Monthly Archives: April 2013

Archives April 30, 2013 posted by

Jovanovic to leave champions APOEL

 

 

APOEL manager Ivan Jovanovic will be leaving the club at the end of the season.

The Serbian, who has won four league titles and a Cyprus Cup with the Nicosia giants, informed the board of his decision less than a week after securing the club’s 22nd championship.

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Archives April 30, 2013 posted by

Anastasiades: this country is not up to scratch

STATE officials, including the President, will no longer be immune from prosecution, nor will they be able to stay in office indefinitely, President Nicos Anastasiades announced yesterday in an gesture aimed at restoring the public’s trust in government following the banking fiasco.
Recommended actions include forcing state officials to give regular income statements, publishing and justifying public tenders, implementing and monitoring the auditor-general’s reports, and defining state officials’ criminal and civil responsibilities.

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Archives April 30, 2013 posted by

Our View: Let’s hope political parties show a sense of responsibility

TODAY the legislature will vote on the deeply unpopular memorandum of understanding which, in theory, should be passed with DIKO and DISY votes. We say in theory because nobody knows whether all deputies of these two parties would show up and, if they do, that they would vote in favour of the memorandum’s ratification.
Without the legislature’s approval there would be no financial assistance from the EU and IMF, the state would default on its debt repayments and would have no money to meet its financial obligations, such as paying public sector salaries. In short, there is no alternative despite the stupid insistence of the demagogues that we should disengage from the memorandum.

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Archives April 30, 2013 posted by

How Anastasiades plans to change things

Regulation of state officials
– Amending constitution to clarify for what offences the President of the Republic may be prosecuted.
– Lifting members of parliament’s immunity for all offences, but preserving their freedom of speech during the exercise of their duty.
– Legally regulating ministers’ and independent officials’ civil and criminal responsibilities for actions and omissions committed while on duty.
– More state officials will be obliged to file income statements at fixed intervals. This includes commissioners, judges, and the heads of parties that are not in parliament. A committee of auditors will be set up to investigate claims and publicly report any false claims.

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Archives April 30, 2013 posted by

Georgiades tells deputies: stop complaining

FINANCE Minister Haris Georgiades has urged parliament to ratify a bailout deal, despite the hardship it will bring, warning that the alternative would be economic collapse.
“Instead of seeking non-existent alternative choices and dei ex machina, maybe we must decide to take control and our fate in our own hands,” Georgiades said during a joint meeting of the House Finance and Foreign Affairs Committees. “Instead of complaining, maybe we should recognise our own mistakes and start working to cover lost ground.”
The committees discussed the island’s bailout ahead of a vote to ratify the €10 billion deal today.

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Archives April 30, 2013 posted by

Lillikas rallies anti-bailout supporters

A NEW political movement calling itself the ‘Citizens’ Alliance’ has vowed to fight a financial rescue deal between Cyprus and international lenders and to seek alternatives for placing the stricken economy on a path to recovery.
Unveiled this weekend in Nicosia, the movement is led provisionally by Giorgos Lillikas, who in the recent presidential elections garnered an impressive 26 per cent of the popular vote, nearly making it to the runoff vote.
His movement’s founding convention was held Sunday on the grounds of the State Fairs, where hundreds flocked to register. Elections to nominate the leadership are scheduled for later this year.

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Archives April 30, 2013 posted by

Kazamias called to account

FORMER finance minister Kikis Kazamias yesterday denied downplaying or misrepresenting the severity of the economic outlook during his brief stint in the previous administration.
He highlighted also the poor interpersonal relations between former President Demetris Christofias and ex-central banker Athanasios Orphanides, adding that the feelings were “mutual.”
Kazamias was testifying before the committee of inquiry probing the circumstances that led the economy to the brink of bankruptcy and to the ‘haircut’ decision of March this year. The panel is currently focusing on fiscal/governmental policies and decisions, most of which fall within the term of the previous administration.

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Archives April 30, 2013 posted by

BoC converts portion of uninsured savings to equity

BANK of Cyprus (BoC) said on Sunday it had carried out a conversion of uninsured cash deposits in the bank into equity, one of the conditions of international lenders to offer the cash-starved island financial aid.
The process, known as a ‘bail-in’, made depositors in the bank pay for its recapitalisation, after the institution was hit by massive losses from its exposure to debt-crippled Greece.
The island’s largest bank, said it had converted 37.5 per cent of deposits exceeding €100,000 on March 26, into “class A” shares – nominal value €1 — with an additional 22.5 per cent held as a buffer for possible conversion in the future.
Any loans or other financial obligations had been deducted before the conversion, the lender said.

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Archives April 30, 2013 posted by

CBC defends chief over "simplistic" government allegations

THE Central Bank of Cyprus (CBC) yesterday defended its governor from “simplistic” government allegations, saying he had prevented the disorderly bankruptcy of the island’s second-largest bank and thereby of the state itself, now in line for a bailout.
The government has taken Central Bank Governor Panicos Demetriades to task for allowing Popular Bank, also known as Laiki Bank, to receive emergency liquidity assistance (ELA), only to be wound down in a chaotic bailout last month.
The central bank rejected the allegations, however.

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