Daily Archives: April 12, 2013

Archives April 12, 2013 posted by

NEW: Regulator cuts electricity prices by 5pc

IN light of the serious economic crisis sweeping the island, the energy regulator (CERA) decided to cut the price of electricity by 5.0 per cent, it was announced today.

The reduction will be temporary and will be reviewed every two months, CERA said.

The reduction follows a recent decision to scrap a 5.75 per cent surcharge on electricity bills imposed after the Mari naval-base munitions explosion incapacitated Cyprus’ largest power station.

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NEW: 11th hour meeting to broker Cyprus Airways deal

Attempts to broker a deal for national carrier Cyprus Airways (CY) continue today as unions and government conceded there may be room for discussion on some aspects of a government proposal to restructure the company.

A meeting was due to take place at the labour ministry today with the CY board, the unions, the ministers of labour, commerce, and communication and the finance ministry’s permanent secretary.

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JOB

WANTED: experienced SHIPWRIGHT to work on classic wooden yacht in Larnaca.Must have experience in caulking, carpentry, and woodworking. Please send resume and references in English by e mail to [email protected]

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Could it possibly get any worse?

 

THE government yesterday put the blame squarely on the previous administration for the spectacular increase in the bailout cost for Cyprus within the space of a few months.

In doing so, the DISY-led administration appeared to be confirming a draft assessment prepared by the European Commission, revealed by Reuters on Wednesday, according to which Cyprus’ total financing needs now stand at €23bn.

By contrast, the preliminary bailout agreement struck between international lenders and the previous administration last November was thought to be worth €17.5bn to which international lenders would contribute €10 billion and Cyprus the remainder.

Now Cyprus must stump up €13 billion. 

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Our View: Bailout is turning into a bottomless pit

THE CYPRUS bailout will be top of the agenda at a two-day meeting of EU finance ministers in Dublin beginning today. No doubt they will be told what’s really going on while the people of Cyprus continue to be kept in the dark.

While we’ve been distracted by capital controls, lists of people who took money out before March 15, investigations into who was responsible for the demise of the economy, and a political row over who ordered a draft haircut law the day before, and just when you thought it could not get any worse, the bailout jumps from €17.5 billion to €23 billion while we were not looking.

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Raft of bailout measures tabled

 

THE FIRST of a new batch of bailout-linked bills tabled to parliament yesterday includes scaled cuts in public sector salaries and pensions, a hike on the corporate tax rate from 10 to 12.5 per cent and an increase to 30 per cent of the tax rate on interest income.

The fiscal measures are necessary for the government to qualify for a €10 billion bailout from international creditors following an agreement struck last month. More bills are on the way.

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German MPs see Cyprus depositors as ‘gamblers who should pay’

CYPRIOT MPs yesterday agreed to disagree with their German counterparts on the Cyprus-troika bailout deal, following a meeting of the House Finance Committee with visiting members of Germany’s lower legislative house, the Bundestag. 

A delegation of seven German MPs from across the political spectrum met with the Cypriot finance committee to discuss the pending €23 billion rescue package which still needs final approval from EU finance ministers followed by the endorsement of some national parliaments, including those of Germany and Finland. 

The German Bundestag is due to discuss the Cyprus rescue package, which includes a €10 billion bailout from the troika and a €13 billion Cypriot contribution or ‘bail-in’ next week.

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ECB: not so easy to remove central bank boss

PRESIDENT of the European Central Bank (ECB) Mario Draghi has sent a letter to the Cypriot leadership regarding recent efforts to remove Cyprus’ Central Bank Governor Panicos Demetriades from office. 

The letter was sent to President Nicos Anastasiades and House President Yiannakis Omirou on Wednesday regarding recent reports of discussions in the Cypriot parliament suggesting a procedure for the dismissal of Demetriades might be initiated. 

The ECB head reminds in his letter of the independence of EU central banks, noting that governors can only be dismissed on grounds specified by EU law. 

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