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maltatoday, WEDNESDAY, 15 OctObEr 2014 News 6 One particular characteristic which marks Joseph Muscat's po- litical demeanour is his f lexibility, something which makes him the antithesis of the stubborn Law- rence Gonzi, who often persisted in what he believed to be right despite popular opposition, only to with- draw (as was the case with the MP salary issue) when public opinion was already formed. even before the election Muscat was f lexible enough to ditch his own deputy leader when his dismal performance in a TV debate risked undermining the extent of his near certain victory. Faced with an injunction by the european Court of Justice, Muscat aborted push back plans and in the face of liberal anxieties on his mi- gration policies, he gradually toned down his statements to the extent that government exponents now openly speak about integration. Faced with surveys showing mas- sive opposition to the new cash for citizenship scheme, he immediately removed the secrecy clause, which was undoubtedly the most unpopu- lar aspect of the bill. Moreover, faced with the possi- bility of an infringement procedure by the eU, he withdraw again, ac- cepting a nominal residency clause – something which he turned in his favour by securing eU approval of what remained, essentially a money spinning exercise. And faced with mounting criti- cism that his proposal to postpone next year's local elections to 2019 was intended to accommodate calls by the hunting lobby for a stand- alone referendum on Spring hunt- ing, Justice Minister Owen Bonnici has now announced that only the 2017 elections will be postponed to 2019. The decision came in the wake of Muscat's decision to stop the au- tumn season following a spate of illegal poaching that culminated in the shooting of a stork. Once again Muscat was responding to a grow- ing perception that Muscat was in cahoots with the hunting lobby. One major drawback of this strat- egy is that it risks undermining Muscat's reputation as a principled decision maker and strengthen the perception that he is a vain leader who is constantly reacting to what the media and opinion polls say about him. Moreover by toying with dangerous concepts like push- backs, Muscat has legitimised po- litical positions, which may return to haunt him now that he has dis- owned them. Yet so far Muscat's f lexibility has proved to be one of his most valu- able political assets in neutralising the opposition. Neutralising the opposition Moreover on all these issues, by withdrawing and taking credit for his f lexibility, Muscat has managed to deny the opposition a rallying cry. One may argue that any damage to Labour resulting from these is- sues was self inf licted as it was Muscat who endorsed push backs, voted for the secrecy clause in the citizenship scheme in parliament, relaxed hunting regulations to ap- Muscat's withdrawal Joseph Muscat excels in the art of graceful withdrawal whenever he feels cornered. the latest U-turn on postponing next year's local elections is the last in a series, says JAMES DEbONO in his analysis Secure Investment Secure Investment Issue of Issue of €40,000,000 40,000,000 in Malta Government Stocks in Malta Government Stocks (subject to the over (subject to the over-allotment option of allotment option of an additional sum of an additional sum of €35,000,000 35,000,000) MALTA GOVERNMENT MALTA GOVERNMENT STOCKS STOCKS _______ _______ (i) (i) 4.1% 4.1% Malta Government Stock (First Issue Malta Government Stock (First Issue) ) – Fungibility Fungibility Issue Issue maturing aturing in in 2034, 2034, and and _______ (ii) Floating Rate Malta Government Stock ( (ii) Floating Rate Malta Government Stock (Sixth Sixth Issue) Issue) linked to the six linked to the six-month Euribor month Euribor +75 +75 basis points (bps) basis points (bps) maturing aturing in in 2020 2020 , , or or (iii) Any combination of the above two Stocks which in the (iii) Any combination of the above two Stocks which in the aggregate shall be aggregate shall be €40,000,000 40,000,000 Malta Government Stocks The Treasury announces the issue of €40,000,000 Malta Government Stocks subject to an over- allotment option of an additional sum of €35,000,000 as follows: MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP WITH INTEREST PAID UP TO THE DAY OF RE TO THE DAY OF RE-SALE OF STOCK. SALE OF STOCK. SECURITY SECURITY CONTINUOUS LIQUIDITY CONTINUOUS LIQUIDITY INTEREST EVERY SIX MONTHS INTEREST EVERY SIX MONTHS (The value of the investment may go up or down during the tenor of the Stock.) Treasury Department, The Mall Building, The Mall Treasury Department, The Mall Building, The Mall - Floriana, Malta. Floriana, Malta. Applications in the form of sealed bids (auction) for a minimum of €250,000 and multiples of €50,000 each open on Thursday 23 rd October, 2014 at 8.30a.m. and close at noon on Friday 24 th October 2014 or earlier at the discretion of the Accountant General. Bids Bids on on the the prescribed prescribed forms forms are are to to be be deposited deposited in in the the Treasury Treasury Tender Tender Box Box in in Floriana Floriana or or transmitted transmitted by by fax fax on on 2596 2596 7210 7210 or or by by e-mail mail at at the the e-mail mail addresses addresses indicated indicated on on the the application application form form. Application Application forms forms may may be be obtained obtained from from all all Members Members of of the the Malta Malta Stock Stock Exchange Exchange and and other other authorized authorized Investment Investment Service Service Providers Providers or or downloaded downloaded from from the the Treasury's Treasury's website website at at www www.treasury treasury.gov gov.mt mt.