Daily Archives: July 15, 2012

Archives July 15, 2012 posted by

If banks go it all goes


FORMER president George Vassiliou has appealed for an end to the “war” against Cyprus’ banks, warning that loss of confidence in the sector would be catastrophic for the island.

 In an interview with the Sunday Mail, Vassiliou, who was also Cyprus’ chief negotiator during the EU accession talks, agreed that banks had made mistakes as regards the size of their Greek bond holdings – which led to their current troubles – but stressed that Cyprus as an international financial centre could cease to exist without them.

 “The war against the banking sector is a war against Cyprus,” he said. “To attack the banking sector as a whole works against the interests of Cyprus.”

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Tales from the Coffeeshop: Humble village boys turn into egotistical monsters

THE TIMID directors of the Bank of Cyprus board finally mustered enough courage to force the bank’s CEO Andreas Eliades to step down this week.

A week earlier they said they would wait for the Central Bank investigation to establish whether he and other board members were responsible for ‘mistakes and omissions’ before anyone stepped down. 

Did the directors really need an investigation to tell them what was obvious even to the bank’s cleaning ladies? Eliades had reduced the wealthiest and most profitable company in Kyproulla to seeking half a billion in state help and had deceived everyone about the sum required, telling the AGM, a few days before presenting the real bill, it would be €200m.

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Our View: Time for widespread bank bashing to stop

THE CONCERTED campaign by the government and AKEL to blame all the country’s economic woes on the banks appears to be bearing fruit. The banks have become an easy target for anyone who wants a little public attention as the latest attacks by the politicians, media and other pundits have shown. It is a convenient way of diverting attention from the fact that the state is technically bankrupt and is unable to raise the €500 million it requires to repay loans due for settlement over the next few weeks.

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Lebanese man suspected of trying to carry out terrorist attacks

A LEBANESE man in custody on suspicion of involvement in possible terrorist attacks on Israeli interests had a remand order against him renewed for another another seven days by Limassol district court on Friday, reports said yesterday.

Police spokesman Andreas Angelides confirmed the suspect was arrested in connection with particular serious offences and is now in police custody.

He also said that he was arrested after the evaluation of certain information and “as it concerns matters of security no more details or clarifications will be made”.

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DIKO accuses Lillikas’ team of stealing personal data

HUNDREDS of DIKO members have been “bombarded” with messages from the electoral team of independent presidential candidate, George Lillikas, illegally taken from the party’s archives, General Director of the party, Andreas Constantinou said yesterday.

Constantinou has sent a letter to personal data commissioner Yiannis Danielides reporting a “serious violation outbreak of the personal data law of 2001”.

“Lately, hundreds of DIKO members have complained that they are being ‘bombarded’ by phone calls, letters and invitations relating to events and activities for presidential candidate George Lillikas coming from his ‘presidential team’,” the letter said.

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Investors to sue Popular Bank


AROUND 50 investors will file a suit against the Popular Bank for “not revealing the whole truth” to investors regarding the risks behind securities, lawyer Christos Clerides said yesterday.

Popular Bank as well as the Bank of Cyprus – who are in need of state help – have suspended interest payments on securities, as per the conditions of the investment stipulated in bank prospectuses for banks short of capital.

Although the security and exchange commission (CySEC) said that the banks followed regulations by listing risks, it allowed for the possibility that people were not informed by experts, saying that was up to the Central Bank to investigate.

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International companies think low corporate tax rate should stay

THE majority of international companies in Cyprus think that its low corporate tax rate is what draws in foreign investment, a survey commissioned by accounting firm Baker Tilly has said.

A total of 74 per cent of those asked “believe that the low corporate tax rate in Cyprus (10 per cent) is the main advantage of Cyprus [in attracting] foreign companies and investments,” an announcement said. 

A total of 9.0 per cent said Cyprus’ strategic position was its main advantage.

Cyprus, which asked the EU for a bailout in June, has the lowest corporate tax rate in the EU.

Earlier this month when a delegation of foreign technocrats visited to assess the state of the economy parties drew a red line on the possibility of raising the tax rate.

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Cyprus marks 38 years since coup

THE ISLAND marks the anniversary of the 1974 July 15 coup today.

The coup, engineered by the Greek military junta, then ruling Greece, was followed by the Turkish invasion five days later, which resulted in the occupation of Cyprus’ northern third.

The wailing of sirens are expected to be heard at around 8.20am today, the same time that the coup occurred 38 years earlier.

Ruling AKEL yesterday condemned “the fascist coup of July 15 1974” and all those that took part. They also condemned and denounced the Turkish invasion, continued occupation and everything that followed, as well as “Turkey’s policy and the Turkish Cypriot leadership that perpetuates the Cyprus problem and consolidates partition”.

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Beach stabbing


A 38-year-old man ended up in intensive care at Paphos general hospital in the early hours yesterday after he was knifed at a beach when he told a group to turn down their music.

The Ukrainian, permanent resident of Cyprus, was stabbed in the thorax and his back.

He was driven to hospital after 1am by a member of the public who found him at Potima beach in Kissonerga.

Before going into surgery, the man told police he was at the beach with a Russian woman and had asked two men to turn down music from their car’s radio. “They seem to have immediately attacked him and one of them pulled out a knife and injured him with it,” a police announcement said.

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Hit and run

A 26-year-old was dragged by a car as she was crossing the street at 4.30am yesterday in Limassol and was left there by the driver.

An eyewitness called the police and the 26-year-old was taken to Limassol general hospital with a head injury. 

She has been held overnight because of the seriousness of her condition. 

The car’s driver was arrested a few hours after he ran the woman over at 7.10am.

The police had obtained an arrest warrant for him.



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