The bank employee union’s decision to strike for 48 hours is unacceptable and irresponsible, said Finance Minister Haris Georgiades.

“(The strike) undermines the efforts to finally stabilise the financial system and the economic recovery,” added the minister.

It is also provocative towards other employees and the taxpayers, he said.

The union is attempting to get a retroactive payment of the inflation-linked salary raises, a nonsensical position given that prices have been in deflation for almost two years now.

The core of the economy - the banking sector - is reaching very little of its productive potential because they close early and work inefficiently. In some cases it takes four working days to clear a cheque, slowing down the cash flow to ridiculous extents.

This situation existed even before the bailout in 2013, the banking unions tie up the working hours to such an extent that it’s not helpful for consumers or for the economy. Instead of creating two shifts so that the banks can be open during afternoon hours when people have more time to do their banking, they only have one shift that closes at 1.30, forcing people to rush in the mornings when they have other commitments like jobs, school runs, and so on.