Monthly Archives: March 2013

Archives March 31, 2013 posted by

Bank of Cyprus ready to play its part says Sarris

CYPRUS’ banking institutions over-extended themselves, leaving the country exposed and now it is time to pull back, finance minister Michalis Sarris said yesterday, referring to a series of painful measures that will see major depositors in the Bank of Cyprus (BoC) lose some 60 per cent of their deposits over €100,000.
“Definitely our policy must be that what we did was excessive expansion, which exposed us, and now is time to pull back,” Sarris told reporters yesterday.

Read More
Archives March 31, 2013 posted by

OUR VIEW President must drop the platitudes if we are to survive

OUR POLITICIANS just cannot resist the temptation to tell their audience what they want to hear. Populism is so deeply rooted in public discourse that very few politicians can break away from it. Those who do are usually pilloried by the media, also inclined to tell people what they want to hear, and punished by voters that detest a messenger of bad tidings regardless of how truthful these may be. As a society we seem to prefer to live with our illusions rather than deal with harsh reality.

Read More
Archives March 31, 2013 posted by

Tales from the Coffeeshop: Deleterious Delia revealed as IMF's own Cruella De Vil

GOVERNOR of the Central Bank Professor Panicos has suddenly become the most-hated man in Kyproulla, trusted by nobody apart from the foreign technocrats who are here diligently working on reducing the size of our economy by 50 per cent.
He is now everyone’s favourite punching bag (a shame because our establishment had enjoyed the monopoly for months) with senior government officials bad-mouthing him to hacks and even the mild-mannered finance minister Michalis Sarris, who never speaks ill of anyone, diplomatically distancing himself from the beleaguered governor.

Read More
Archives March 31, 2013 posted by

KEVE warns of lack of capital

THE BANK of Cyprus (BoC) will be in no state to support businesses that are now facing extinction following an effective loss of the majority of their deposits and an inability of the bank to support profit-making businesses, the head of the Chamber of Commerce and Industry (KEVE) said yesterday.
Some 60 per cent of BoC deposits over €100,000 have been effectively wiped out. The Central Bank of Cyprus officially confirmed yesterday that 37.5 per cent of deposits will be converted to shares with a further 22.5 per cent set aside to be used – if necessary – to recapitalise the bank. The remaining 40 per cent is temporarily locked to ensure the capital remains in the Cyprus economy.

Read More
Archives March 31, 2013 posted by

Schaeuble says euro zone savings deposits are safe

GERMAN Finance Minister Wolfgang Schaeuble has said savings accounts in the euro zone are safe, adding that Cyprus is a “special case” and not a template for future rescues.
In an interview with Bild newspaper published yesterday, Schaeuble distanced himself from comments on Monday by Eurogroup chairman Jeroen Dijsselbloem, who said the rescue programme agreed for Cyprus – the first to impose a levy on bank deposits – would serve as a model for future crises.
“Cyprus is and will remain a special one-off case,” Schaeuble said.
“The savings accounts in Europe are safe.”
Schaeuble said the problem in Cyprus was that two large banks were in effect no longer solvent and the government did not have enough money to guarantee savings.

Read More
Archives March 31, 2013 posted by

Committee to start ‘blame’ work on Tuesday

AN investigative commission appointed by the government to looking into how the country was led to the brink of financial ruin met yesterday at the Attorney-general’s offices to discuss practical matters relating to its operations, justice minister Ionas Nicolaou said.
The commission consists of former Supreme court and International criminal court judge Giorgos Pikis and former Supreme Court judges Panayiotis Kallis and Yiannakis Constantinides.
It has a mandate to complete investigations within three months with the possibility of extending its inquiry for an additional three months if necessary, Nicolaou said.
Its members swear in on Tuesday in the presence of President Nicos Anastasiades, Nicolaou said.

Read More
Archives March 31, 2013 posted by

Volunteer organisations warn their services threatened

THE COUNTRY’S coordinating council for volunteer groups said yesterday that it may be unable to continue helping out vulnerable groups unless their deposits holding fundraising contributions are exempted from any deposits haircuts.
The Pancyprian volunteerism coordinative council (PVCC) coordinates 287 local and 55 Cyprus-wide volunteer groups and non-governmental organisations offering a wide range of services from psychological support to nursing and giving out basic supplies and food to people.

Read More
Archives March 31, 2013 posted by

Motorcyclist killed in crash

A 22-year-old motorcyclist, Emilios Christofides from Pyla, was killed yesterday morning when a 66-year-old woman driving a car hit his bike as she was trying to make a right turn, police said.
At the traffic lights of the Larnaca-Dekhelia road by the Oroklini police station, the 66-year-old was turning right just as Christofides crossed the junction, Larnaca police officer Christos Andreou said.
Christofides – who was not wearing a helmet – died on the road, Andreou said.
Police arrested the 66-year-old and are investigating the exact circumstances of the accident.

Read More
Archives March 31, 2013 posted by

Free tickets

ANORTHOSIS Famagusta football club is offering 200 free tickets to its needy fans who want to watch today’s game against APOEL Nicosia.
“During these hard times, we will contribute and do what we can. All we ask is for the exemplary punishment of anyone who had a (seemingly large) role to play in bringing our island to this dire financial situation,” the fans’ association said in an announcement.

Read More
Archives March 31, 2013 posted by

Pub fire

A PUB in the popular Protaras area in Famagusta was burnt down in the early hours yesterday, damaging an adjacent building that happened to be empty at the time, police said.
Two shops that were next to the pub were also burnt, with the damage calculated to thousands of euros, Famagusta police spokesman George Economou said.
The pub itself was insured.

 

Read More

Archives Calendar

Archives List