Daily Archives: February 21, 2013

Archives February 21, 2013 posted by


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Archives February 21, 2013 posted by

S&P says a real risk of Cyprus default

CYPRUS faces a “material and rising risk” of defaulting on its sovereign debt, especially if the eurozone and International Monetary Fund do not come up with aid, rating agency Standard & Poor’s said yesterday.

“We see at least a one-in-three chance that we could lower the Cyprus sovereign ratings again in 2013, for example if official financial assistance from the (European bailout fund) ESM and/or IMF is not forthcoming, leaving the Cypriot authorities few choices apart from to restructure its financial obligations,” S&P’s head of EMEA sovereign ratings Moritz Kraemer said in a report.

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Our View: Central Bank Governor washes his hands of PIMCO estimates

THE GOVERNOR of the Central Bank Panicos Demetriades has learnt one thing from the man, who appointed him – avoiding taking responsibility for his actions and decisions. This was evident, not for the first time, in the statement issued by the Central Bank yesterday in response to a letter from PIMCO to the Governor, published by Politis.

The letter, which was a point for point reply to an earlier letter by Demtriades, complaining about the methodology and assumptions used by PIMCO in calculating the recapitalisation requirements of the banks, clearly states that “assumptions that have been described as PIMCO inputs in your letter were, in fact, direct inputs from the Steering Committee (SC).” 

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War of words over PIMCO report


THE firm that conducted a due diligence on bank portfolios to determine their recapitalisation needs said it had used the inputs given to it by a steering committee – made up of foreign and Cypriot officials – sparking fresh criticism that the government and the Central Bank had deliberately allowed the amount to be inflated.

The issue came up after daily Politis published the contents of a confidential letter sent by investment managers PIMCO to Central Bank Governor Panicos Demetriades earlier this month, in response to his letter regarding the methodology used.

“We also note where assumptions that have been described as PIMCO inputs in your letter were, in fact, direct inputs from the steering committee,” the company said.

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PIMCO’s property forecasts ‘not clear cut’

THE CYPRUS Association of Valuers and Property Consultants yesterday rejected assumptions made by investment consultancy firm PIMCO that the decline in the real estate value would reach as much as 40 per cent this year.

Among the assumptions used by PIMCO in its report on the recapitalisation of the island’s banks, were the real estate prices, which it said would decline by 30 per cent in the baseline scenario and by 40 per cent in the adverse scenario, the Valuers Association said.

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Woman ‘close to family’ arrested in toddler kidnap

POLICE arrested a 35-year-old woman yesterday for the kidnapping of 18-month-old Stavros Styllis in Limassol last Friday after forensic evidence implicated her in the abduction, police spokesman Andreas Angelides said. 

The woman reportedly comes from the ‘family environment’. 

Angelides said that police were looking at the circumstances of the abduction but that investigations indicated that more than one person was involved. “The woman, who is close to the family, was being questioned at the time the toddler was still missing which would indicate she had an accomplice,” he added.

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‘MI5 ruined my life’ says London Cypriot


A BRITISH Cypriot living in London, Constantinos Alexandrou, is suing the Metropolitan Police after his house was used by members of MI5 to watch terrorist suspects in 2006 claiming the whole ordeal ‘had destroyed’ his life.

According to the Daily Mail, Alexandrou, from Walthamstow in North London, told Central London County Court how he assisted the police and security services by giving over his home for surveillance, as it was immediately opposite the bomb factory being run by al-Qaeda-inspired plotters.

Although he played a part in foiling the 2006 bomb plot, which was billed as comparable to the 9/11 tragedy, he was later wrongfully arrested twice and falsely imprisoned, the Daily Mail reported.

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Remaining election camps resort to slurs

THE CAMPS of the two presidential candidates continued their war of words yesterday in an effort to undermine each other’s bid to crown the next President of Cyprus as major support was not forthcoming.

A majority at EVROKO did offer to back DISY boss Anastasiades after a party meeting last night but the forces that supported the failed bid of Giorgos Lillikas – representing 25 per cent of last week’s voters- are increasingly pushing for a blank vote on Sunday.

The AKEL camp yesterday got fired up over DISY’s paid ads in the media equating a Stavros Malas victory to another five years of the present government. 

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Nadir could be back home within months

JAILED Turkish Cypriot Asil Nadir who was ordered by a UK court in November to pay back £5 million of the money he stole from his Polly Peck business empire, has reportedly come up with the money despite telling British judges he was broke.

According to yesterday’s Daily Mail, the payment will pave the way for him to secure a prisoner transfer to Turkey and from there back home to the north of Cyprus for ‘house arrest’.

Nadir, 71, was told in November to come up with the £5 million or face another six years in jail.  He was jailed for 10 years in August after being found guilty of stealing £28.8 million from Polly Peck and its shareholders, and is currently incarcerated at Belmarsh.

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