Daily Archives: July 11, 2012

Archives July 11, 2012 posted by

Bank crisis leads BoC chief to quit

 

BANK of Cyprus CEO Andreas Eliades resigned yesterday, citing a lack of coordination in dealing with Europe’s banking crisis as his reason for leaving.

In a letter to the chairman of the board on Monday, Eliades said the challenges “we are experiencing throughout Europe are exceptionally difficult, demanding everyone join forces, inside and outside the bank, to be able to tackle them.”

“Because what is happening around us proves that this collective mobilisation does not exist… I have taken the above decision, judging that under these conditions I am no longer allowed to perform my duties,” Eliades said.

Read More
Archives July 11, 2012 posted by

Our View: Tymvios case capitulation unlikely to be a mere one-off

ATTORNEY-GENERAL Petros Clerides played down the government’s decision to rubber-stamp the agreement for an exchange of property between Greek Cypriot and Turkish Cypriot land-owners. The truth is that this was an unprecedented decision, which the government was forced to take because the ‘amicable settlement’ between Mike Tymvios and Turkey had been endorsed by the ECHR in 2008 and its implementation was being monitored by the Council of Europe’s Committee of Ministers.

Read More
Archives July 11, 2012 posted by

Bitter spat over borrowing from the semi state sector

 

THE state’s borrowing from semi-government organisations yesterday evolved into a bitter spat between AKEL and DIKO vice chairman Nicolas Papadopoulos, who the ruling party accused of trying to prevent them from supporting the state at a most difficult time for the economy and the country.

AKEL spokesman Giorgos Loukaides said Papadopoulos was trying to terrorise semi-state companies to prevent them from funding the state in a deliberate effort to lead the state to default.

Loukaides said Papadopoulos’ passion and animosity against the government and AKEL did not let him realise that his extreme behaviour was not hurting the government but the state itself, the country and its people.

Read More
Archives July 11, 2012 posted by

‘Government knew of liquidity problems’

 

THE opposition yesterday criticised the government’s handling of the economy following the publication of two letters from a finance ministry official who had warned of the risk of liquidity problems due to the way the public debt was managed.

In them, the director of the debt management department Phedon Kalozois, had warned in February 2011 the way finance minister Charilaos Stavrakis handled the debt management issue could cause liquidity problems.

“The lack of medium-term strategic management of public debt and flexible yearly borrowing policy inevitably leads to transactions of an opportunistic nature with the only parameter being temporary lending cost and uncontrollable levels of fiscal risks,” Kalozois said.

Read More
Archives July 11, 2012 posted by

MPs to investigate if banks misled investors

PARLIAMENT yesterday launched an investigation into how hundreds if not thousands of people put their money into high-return bank investment products now worth a fraction of the original price.

Reports yesterday said the Central Bank and the securities and exchange commission were also looking into the matter of convertible bonds after many people filed complaints that they were misled into investing.

People complained that the risks had not been explained to them.

The value is now a fraction of the original investment while banks have suspended interest payments.

Both the Bank of Cyprus and the Popular Bank issued such bonds, which investors could have converted to shares if they wanted.

Read More
Archives July 11, 2012 posted by

Deputies call for civil servants pay to be cut

MPs yesterday called on state officials to follow their lead and contribute part of their bulky salaries to the state to deal with the economic crisis, after last week’s party leaders’ meeting was presented with a 2010 list of the highest paid.

Topping the list of the state officials – nicknamed in the media as ‘Golden Boys’ – is President Demetris Christofias, who including his expense allowance picked up €158,938 in 2010.

Attorney-general Petros Clerides, his deputy, as well as the president and judges of the Supreme Court, came a close second, all earning €151,220 – including €18,000 each in expense allowances.

Read More
Archives July 11, 2012 posted by

Woman swallowed fluid from a corpse

A 45-year-old woman from Limassol, who worked as a porter at the district’s general hospital, was rushed into A&E on Monday after accidentally swallowing body fluids of a dead corpse.

The shocking incident was made public by DISY deputy Efthymios Diplaros yesterday, who blamed it on dire conditions at Limassol General Hospital’s morgue.

“A porter, woman, aged 45 years old, who worked at Limassol General Hospital for the past few years, was told to go together with a carer, to transport the corpse of a dead man who was recently being treated at Limassol Hospital,” said Diplaros.

Read More
Archives July 11, 2012 posted by

Fury at state land swap payout

THE GOVERNMENT’S decision to approve the friendly settlement between Greek Cypriot refugee Mike Tymvios and Turkey for the exchange of property north and south was met with widespread disapproval among political parties yesterday. 

All parties bar ruling AKEL saw as negative the cabinet decision to approve the transfer of Turkish Cypriot land in Larnaca to Tymvios as agreed in an amicable settlement at the Immoveable Property Commission (IPC) in the north, followed by the purchase of that land by the state for €13m.

EDEK’s second vice-president Costis Efstathiou yesterday described the decision as an “unfortunate development”. He accused the government of doing more harm to the national cause than those Greek Cypriot refugees seeking remedies at the IPC.

Read More
Archives July 11, 2012 posted by

‘More prison riots should be expected’

MORE FIRES and riots can be expected if immigrants continue to be held in detention in unsuitable locations for lengthy periods while awaiting their deportation, Ombudswoman Eliza Savvidou warned yesterday. 

Following the recent fire and riot at immigration detention wing Block 10 in Nicosia, Savvidou, who also heads the independent authority for the prevention of torture, said she felt the need to publicly voice her “strong concern” about the lengthy detention of migrants during deportation proceedings, “which in my opinion, gives rise to such phenomena”. 

Read More

Archives Calendar

Archives List