Daily Archives: June 20, 2012

Archives June 20, 2012 posted by

Fule has full confidence in Cyprus’s presidency

 

EU ENLARGEMENT Commissioner Stefan Fule said yesterday he had “full confidence” in preparations for Cyprus’ upcoming EU Presidency. 

Speaking to reporters after meeting with President Demetris Christofias at the Presidential Palace, Fule said: “I expressed full confidence in the preparations here in Cyprus for this exciting Presidency and I stressed how much I am looking forward to it.”

The EU Commissioner said he “shared a secret” with Christofias, “that it is always an advantage of the smaller member states to be in charge of the Presidency and without a vested interest to steer the European Union at this particular time.”

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Cyprus sees Greek vote easing its path to aid

 

GREECE’S election has cleared the way for Cyprus to obtain urgently-needed funds to recapitalise its banks by the end of the month, either from the EU rescue fund or through a bilateral loan, the finance minister said yesterday.

Cyprus is heading towards a firm deadline of June 30 to find €1.8 billion to recapitalise its second largest lender, the Popular Bank, which was hurt by its exposure to a write-down on its Greek debt holdings.

That could make Cyprus the fifth euro zone country to turn to the European Union’s bailout fund after Greece, Ireland, Portugal and Spain, but it is also considering taking a bilateral loan instead, possibly from Russia.

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Our View: Decision to secure two loans is not a rational one

IT HAS taken a very long time, but the government has finally come to terms with the fact that applying to the European Financial Stability Facility could not be avoided. But it would not give up the hope of securing a bilateral loan as well. Finance Minister Vassos Shiarly yesterday said the government could apply to the EFSF for funds for the re-capitalisation of the Popular Bank, but was also looking for a loan from another state to cover the rest of its borrowing requirements.

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Open letter to President Christofias: whose interests are being served?

IN THE last year, but especially in the last couple of months, a merciless communications war has been waged by you and your party AKEL against the banking system of Cyprus. The result of this attack is the defamation, both in Cyprus and abroad, of the banking sector, a sector which as recently as last April, when I left the Central Bank of Cyprus, was on a solid base.

The claim that Cyprus was more or less sinking economically because of the problems faced by the banks is misleading and harms the economy and the country. Equally misleading is the position that the regulatory framework implemented by the Central Bank for many years was inadequate and that I personally bear the responsibility for the ‘bad’ state in which ‘the banks’ find themselves.

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Orphanides comes out guns blazing

FORMER Central Bank governor Athanasios Orphanides yesterday accused President Demetris Christofias and ruling AKEL of waging a “merciless communications war” against the island’s banking system, which has ultimately hurt the economy and the country.

In an open letter to Christofias, Orphanides accused him of doing nothing to shield the banking system when he could and wondered if there was any purpose in trying to inflict further damage on the banks.

“Whose interests exactly are served?” Orphanides said. “Certainly not the interests of Cyprus.”

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BoC apologises to shareholders

THE management of the Bank of Cyprus (BoC) yesterday apologised to the lender’s shareholders over the losses incurred by the Greek debt write-down.

Chairman Theodoros Aristodimou also announced cuts to the management’s pay.

“Unfortunately we did not predict that with its decisions, the Europe of solidarity would push a member-state to insolvency and failure to meet its contractual obligations,” Aristodimou told the lender’s AGM.

BoC suffered some €1.3 billion in losses from the write-down in Greek debt. Its share closed at 31 cents yesterday.

“We understand your bitterness and we are listening to your thoughts and concerns about the problems,” Aristodimou said.

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Family and friends kept me going, says Cypriot Everest champ

THE FIRST Cypriot to reach the summit of Mount Everest said his first thought on reaching the top was getting back safely for the birth of his child.

 “Once I set foot on the top the urge to get back safely was intense so I could be back for the birth of my son,” said Giorgos Andreou. 

Andreou was speaking at a news conference yesterday on the expedition, which also marked exactly one month since he reached the top on May 19.

The other thing that kept him going were letters written by people close to him, which he carried in his backpack. He said he enjoyed the trip despite obvious difficulties.

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‘Humiliated and beaten by police’

A 21-YEAR-OLD man claiming to be the victim of police brutality plans to sue the Republic, his lawyer has said.

Marios Leondiou, from Pervolia village in Larnaca, alleges that he was humiliated, roughed up and beaten by Ayia Napa police for no good reason.

The alleged incident took place in the early morning hours of Saturday. According to Leondiou, whose story was yesterday published by daily Alithia, it all began when he and his brother and two female co-passengers were flagged by a police patrol car inside Ayia Napa.

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