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political landmark coincides with a
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were the mechanisms which encourage
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however, Chapter 5 concentrates on
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Defining the title The first priori
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such? Is northern Cyprus simply run
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unlike Greece in 1923, were already
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itself as having been literally und
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economic history, Christodoulou's s
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incurred as a resuit of eonfl ict.
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Christodoulou has concentrated his
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any credit for successful economic
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anking technology, administrative c
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(which usually has a regressive imp
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contribution did labour remittances
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having been inspired by Zetter's in
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econstruction also provided a means
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Conclusion In analysing the extent
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he drew distinct analogies with the
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in Cyprus. The main objective is a
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The war proved a watershed in many
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Uruguay, Japan, Trinidad and Tobago
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financial, property and business se
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By 1960 exports represented over 20
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Table 2.1 Domestic Exports FOB in 1
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the period (1960-73), the différen
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Figure 2.4 Principal exports as a p
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producing 12% of GDP. Tourism (rest
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considerably more than Turkey, whos
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income. Mining and quarrying (now m
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Figure 2.10 Principal exports as a
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Figure 2.12 The Destination of the
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Figure 2.14 Ambiguous indicators: T
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Figure 2.15 Sìze of manufacturing
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By 1980 the economy of the Republic
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The scale of the disruption in the
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Whether taking the optimists approa
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financing from financial markets pi
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grew rapidly. In the immediate afte
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One of the major problems facing th
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coming, only concerning policy make
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with particular bottlenecks affecti
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"We attributed this finding to the
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aiding the recovery from the coup a
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employment: rapidly rising real ear
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Until the intervention of public fi
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to pick the Republic of Cyprus as t
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of offshore companies registered in
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Figure 2.27 Revenue from the offsho
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Figure 2.29 The changing compositio
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The structure of the economy, the c
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CHAPTER 3. The foundations of Takis
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Famagusta enclaves would be over-ru
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The historical context of separate
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generally concentrated in the lower
Page 133 and 134: agreed Constitution. Seemingly Clar
Page 135 and 136: séparation of the communities bega
Page 137 and 138: UN. 37 Some additional supplies mus
Page 139 and 140: Seemingly, by 1970 the Nicosia encl
Page 141 and 142: was made on the basis of a fixed in
Page 143 and 144: derived from Turkish transfer payme
Page 145 and 146: Patrick has offered a more complica
Page 147 and 148: spare parts and maintenance materia
Page 149 and 150: Emphasising the growing divisions b
Page 151 and 152: Chamber, Rauf Denktash, said people
Page 153 and 154: Figure 3.2 Thepossible economic eff
Page 155 and 156: produced by them rises significantl
Page 157 and 158: Committee" was the area military co
Page 159 and 160: February 1975 the latter bodies set
Page 161 and 162: The first five-year pian, published
Page 163 and 164: CHAPTER 4. The construction of a Tu
Page 165 and 166: Whilst the Turkish-Cypriot leadersh
Page 167 and 168: of supply, and/or marketing, in key
Page 169 and 170: shipment of 2000 tons of foodstuffs
Page 171 and 172: Eti still operateci out of Nicosia,
Page 173 and 174: institutions in northern Cyprus amo
Page 175 and 176: with multipurpose co-operatives, a
Page 177 and 178: A few new co-operatives were formed
Page 179 and 180: loans. Savings Banks do have access
Page 181 and 182: espectively. The Famagusta branch w
Page 183: Cypriot) Government in the 1960s, t
Page 187 and 188: packages imported raffinate, supply
Page 189 and 190: a monopoly respectively. Where ther
Page 191 and 192: Evkaf is an Islamic organisation fo
Page 193 and 194: Evkaf had a largely obscure economi
Page 195 and 196: Meanwhile a little noticed phenomen
Page 197 and 198: After the summer of 1974, the Turki
Page 199 and 200: monitored Ledra Place check-point,
Page 201 and 202: the early eighties, when Turkish ar
Page 203 and 204: Figure 4.3 Number of tourists from
Page 205 and 206: the situation that had existed prio
Page 207 and 208: stay arrivais or diminish with the
Page 209 and 210: competing with the longer establish
Page 211 and 212: flexibility of family business stru
Page 213 and 214: Ltd., Turkish-Cypriots eventually g
Page 215 and 216: dominateci by: textiles, footwear a
Page 217 and 218: force of national cohésion, change
Page 219 and 220: Figure 4.9 Main Citrus Exporters in
Page 221 and 222: Ismail Bozkurt (who secured 32.1% o
Page 223 and 224: Table 4.9 Citrus exports from north
Page 225 and 226: Ultimately the failure to act on pr
Page 227 and 228: CHAFTER 5: Re-establishing economic
Page 229 and 230: prospects of their respective de fa
Page 231 and 232: Figure 5.1 Change in Cypriot GDP as
Page 233 and 234: {0 perceive the de facto situation
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Turkey maintains that her objective
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parliament during the unstable peri
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case study, he argues that given en
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Specifically, it is analysis of nat
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imports (Figure 5.5). The extent to
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(which includes the increasingly im
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If "a leading sector in the process
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Just to put minds at rest that manu
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encouraged private sector action, t
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Figure 5.13 Gross domestic fixed ca
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major economic force, one that was
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they account for around a third of
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dominates international transfer pa
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a "development resource" 54 , rathe
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able to spearhead a revival aided,
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path, policy objectives moved to co
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overwhelming dependence on a genera
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In the difficult times that followe
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independence from total Turkish fin
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Figure 5.20 Orange production as a
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e exchanged for new "TRNC" (or, as
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Unlike the vineyards where most of
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Although not important in the initi
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Having said this, constant improvem
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compensation arrangements in the no
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some of the labour intensive stages
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Figure 5.24 Proportion of citrus ex
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to treat exports from the whole of
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seem more politically motivateci an
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Figure 6.1 Percentage change in GNP
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initially. The more immediate probl
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historical phenomena (large externa
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It has been argued that if politics
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share of National Income to somethi
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Figure 6.6 Communal income in 1980,
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Selecting peers as proxies for pan-
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growth potential to Cyprus in 1960,
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was that compatible data should be
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Figure 6.9 Micro Economies; average
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Figure 6.11 Micro Economies; averag
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Figure 6.13 The level of government
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Figure 6.14 "More Developed Medìte
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Figure 6.17 "More DevelopedMediterr
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Cypriot growth rate, should not dis
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Figure 6.22 Structure of production
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Figure 6.26 Degree of openness in t
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economic growth 49 (variables 6-9:
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implication, developmental différe
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spectrum in 1980 at 38%. Perhaps le
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namely investment rates 54 (in phys
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instruments, the justification for
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Figure 6.28 Average annual growth i
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Figure 6.29 How Cyprusfared in 1980
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Figure 6.30 Total Cypriot income 19
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o.zö; may reveai someimng 01 ine e
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developments elsewhere. The relativ
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unified economy) of 1963, Cyprus is
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CHAPTER 7. Conclusion 348 Comparati
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Turkish-Cypriot economy stagnateci.
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So it is worth looking again at the
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stand out however, revealing enough
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Figure 7.3 Gross domestic investmen
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Figure 7.5 "TRNC netforeign trade a
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Figure 7.8 The degree of openness i
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control. There seems to be ampie ex
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The role of tourism in the economic
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seem to be able to grow in line wit
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Comparisons throughout this thesis
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The Cyprus Mail Hellenic Group. Nic
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I.M.F. International Financial Stat
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1982. Fourth Emergency Economic Act
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"Turkish Federated State of Kibris"
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leadership of the two communities o
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"administrations" and key economic
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Bicak, H.A. (June) 1990. "The Impac
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Hudson, J. and Dyniotou-Jensen M. 1
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Mcdonald, R. 1989. The Problem of C
Page 389 and 390:
Solsten, E. (ed.) 1993. Cvprus: A c
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