Daily Archives: March 27, 2013

Archives March 27, 2013 posted by

Our View: Investigation needs to go ahead even if no one is ultimately jailed

IN HIS TELEVISED address on Monday night, President Anastasiades said that his government would appoint criminal investigators “with a clear and wide-ranging mandate” to identify all those responsible for the current situation. There was a “justifiable sense of anger” among the people, he said and pledged to put those responsible in the dock.
Earlier in the day, Archbishop Chrysostomos had demanded that “all those who were to responsible must be put in the dock.” Someone had to be held accountable for the economic shock the country had suffered, said the Archbishop adding that he was not being vindictive, but felt that the crime could not go unpunished.

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‘BoC will be a strong bank’

FIVE Bank of Cyprus (BoC) board members, including chairman Andreas Artemis, submitted their resignations yesterday but they were not accepted.
 “The resignations will only apply if not withdrawn within one week,” a BoC statement said later in the day.
Reports said Artemis resigned because the manner BoC would be recapitalised and the sale of its Greek operations, had been decided by the CB without consulting the board.
Greece’s Piraeus Bank  has agreed to buy the operations of stricken Cypriot banks in Greece for €524 million,
The Central Bank also announced yesterday that it had appointed accountant Dinos Christofides as the special administrator to run the BoC.

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Investigators will ‘leave no stone unturned’

THE CABINET is to swiftly appoint an investigative commission to seek out those responsible for the economic crisis, the government spokesman said yesterday.
The probe’s scope and mandate will be determined by the Cabinet in the coming days – perhaps even today – Christos Stylianides told newsmen.
“The President’s position is that the commission shall investigate possible criminal, civil and political offences,” he said.
“This commission will be set up in order to investigate all the phenomena that have brought us to this point.”
President Nicos Anastasiades first announced his intention to launch an investigation during a televised address to the nation on Monday night. The investigation would have a “clear and wide-ranging mandate,” the President said.

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House wants list of those who transferred money out before March 15

PARLIAMENT yesterday demanded a list of names of people who transferred money out of Cyprus before a March 15 Eurogroup decision to impose a tax on depositors that sparked a crisis that threatens to kill the island’s banking system.
Speaking after a five-hour meeting, the chairman of the House Institutions Committee said they needed more information on the matter.
“An investigation is also needed on whether the government was informed – both the former and the current administrations – about many important issues that, which created the problem in the banking system, especially at Laiki,” Demetris Syllouris said.

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Who the administrators are

THE CENTRAL Bank announced yesterday that it had appointed Dinos Christofides as the special administrator to run the Bank of Cyprus.
This comes a day after the Central Bank announced the appointment of Andri Antoniades as the special administrator for the restructuring of Laiki Bank.
“The Central Bank of Cyprus (CBC) announces that in its capacity as the Resolution Authority, it has, as of today, appointed Ms Andri Antoniades as the Special Administrator to implement the restructuring of Laiki Bank,” the bank said in a statement.
Antoniades is a member of the Institute of Certified Chartered Accountants with 28 years of banking experience, 25 years with HSBC, acting as CEO for the last five years and three years as General Manager with NBG Cyprus Ltd.

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Thousands of students take to the streets

THOUSANDS of school and university students in Nicosia protested against the bailout memorandum and the troika yesterday outside parliament and at the presidential palace.
Students met at Solomou Square in old Nicosia at 10am and marched from Diagorou Street to parliament and then onto the presidential palace.
They were escorted by police as protesters held banners reading: ‘People fight. They are drinking our blood’, and ‘You have destroyed our future and our dreams.’ Protesters also shouted slogans like ‘Troika go home’ and ‘Troika out of Cyprus’, substituting the usual word ‘Turks’ in the more-familiar version of the chant: ‘Turks out of Cyprus’

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Extra security laid on when banks reopen

TOMORROW morning when the banks are due to re-open there will be an extra 180 licensed private security guards making sure there are no outbreaks of violence. According to a member of police, they have also been put on alert to be extra vigilant outside the island’s banks.
Private security firm G4S is responding to extra demand by the banks by posting an extra 180 of its employees both outside and inside branches from tomorrow until order is restored to the banking sector.

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Businesses staring down the abyss

COMPANIES are no longer receiving payments and neither will their employees be paid at the end of the month because of bank closures according to the Employers’ and Industrialists Federation, OEV.
It called on the government and the Central Bank to open the banks, as every day that passes the damage to businesses and the economy increases. It also recommended that business owners take suitable measures in facing the new situation and that people be calm and patient.

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Nicosia municipality worried it won’t be able to function

THE BAILOUT deal and continued closure of the banks are putting a financial stranglehold on Nicosia municipality and are putting the smooth running of its services at risk, it said yesterday.
Nicosia Mayor, Constantinos Yiorkadjis called on the government to exclude municipality accounts from being hit by a levy on deposits.
“The majority of the municipality’s deposits are in the Popular Bank and Bank of Cyprus and it is a possibility, that despite our efforts, we will be unable to meet our responsibilities,” he said.

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Russians consider lawsuits over Cyprus losses

RUSSIAN businesses and banks that face losses from the European Union’s bailout of Cyprus are considering legal action but may have a hard time making a case, say lawyers who are combing through treaties to find strategies to recover funds.
Big depositors – many of them Russian – face losses of up to 40 per cent as the result of a so-called ‘bail-in’ to back €10 billion in EU financial aid to stabilise the Cypriot banking system.
“It’s worth trying, it’s not going to be easy, its not going to be a one-off, 24-hour court case, but the nature of the action itself sounds like expropriation,” said Andrey Goltsblat, managing partner at Moscow-based law firm Goltsblat BLP.

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