Daily Archives: April 13, 2013

Archives April 13, 2013 posted by

APOEL maintain six-point lead after Anorthosis draw

APOEL and Anorthosis played out a goalless stalemate Saturday afternoon at the GSP Stadium in Nicosia – a result that definitely suits APOEL more, as they maintained a six-point lead atop the championship playoffs group with four matches remaining.

The match started at a high pace but that did not last long as both teams quickly settled in to defend their own goal and look for an opportunity to score on the counter attacks.

APOEL produced two quality chances throughout the entire half, both after corner kicks, but Anorthosis’ goalkeeper Christos Mastrou showed his class on each of the two occasions.

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Tiger Woods given two-shot penalty for improper drop

Tiger Woods controversially avoided disqualification from the Masters on Saturday when officials used their discretionary powers to impose a two-stroke penalty for taking an illegal drop during Friday’s second round.

The world number one, a hot favourite at Augusta National where he is a four-times champion, earned his reprieve following a lengthy review by Masters officials of a penalty drop he took at the par-five 15th.

Woods suffered a freakish bounce with his third shot at the hole when his approach struck the flagstick before ricocheting backwards off the green and then down the slope into Rae’s Creek.

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Eurogoup backs bailout deal

 

EUROZONE finance ministers yesterday backed a €10 billion bailout for Cyprus, after commending the Cypriot authorities for their “demonstrated resolve” and the “efforts” of Cypriot citizens the last few weeks. 

The ministerial support now opens the way for several eurozone countries, including Germany and Finland to seek approval for the three-year bailout in national parliaments, so that loan agreement with Nicosia can be signed by April 24.

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Our View: All Cypriots should not be tarred with the same brush

GERMAN lawmakers on a visit to the island this week probably received a rude awakening on realising the sense of betrayal felt by most Cypriots towards their EU partners. 

They now have to go back to Berlin and decide whether to vote in favour of the Cyprus rescue package but before judging Cypriots for their emotional response to what is in essence a ‘Cypriot mess’, they should remember that for the last six months, German media and politicians have talked up the ‘dirty money’ of Russian oligarchs being washed in Cypriot banks, hence the misguided perception among ordinary Germans that most of the money in the banks was Russian. It was not.

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Bailout Factbox

WHAT ARE CYPRUS’ TOTAL FINANCING NEEDS?

Cyprus’ total gross financing needs are estimated at €23 billion from the second quarter of 2013 to the first quarter of 2016. This includes recapitalisation of the banking sector, the redemption of maturing medium- and long-term debt including loans and fiscal needs.

Of this amount:

– the euro zone bailout fund will provide €9 billion 

– the International Monetary Fund will provide €1 billion

– Cyprus will come up with €13 billion 

 

WHAT THE 10 BLN FROM INTERNATIONAL LENDERS WILL BE SPENT ON

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Majority of CBC board resigns

THREE Central Bank of Cyprus (CBC) board members resigned yesterday, in what could only be interpreted as a motion of no confidence in the governor who has been under fire over his handling of the banking debacle.

Demetriades claimed the CBC’s independence was being attacked by the government while at the same time his family was being threatened by people who lost money in the crisis.

The three members, Haris Ahniotis, Andreas Matsis and Louis Christofides, quit the seven-member board, leaving Governor Panicos Demetriades alone with one remaining member.

Another member resigned a few months ago while the government recently rescinded the appointment of Sypros Stavrinakis to the post of deputy governor.

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Sarris: law draft was for haircut on deposit interest

FORMER finance minister Michalis Sarris yesterday sought to set the record straight regarding a controversial deposit haircut bill, saying it was in fact legislation to tax gains from interest.

The bill however did include a condition to tax part of deposits if the capital was withdrawn before the end of the year, he told reporters.

The issue came up after Attorney-general Petros Clerides revealed he received instructions from the finance ministry on the morning of March 15 to prepare a bill concerning a haircut on deposits.

Late that day, the Eurogroup decided to tax depositors as part of the island’s bailout deal.

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Deal clinched to save CY

 

LENGTHY NEGOTIATIONS on the future of the ailing national airline Cyprus Airways (CY) between the government, CY board and unions ended in agreement last night, giving the airline a glimmer of hope for the future. 

Attempts to broker a deal on a government proposal to restructure the company resulted in a compromise agreement last night at the labour ministry, involving the unions, ministers of labour, commerce, and communication and the finance ministry’s permanent secretary. 

After lengthy negotiations, the various stakeholders agreed to offer a redundancy package for 490 members of staff, from the 560 earmarked in the original restructuring plan for the airline.  

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‘Money is just paper with dead criminals painted on it’

JEFF Berwick has been a regular on the TV talk-show circuit in the US ever since revealing three weeks ago plans to install the first bitcoin ATMs in Cyprus and Los Angeles. The 42-year-old entrepreneur is looking to shift bitcoin to the next gear.

Bitcoin is digital or virtual currency. Unlike typical currencies, it has no central bank or central organisation. Instead, it relies on an Internet-based peer-to-peer network. So far bitcoins could be traded over the Web and used to buy stuff online or even at certain retail outlets.

Bitcoins are stored in anonymous “electronic wallets,” or code, and can travel from one wallet to another by means of an online peer-to-peer network transaction.

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