Comment on Nivard’s stand on Greek bonds

Wednesday, 6 September 2017 00:00 - - {{hitsCtrl.values.hits}}

Last Thursday Daily FT commentator Janitha Devapriya, who has responded to Governor Cabraal’s statement attempting to point out wrongdoing, is a person who has been going to great lengths in the past several months to suggest that Arjuna Mahendran has done no wrong.

Please see http://www.ft.lk/article/578765/COPE-Report--Is-it-an-indictment-on-the-former-Central-Bank-Chief and http://www.ft.lk/article/597493/Arjuna-Mahendran--the-favourite--whipping-boy--of-our-times-.

The above articles re. Governor Mahendran clearly show how subjective Janitha Devapriya›s views are, and what his agenda is.

With regard to his comments about Governor Cabraal›s statement, it is very clear that Devapriya has conveniently ignored the most relevant and critical passages of the Supreme Court decision pertaining to the Greek bonds that there was no fraudulent activity. He has also left out referring to the fact that the highest-ever profit of $ 430 million was made by the Central Bank in the year 2011 under Cabraal. Devapriya has also carefully avoided reference to the fact that Sri Lanka›s rating today is dismally below that of Greece at the time the Central Bank invested in the Greek bonds.

It is now becoming increasingly clear that Cabraal cleverly and skillfully steered the Sri Lankan economy to unprecedented heights during his tenure as Governor, and it is obvious that the current economic managers have not been able to come anywhere close to his results.

Naturally therefore, the attacks on Cabraal are increasing to cover up their own inadequacies and failures. However, the ordinary people, the small and medium entrepreneurs and even the big businessmen are realising that the economy performed substantially better during Cabraal›s tenure, than now.

D.V. Samarasekera