Daily Archives: February 13, 2013

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State welcomes debt comments

THE government yesterday welcomed a statement by the EU’s top economic official that the European Commission is not working on a debt restructuring for Cyprus that would force heavy losses on investors.
“We salute today’s remarks by Olli Rehn, the European Union’s Economic and Monetary Affairs Commissioner, with which he yet again clarified that there are no thoughts on a haircut of the Cypriot debt,” deputy government spokesman Christos Christofides told newsmen.
“This is a fundamental position of the Cyprus government, and we hail the fact that it is being lent support in such a clear way by the European Commissioner.”
Rehn said that under the terms of the emerging bailout, Cypriot government debt would not be restructured to impose losses on private creditors.

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Our View: Government is capable of any communications trick

IN THE END, the Cyprus government could not have its way at Monday’s Eurogroup meeting and had to accept that the audit of compliance with anti-money laundering regulations would be carried out by a private firm. This was at least the impression given by President of the Eurogroup Jeroen Dijsselbloem after the meeting, when he said “we agreed that an independent assessment conducted by a private sector firm is required and we requested the troika and Cyprus to agree on the terms of reference for such an assessment within a week”.

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Cyprus being persecuted says outgoing president

CYPRUS is being “persecuted” and “cornered” by EU partners seeking to impose tough conditions for financial aid, President Demetris Christofias said yesterday during a visit to Greece.
“Cyprus feels persecuted,” he told reporters in Athens. “We were forced to resort to a support mechanism, and instead of support, we have persecution.
“Now they have remembered money laundering. They have got us in a corner,” he said, referring to doubts in some eurozone states, notably Germany, about the island’s commitment to financial transparency.

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Builders accept ministry deal, strike to end

AN agreement was struck yesterday between builders and contractors effectively putting an end to the construction strike that lasted more than two weeks.
Unions and employers accepted a proposal tabled by Labour Minister Sotiroulla Charalambous concerning the conditions of a collective agreement, which will be renewed until June 30, 2014.
The duration of the agreement was the final sticking point, which had kept the two sides apart.
Workers wanted the agreement to run until the end of 2014 while contractors insisted on it ending in December this year.
The two sides signed the agreement last night but builders were not expected to return to work before their general assemblies ratified the deal.
The meetings were scheduled for this morning.

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First for Larnaca home

A LARNACA residence has become the first household in Cyprus with a smart meter linked to a photovoltaic (PV) system.
According to the Cyprus Energy Agency, a non-profit public organisation, the Larnaca residence spends over €3,300 a year on electricity; but with the PV system its costs are expected to be cut by half.
The device (a PCR421 Series Single Phase Smart Electricity Meter) was hooked to a 3kW-capacity PV system donated by Neon Energy Cyprus Ltd.
Low-income households are eligible for the pilot programme, which aims to install another 25 smart meters.
The smart meters are donated by the Electricity Authority.

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Malas pledges to work with Church

THE AKEL-backed presidential candidate Stavros Malas yesterday pledged to work with the Church of Cyprus in forming policies to tackle the country’s division and economic woes.
Following in the footsteps of his main opponent in the presidential race, DISY leader Nicos Anastasiades, Malas yesterday met with Archbishop Chrysostomos II for over an hour.
Despite the rather acrimonious relationship between the Church and the AKEL government over the last five years, Malas pledged to formulate policy on the key issues of the Cyprus problem and economy in consultation with the Church.

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Court finds case against Mari accused

THE LARNACA Criminal Court yesterday found there was a prima facie case against six defendants on trial in connection with a 2011 naval base munitions blast that killed 13 people and incapacitated the island’s main power station.
“We find that a prima facie case is substantiated,” presiding judge Tefkros Economou said, announcing the court’s interim decision.
Economou cautioned however that the decision did not mean prima facie guilt.

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New life for ‘hotel of kings’

A €30 million redevelopment plan is in place to breathe life into the Berengeria Hotel in Prodromos, almost 30 years after it closed down.
The plan is merely waiting on a building permit from the government, and includes a casino, modern restaurant and large swimming pool, all of which are part of new owner Michalis Ioannides’ grand vision.
“My first wish is to reinvigorate the Marathassa area with its 14 communities which has suffered as a consequence of the Berengeria closing-down in 1984,” Ioannides told the Cyprus Mail. “Tourism in Cyprus began when the hotel was built back in 1931 when it drew society’s elite and honeymooners with its serene environment and clean-air,” he added.

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