Daily Archives: April 18, 2013

Archives April 18, 2013 posted by

German parliament approves Cyprus bailout

Germany‘s lower house of parliament voted overwhelmingly on Thursday in favour of a bailout for Cyprus.

Of the 602 lawmakers in the Bundestag who voted on the €10 billion rescue, 487 backed it, while 102 opposed it and 13 abstained.

Earlier, Finance Minister Wolfgang Schaeuble urged German lawmakers to approve the bailout, warning that Cyprus posed a systemic risk.

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Deadly explosion, fire rip through Texas fertilizer plant

 

 

An explosion tore through a fertilizer plant and leveled dozens of homes in a small Texas town late on Wednesday, killing a number of people, injuring more than 160 and spewing toxic fumes that forced the evacuation of half the community.

Officials declined to say how many people died in the explosion in the town of West but said they expected to find more bodies as search teams combed through the rubble of the plant and surrounding homes.

“I’ve never seen anything like this,” McLennan County Sheriff Parnell McNamara said. “It looks like a war zone with all the debris.”

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AEL and Apollon meet in Cup final after 26 years

AEL coach Jorge Costa was delighted with his team’s 1-0 win over Omonia in the second leg of the Cyprus Coca-Cola Cup semi-final on Wednesday afternoon which helped the Limassol outfit reach their 15th national cup final with a 1-0 aggregate win, after a goalless stalemate in Nicosia last week.

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Rehn gets a roasting from MEPs over Cyprus

 

ANGRY European lawmakers yesterday roundly condemned the handling of the Cyprus bailout programme, blaming the Eurogroup for its appalling communications, the Commission for not defending insured depositors, and some member states for their “colonial” approach to addressing eurozone troubles.

During a debate in the European Parliament (EP) on the Cyprus bailout, MEPs accused the Commission and its troika partners, the IMF and European Central Bank (ECB), of creating a “fiasco” and “disaster”, with much wider implications than Cyprus.   One went as far as to call for the disbanding of the troika. 

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Our View: Semi-state bodies need to get a grip

SOME sections of this society will never learn. Despite everything Cyprus has been through over the past month, and everything that is yet to come, semi-government organisations (SGOs) still want to have their cake and eat it at the expense of everyone else.

On Monday,  the Cyprus Telecommunications Authority (Cyta) and Cyprus Ports Authority (CPA) criticised the troika’s demands to come up with €1.4 billion through SGO privatisations, saying they believed they  could use their own resources to cover the amount demanded by the troika as part of Cyprus’ bailout agreement.

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Plan for new Cyprus vote casts uncertainty on bailout

THE €10 billion aid deal to save Cyprus from bankruptcy has been thrown into fresh uncertainty with news that the island’s  fractious parliament will vote on the final package.

The surprise vote has only just been scheduled, and early signs are that nearly half the members of the 56-seat parliament may oppose the bailout, seen as vital to keep Cyprus in the euro zone.

The Greens Party said yesterday its sole parliamentarian would vote to reject the deal, becoming the first party to announce its intentions.

However, the Communist AKEL and Socialist EDEK parties, which together have 24 seats, have been vocal in their opposition to the bailout, and are seen as likely to vote against, although there is some chance they may abstain instead.

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Honour for EAC man who saved drowning fisherman

AN ELECTRICITY Authority of Cyprus (EAC) machine operator who risked his life to save an amateur fisherman from drowning a month ago was yesterday awarded in Parliament for his valour and altruism. 

The modest ceremony took place in the House President’s office, on the initiative of the Friends of Police association, to honour Stelios Stylianou, a 48-year-old father of three who saved the life of Giorgos Georgiou on the morning of March 16. 

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Opposition to public sector promotions freeze

A RULING party bill that puts a halt on public sector promotions was yesterday rejected by unions which suggested it will not yield any significant savings but it will create operational problems.

DISY deputy chairman Averof Neophytou, who tabled the proposal, said the objective was to send a message of social justice, as unemployment – currently close 15 per cent — could double in the next year. 

The bill could affect around 1,000 vacant positions in the public service.

The House Finance Committee heard that under current legislation, it would be impossible not to give a promotion without a pay rise.

Pay increases have been frozen in the public sector, as was recruitment, in en effort to shore up the island’s economy on the brink of collapse. 

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Cyprus triggers gold sale rush

FINANCE Minister Harris Georgiades said yesterday he anticipated the sale of part of the island’s gold reserves “during the next months”, but the final decision rested with the Central Bank.

Cyprus has to sell some of its gold reserves to raise about €400 million to finance its part of a €10 billion euro EU/IMF bailout, according to an assessment of financing needs prepared by the European Commission.

The government confirmed last week that a sale of gold reserves was among the options for its contribution towards the rescue package.

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Limassol man jailed for 15 years in murder case

A 22-YEAR-OLD Limassol man was yesterday jailed for 15 years for killing his neighbour over the way he had parked his car.

Eleftherios Constantinou, who suffers from mental problems, stabbed Apostolis Athanasiou, 23, in November last year because the latter had parked his car outside his Kato Polemidia home.

After an exchange of words, the victim moved his car, but Constantinou came out with a knife and stabbed the 23-year-old in the heart and lungs.

The Limassol Criminal Court took the defendant’s mental state into account, but pointed out that he had not been complying with his doctors’ orders regarding his medicinal treatment.

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