Daily Archives: April 23, 2013

Archives April 23, 2013 posted by

Two bedroom ground floor…

Two bedroom ground floor apartment to let for 350 euro per month. Located in Krasa area, Larnaca in a dead-end road. A very quiet area. Built area 80m2 and a terrace of 100m2. Fully Air-conditioned with electric appliances. Unfurnished.

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Archives April 23, 2013 posted by

‘No justice where might is right’

CYPRUS has been an unwilling guinea-pig for a possible policy of enforcing a haircut on banks’ deposits, President Nicos Anastasiades told his European Union partners yesterday.
He was speaking at the Nicosia-based conference of EU parliament speakers in the presence of members of the European Parliament, which comprises of voted representatives from all 27 member states.
“Cyprus was treated as an experimental guinea–pig for testing the economic theory of enforcing a haircut on bank deposits and the consequent repercussions which were to follow,” Anastasiades said yesterday, on the first day of a two-day conference.

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Private schools and insurance companies no longer exempt from haircut

AUTHORITIES have reduced the number of exemptions from a deposit haircut at the Bank of Cyprus (BoC) and the old Laiki Bank in a bid to cut the losses of uninsured depositors.
The haircut on deposits over €100,000 had been imposed by the Eurogroup as a way of recapitalising the stricken lender.
Uninsured deposits in BoC currently face a 37.5 per cent cut although an additional 22.5 per cent, or part thereof, which remained frozen, could also suffer the same fate.
Depositors will receive equity in exchange for their loss.
Authorities had initially exempted various entities from the haircut but have been forced to rethink after it became obvious that it would increase the losses on depositors.

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Eurostat: significant increase in public debt

CYPRUS’ public debt showed a significant increase in 2012, according to data released yesterday by Eurostat.
Government debt amounted in 2012 to €15.350bn or 85.8 per cent of GDP. In 2011 the public debt was €12.778bn or 71.1 per cent of GDP, making it the second largest annual increase in eurozone debt after that of Spain.
Most countries overshot the Maastricht public debt limit of 60 per cent of GDP last year, with Greece, Italy, Portugal and Ireland being the foremost culprits. Germany posted a debt ratio of 81.9 per cent.
Cyprus was also among 11 countries that failed to meet the Maastricht deficit ceiling of 3.0 per cent, posting a deficit of €1.127bn or 6.3 per cent of GDP.

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Energy bill cut will hit operations, EAC warns

THE electricity company (EAC) warned yesterday that its operation could be jeopardised by dwindling revenues this year due to a reduction in demand and cuts in electricity bills.
EAC chairman Charalambos Tsouris told lawmakers that a €37 million surplus forecasted for 2013 would not cover the losses in revenue caused by the recession that was expected to deepen.
The EAC had expected €1.95 billion in revenues this year.
However, demand for electricity was down 17 per cent, Tsouris said, which translated into a net loss of €40 million for the EAC.
The company’s revenues will also be affected by a recent cut in bills, which it could not really afford.

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Work schemes focus on tourism

UP TO 8,000 unemployed people could find a job via three government schemes aiming to “aggressively” reduce the jobless rate, the labour minister said yesterday. Most of them are due to be employed by hotels choosing to participate in a subsidised wage scheme for long-term residents, Labour Minister Zeta Emilianidou told the House Labour Committee. She was briefing deputies on her ministry’s role in economy-supporting measures announced last Friday by President Nicos Anastasiades. “Our latest data show that there are about 60,000 registered unemployed people in Cyprus,” Emilianidou said. She said that the ministry was using existing budgets as part of an overall plan to “aggressively reduce unemployment”.

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Unions complain of non-Cypriot hiring bias

UNIONS said yesterday hotel owners were hiring workers from elsewhere in the European Union, accusing them of failing to take care of their own.
As the government is launching measures to encourage hotels to hire residents in Cyprus, hotels are hiring “Europeans,” union SEK’s Miltos Miltiadou said referring to non-Cypriot EU citizens.
“There’s an uncontrolled number of Europeans,” he said adding that he knew of at least one Paphos-based hotel that had recently hired 30 non-Cypriots.
Under European Union laws, citizens of any EU member-state may find employment elsewhere in the bloc.
But as unemployment continues rising in Cyprus, the government has introduced a scheme to alleviate problems in the tourist industry.

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Teen changes plea to guilty in soldier stabbing case

IN A dramatic change of plea, a British teenager has pleaded guilty to a charge of manslaughter over the stabbing death of a 19-year-old British soldier at a nightclub in Ayia Napa.
Mohammed Abdulkadir Osman, 19, admitted killing Private David Lee Collins from Manchester during a confrontation in the early hours of November 4 last year.
Osman, along with two other British teenagers were arrested shortly afterwards and charged with manslaughter.
Last week it was revealed that dialogue between prosecution and defence lawyers to set out the terms of a plea bargain had been on-going for over a month. The bargaining saw charges against the other two suspects dropped.

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