Daily Archives: November 1, 2011

Archives November 1, 2011 posted by

Gearing up for the Cyprus Rally


International rallying action returns to Cyprus this week with the Cyprus Rally, the grand finale of this year’s Intercontinental Rally Challenge (IRC). With 36 entries – five of whom could claim the title here this weekend – and a new series of challenging special stages, this promises to be the best Cyprus Rally yet.


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Clinton urges Turkey to smooth ties with neighbours

TURKEY must do more to cement democratic gains and smooth prickly ties with neighbors such as Israel if it is to emerge as a guarantor of Middle Eastern stability, U.S. Secretary of State Hillary Clinton said on Monday.

Clinton, speaking to the American-Turkish Council in Washington, said the “Turkish miracle” had seen that country’s economy triple in size over the last decade as reforms opened up both the political and economic sectors to new competition.

But she said Ankara — which hopes to draft a new constitution by the first half of 2012 — must be careful to ensure that human rights are respected, minority groups are included and media freedoms are guaranteed.

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Cyprus taking the right steps to manage crisis says Central Bank

Cyprus is taking all the necessary steps to manage the difficult situation faced by its financial system, Central Bank of Cyprus Governor Athanasios Orphanides said today.

Cypriot banks’ heavy exposure to Greek sovereign debt, seen at high risk of default, has been cited as a concern by credit ratings agencies which have downgraded the island’s sovereign ratings in the past few months.

“The financial system in Cyprus is facing difficulties at the moment, as is widely happening in the euro zone,” Orphanides, a member of the ECB’s governing council, told reporters.

“But necessary actions are being taken by the central bank, the finance ministry and all relevant bodies to manage the situation.”

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U.N. to call new Cyprus meeting in January

The United Nations will call a new summit between Greek and Turkish Cypriot leaders in January to prod flagging peace talks after a two-day meeting failed to score a substantial breakthrough, a source close to talks said on Monday.
Secretary-General Ban Ki-moon, who oversaw a large part of negotiations in Long Island on Sunday and Monday, was expected on Tuesday to announce a new meeting in mid-January to assess progress, the source said, speaking on condition of anonymity.
Although the sides agree in principle to unite Cyprus under a federal umbrella, there are deep disputes on how to co-govern, territorial adjustments between two future constituent states and the property claims of thousands of internally displaced people.
Sources say of particular diff

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Greek referendum ignites German anger, hammers markets

Prime Minister George Papandreou’s shock decision to call a referendum on Greece’s bailout drew veiled threats from Germany on Tuesday and hammered markets edgy over the euro zone crisis.

European politicians complained that Athens was trying to wriggle out of the rescue deal agreed only last week, concerned not so much about the fate of Greece as the possibly dire consequences for the entire currency union.

One senior German parliamentarian suggested the euro zone might have to cast Athens adrift, cutting off its aid lifeline and allowing the nation to default.

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Downer: talks positive and vigorous


REUNIFICATION talks in New York entered their second and final day yesterday, with UN officials there calling the discussions “vigorous and productive”.

Picking up from where they left off on Sunday, the leaders engaged in proximity talks with the Secretary-General’s Special Adviser on Cyprus, Alexander Downer and Lynn Pascoe, the UN Under-Secretary-General for Political Affairs.

Discussions in Manhasset, outside New York, began around 9pm Cyprus time and were set to conclude in the evening after a working dinner hosted by UN chief Ban Ki-moon. In all, Ban yesterday spent some six hours at Greentree Estate, Manhasset.

Ban would not be making a joint statement with the leaders last night, but will be issuing a statement on his own today.

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