Daily Archives: March 16, 2013

Archives March 16, 2013 posted by

Magnificent Moufflons find milestone was already theirs

This division 2 European Cup game has taken on an importance far beyond its divisional role, because it is the first time any rugby-playing country has been able to challenge the world record of consecutive wins held by Lithuania (18) which most pundits claimed could never be exceeded. 

Rugby is so controlled, that it is extremely difficult for a single country to dominate the opposition, to the extent that long runs of winning games are impossible. 

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Decision is painful but only one: Anastasiades

 

THE solution the government selected was painful but it was the only one on the table, President Nicos Anastasiades said today, as Cyprus found itself before a fait accompli during the Eurogroup meeting.

“The decision we selected may be painful but it was the only one that will allow us to go on with our life without adventures,” Anastasiades said in a written statement. “It is a decision that leads to the historic and definitive rescue of our economy.”

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Parties furious over Eurogroup decision

 

 

PARTIES reacted angrily to the Eurogroup decision, with communist AKEL saying it was contemplating proposing Cyprus’ exit from the common currency, the euro.

However, Communications Minister Tasos Mitsopoulos warned that the alternative was the collapse of the banking sector and bankruptcy.

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Incredulity at decision gives way to fury

 

THE EUROZONE struck a deal on Saturday to hand Cyprus a bailout worth 10 billion euros but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risks of a wider run on savings.

The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region’s debt crisis.

In a radical departure from previous aid packages – and one that gave rise to incredulity and anger across the country – euro zone finance ministers forced Cyprus’ savers to pay up to 10 per cent of their deposits to raise almost 6 billion euros.

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Our View: Why should the licensed porters be rewarded for driving business away?

 

REPORTS that shipping agents have offered to take over the operation of the Limassol port from the Licensed Porters Association would be a positive development, if they did not have to pay such an extortionate price. The agents have apparently offered the Association €32 million for the monopoly it has enjoyed for years, with the state’s complicity and at the expense of the economy.

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Where will Russia fit in bailout jigsaw?

FINANCE Minister Michalis Sarris is expected to discuss two issues with his Russian counterpart in Moscow on Wednesday; that of Russia pushing back repayment of a €2.5 billion loan, and how Russia can contribute to a Cyprus bailout, analysts yesterday said.

“What is certain is that it is completely necessary to push back payment of the Russian loan and perhaps lower the interest rate,” said economist Sofronis  Clerides. 

Cyprus secured the €2.5 billion loan at a 4.5 per cent interest rate in 2011 to plug its finances after becoming shut out of international markets. The loan matures in 2016, but Cyprus hopes to get it extend the deadline to 2020. 

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Unions gear up to oppose semi-state sell-off

SEMI-STATE unions said yesterday they were not going to accept privatisations without a fight, announcing a series of meetings to decide future steps as a whole. 

PEO’s Antonis Neophytou said that they would not allow the “selling out” of semi-governmental organisations. “All Cypriots will react and so workers are ready and have decided to respond but unions will have to coordinate and (do so) in collaboration with all unions,” Neophytou said. 

He said that despite the government’s claim to the contrary, no one could be sure that jobs were safe and with “unions not given a chance to discuss this issue” they had a responsibility to put the pressure on to prevent privatisations. 

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Anastasiades to address Economist conference

THE ECONOMIST will be holding a conference next Friday examining the ongoing battle to save the eurozone, inviting President Nicos Anastasiades as its keynote speaker. 

For the fifth consecutive year, Europe is preoccupied with weak public finances, anemic growth and high unemployment rates.   

The Cypriot economy is also in the midst of the economic crisis. The new government is negotiating with the European Commission, the European Central Bank and the IMF the terms of a “package” bailout, raising questions as to whether Cyprus will succeed, or for that matter the eurozone?

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Crisis forces consumers to become more savv

ALTHOUGH consumer rights in Cyprus are not fully protected in practice, some people are learning from the ongoing economic crisis and becoming more savvy.

On World Consumer Rights Day yesterday, George Varnavas, a member of EDEK, asked the new government to support the proposal for a commissioner for consumers to be appointed. During a press conference Varnavas said: “This year’s World Consumer Day is marked by the fact that the Cypriot consumer is currently living in very hard times. Unemployment and rises in petrol prices, leading to an increase in the prices of other essential products, and the reduction of purchasing power due to decreases in income, places the Cypriot consumer in a very harsh position.”

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Cyprus may have as much as 40 tcf of natural gas

CYPRUS may have up to 40 trillion cubic feet (tcf) of natural gas reserves in some of its blocks within its exclusive economic zone (EEZ), and could start exporting 2.0 tcf of liquefied natural gas a year by 2020, the head of the Hydrocarbons State Company (KRETYK) Charles Ellinas said yesterday. 

In addition to the estimated gross mean of 7 tcf of gas in Cyprus’ block 12, to be confirmed later this year by Noble Energy in a second drilling, a second prospect may hold even more, Ellinas said at the 2nd Energy Forum held yesterday in Nicosia. 

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