Daily Archives: March 23, 2013

Archives March 23, 2013 posted by

Our View: We hope the political parties have learnt their lesson

LAST NIGHT’S news that a deal with the troika was close, after hours of negotiations at the presidential palace came as a relief, even though there is still some way to go before the bailout agreement is finalised. After the approval of the series of bills, including the one for the resolution of banks, last night, consultations would move to Brussels where President Anastasiades, accompanied by the party leaders, will fly today.

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‘Cyprus must pick itself back up and start again’

NOBEL PRIZE winner Christopher Pissarides believes Cyprus should not accept the view it must cut its banking system by half simply because certain eurozone ministers think it’s a good idea. 

The head of the National Economic Council made the comment at The Economist’s conference in Nicosia yesterday. 

He noted, however, that given the stance adopted by the eurozone countries, imposing a bank levy on deposits appeared to be the best solution now available to Cyprus.  

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Police issue advice to cash-carrying public

 

BANK customers across the island who are withdrawing large sums of cash in the wake of the shaky financial climate in Cyprus are being warned by police to be extra vigilant.

Police said security and safety concerns have been raised by all the extra cash carried around by people or stashed in their homes.

Long queues were seen at ATM’s across the island with depositors withdrawing as much cash as possible – amid leaders scrambling to come up with a bailout deal with the European Union to stave off the financial system’s collapse. 

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Plenty of fuel, just not enough cash

SOME petrol stations may have to close down as they do not have enough cash to pay for fuel shipments, the head of the stations’ owners said yesterday.

“We may have to temporarily close some petrol stations because they have run out of cash. This creates great concerns to those in this profession,” said the head of the petrol station owners’ association, Stefanos Stefanou. 

“Petrol stations pay for their fuel shipment only with cash and cash is running out,” Stefanou added.

“There are some petrol stations that are still accepting credit cards today, but tomorrow no petrol station will do so,” he said, asking consumers to take cash with them to carry out transactions.

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Cash demands impacting supermarket shelves

 

SUPERMARKET shelves are in danger of emptying according to head of the supermarket union Andreas Hadjiadamou. 

Supplies will only last two or three more days according to Hadjiadamou and there will be severe problems if a solution is not found and if banks remain closed.

 “If a solution is not found and suppliers do not revoke their decision to only serve supermarkets that pay in cash then there will be a problem, and gaps on the shelves,” he said. “At present the supplies that supermarkets have will last two or three more days but if suppliers don’t revoke their decision there will be shortages,” he added.

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Drugs company pledges continuous supplies

MEDOCHEMIE, an international generic pharmaceutical manufacturer based in Limasol said yesterday it would continue to provide pharmacies and hospitals in Cyprus with pharmaceuticals.

“We are able to produce all medical drugs that are needed without interruption,” it said.  The executive chairman, Andreas Pittas, asked that people remain calm and that we must all realize the seriousness of the situation. 

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Special offers on basics from bakeries

THREE main bakeries will be offering discounted bread and milk to their customers while banks remain closed.  

Yesterday morning Zorbas said it was offering a discount of €1.32 per customer so  if someone wanted to buy a small milk, priced at €1.40 and a small bread priced at €1.42, then they would only end up paying €1.50 overall. Zorbas was followed by Pandora and Marangos bakeries who offered the same deal.

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And the poor become even poorer…

SCORES of people went to the community market in Larnaca yesterday to try and obtain some get food as most of them have no means to withdraw money from the banks. 

From 7am around 1,200 families, whether they were entitled to  food or not, received help from the Larnaca community market. Many companies and organisations contacted the city hall to donate food. 

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Phone lines will not be cut off

THE COUNTRY’S telecommunications authority, CyTA, has postponed cutting-off the phone-lines of customers who have not paid their bills due to the current situation on the island. In a statement, CyTA announced they will continue to monitor the situation and will act accordingly until the normalisation of the current economic situation.

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