Daily Archives: November 8, 2011

Archives November 8, 2011 posted by

Spacious 2-bedroom flat, 108…

Spacious 2-bedroom flat, 108 sq.mts, Lykavitos-Kanther Area, Nicosia.
3rd-floor, central heating, solar-hot-water, air conditioning, 2 WCs, fitted kitchen, electrical appliances, 2 balconies, storage room, covered controlled-access parking, 2 Satellite.dishes, Cablenet installation, parquet-floor. Rent €750.

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Archives November 8, 2011 posted by

Moody's downgrades BoC, Marfin and Hellenic banks

Moody’s Investors Service has today downgraded the long-term deposit and debt ratings of the island’s three main banks over the reduced ability of the government to support the large banking system if necessary.

Moody’s cut Bank of Cyprus’ ratings by one notch to Ba2 from Ba1, Hellenic Bank by one notch to Ba2 from Ba1, and Marfin Popular Bank by three notches to B2 from Ba2.

Moody’s has also placed the ratings of the three banks on review for further downgrade. These actions follow Moody’s downgrade on November 4 of the Cypriot government bond rating by two notches to Baa3 (on review for possible further downgrade) from Baa1.

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Government denies UN bail out threat


THE GOVERNMENT yesterday denied reports that UN Secretary-General Ban Ki-moon told the two leaders in New York he will terminate his good offices in the next months if the sides do not break the deadlock in the talks.

“As you know, the Secretary-General provides his good offices on the basis of UN Security Council resolutions, and the Secretary-General is accountable to, and reports to, the Security Council,” government spokesman Stefanos Stefanou.

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Possible tax rise all because government fears unions

LAST FRIDAY’S announcement that Moody’s downgraded the Cyprus government’s bond ratings two notches came as a reminder that the economy continues to move down the slippery path towards insolvency. 

The most alarming thing is that we needed yet another wake-up call about the grave situation of the economy, which had been swept under the carpet for the last few weeks. Politicians and media have been too busy talking about the gas-drilling, the Kassinis-Antoniadou feud at the commerce ministry and the municipal elections alliances to bother with the economy.

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Opposition calls for more measures

THE government yesterday accused the opposition of scare-mongering, as lawmakers charged that not enough is being done to shore up the economy.

Main opposition DISY deputy chairman Averof Neophytou and DIKO vice chairman Nicolas Papadopoulos said more measures were necessary as agencies have repeatedly downgraded the island, pushing its credit rating close to junk status.

On Friday, Moody’s downgraded Cyprus’ credit rating by two notches to Baa3, one level above junk, forecasting the government would have to bail out its banks next year due to their exposure to Greek debt. As the government has lost access to international capital markets, it would probably need to seek emergency funding from official sources, the ratings agency said.

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Push to update marriage laws

LAWMAKERS yesterday began discussing cohabitation rights in a bid to address the inequalities currently faced by a growing number of people living together out of wedlock.

The House Labour and Social Insurance Committee said it would engage social partners and the Labour Ministry in the dialogue, hoping that it would get feedback from the government by the end of the month.

Cyprus law does not provide for any other form of recognised cohabitation beyond marriage.

The matter came to the fore after authorities denied a 93-year-old woman a widow’s pension because she had never married her partner of 67 years who was also the father of her eight children.

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Promotion for brave police officers

A VERY proud police chief yesterday promoted two of his officers for showing bravery in the line of duty. 

“They made us very proud,” said police chief Michalis Papageorgiou during the award ceremony for Lefkios Prodromou and Andreas Agathokleous who were both promoted to the rank of sergeant. 

Both police officers arrested bank robbers in Limassol. 

“To get promoted for bravery, police officers have to go beyond the line of duty and even endanger their own lives,” Papageorgiou said. 

One of the police officers chased a bank robber while off-duty and with his mother in the car while the other stopped another bank robber by throwing a rock at him. 

Both sergeants also got help from members of the public. 

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