Daily Archives: April 20, 2013

Archives April 20, 2013 posted by

The battle for Burma

Last month, as the anti-Muslim violence in Burma spread from Rakhine state in western Burma to the central Burmese city of Meiktila, Aung San Suu Kyi sat among the generals on the reviewing stand as the Burmese army marched past on Armed Forces Day. She is seen as a saint by many people – but she didn’t say anything about Meiktila, where just days before at least 40 people were killed and 12,000 made homeless.

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Our View: Our heroic deputies need to put up or shut up

PARLIAMENT is once again digging its heels in on the revised memorandum of understanding with the troika.

Although they passed some of the legislation required for the bailout money to start flowing, key issues were put aside on Thursday. These included the revised tax on immovable property – previously opposed by big landowners – and a vote on a bill for additional scaled pay cuts (from 0.8 per cent to 2 per cent) in the broader public sector. No surprise there, although this should have been the easier of the two to approve, crisis or no crisis, if ethics were in any way a consideration for being a deputy.

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Anastasiades: joint action the way forward

IN A PACKED room at the Presidential Palace, in front of ministers, MPs, party leaders, and leading businessmen, President Nicos Anastasiades last night announced measures to help kick-start the economy.

At the same time he officially announced the construction of a liquefied natural gas (LNG) plant. 

The measures, drawn up by the cabinet during two days of meetings at the beginning of the week, were five-fold and are aimed at helping vulnerable groups, training unemployed individuals, creating new jobs, helping stimulate economic growth and encouraging environmental development, Anastasiades said in a televised address.

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Germany, IMF ‘used atomic bomb to shoot pigeon’

 

ONE OF Cyprus’ most senior civil servants yesterday likened his country’s treatment by Germany and the IMF to the shooting of a pigeon with an atomic bomb, saying they had destroyed an economic system that worked.

Christos Patsalides, permanent secretary of the Ministry of Finance, was speaking to a committee inquiry which launched a public hearing yesterday into the circumstances that led to the country’s economic meltdown.

He described the international lenders as “forces of occupation” that cared nothing for human rights.

Patsalides took part in the recent bailout negotiations between Cyprus and the European Union and International Monetary Fund.

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CBC releases detailed PIMCO report on banks

THE Central Bank of Cyprus (CBC) yesterday released the detailed results of a due diligence of the banks that determined they will need around €8.9 billion in additional capital needs.

The capital needs were the result of a comprehensive analysis of the value of credit portfolios and foreclosed assets, and of the earnings capacity of the banks to absorb losses over the next three years under an adverse scenario.

According to this scenario, domestic banks will need some €8.2 billion while foreign lenders need €149 million.

Cooperative banks need €589 million, the due diligence that was carried out by investment experts PIMCO found.

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SGOs looking for €1.4 billion loan to sidestep sell-off

 

SEMI-state companies (SGOs) are looking into securing a €1.4 billion loan in a bid to avoid being privatised as part of the island’s €10 billion bailout.

The proposal was tabled by the chairman of the telecommunications company CyTA and was discussed yesterday with the heads of the electricity authority (EAC) and the ports authority, among others. 

“These organisations belong to the people and should remain with the people,” CyTA chairman Stathis Kittis said. “I believe there are ways to mortgage the people’s property, instead of selling it, and provide the state a way out.

Kittis said his proposal would be discussed by the boards of the various SGOs and then submitted to the government.

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MPs turn the tables on CTO

A MOVE by the Cyprus Tourism Organisation (CTO) to give a promotion two days before parliament was due to pass a bill on freeze promotions and pay rises in the public sector has been was labelled insulting and provocative by MPs.

CTO’s move to promote Yiannis Koui to administrative director only came to light a few hours before Thursday’s  House plenum – during a meeting of the House Commerce Committee. 

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