Milk Producers Heading for Fines? Opinion
Milk producers could be heading for a world of hurt as the Cyprus Commission for the Protection of Competition revs its engines on an investigation into its pricing practices.
The last time that happened to an industry, the four largest petrol companies on the island ended up being fined 43 million euros for alleged price fixing.
We won't know for a while because the results of the investigation into the milk industry are not expected until the end of the year, said the Commission President Costakis Christoforou today.
In one way, that's a good thing, because the economy is already struggling, and huge fines on a particular industry could have a chill effect on our very fragile recovery. On the other hand, many consumers have simply had enough of paying the highest prices for milk products in the EU, and are supportive of the Commission's investigation.
Fact is, a free market economy does not mean a free-for-all. It's apparent that the market is not willing to pay such high prices for basic foodstuffs like milk and bread, so why doesn't the market listen and respond?
Are they that hard up that they have to squeeze every euro they can out of the consumers? Maybe the milk producers should spend a bit less on pricey pop stars like Antonis Remos and think seriously about what it must be like for families with children who consume a lot of milk.