Gold Magazine January - February 2014, Issue 34 | Page 30

opinion

Governance
Should Take Centre Stage
There are good arguments to be made on both
sides of the privatisation debate

D

espite the fact that the Memorandum of Understanding between
Cyprus and the Troika includes the
privatisation of state utilities, there
has been vociferous opposition to
this, backed by threats of industrial action. Putting
aside the requirement to raise much-needed funds,
there are good arguments to be made on both sides
of the privatisation debate. Each can learn something
from the other if maturity prevails in an environment
of appreciative inquiry.
For its part, the Troika argues that, in the addition
to the hoped-for sale proceeds of €1.4 billion, privatisation will usher in a new era of professionalism and
competition that will ultimately benefit the customer.
Most neutral observers would agree that the wider public sector is inefficient and largely self-serving. Decades
of political meddling and pandering to specific interest
groups have seen monopolistic profits squandered, with
the long-suffering customer being of least concern.
Unfortunately, the private sector has shown itself
to be no be \