Author Archives: Stefanos Evripidou

Archives November 10, 2012 posted by Stefanos Evripidou

‘Not safeguarding national interests’

A MEMBER of the government’s advisory group of experts on natural gas issues said yesterday it would be unthinkable for Cyprus to sign offshore exploration contracts whose conditions were not as good as the best bids made in the island’s second licensing round. 

Professor Panos Papanastasiou’s comments came on the heels of a report claiming the criteria used for awarding one of the exploration licences were political, and linked with the government’s hidden agenda not to sign a bailout deal accompanied by painful austerity measures. 

The government announced last month that it would issue four licences for gas exploration in specific offshore blocks pending negotiations with the short-listed companies and consortia.

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Archives November 10, 2012 posted by Stefanos Evripidou

Milk prices to rise next year

CONSUMERS WILL have to pay more for milk and other dairy products from 2013. The Pancyprian Cattle Farmers Association (POA) has decided to impose a 5.8 cents per litre rise in the price of wholesale milk next year, citing the rising costs of animal feed.

Following three months of negotiations, cattle farmers, dairy producers and pasteurisers concluded they could no longer absorb the extra costs in production and animal feed.

The planned rise in wholesale prices will be introduced in two instalments during 2013 with the first rise of 4.0 cents a litre expected on New Year’s Day. The second increase of 1.8 cents per litre will come into force three months later on April 1.

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Archives November 10, 2012 posted by Stefanos Evripidou

Our View: Only time will tell whether good sense will prevail at CY

THE RESCUE proposal prepared for Cyprus Airways by Air France Consulting may have been approved by the airline’s board and submitted to House of Representatives, but it seems highly unlikely the staff unions will accept it without protest. There was no immediate reaction, presumably because unions were still studying the 91-page restructuring plan that would radically change the company.

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Archives November 10, 2012 posted by Stefanos Evripidou

Marathon talks but no sign of a deal


CYPRUS opened a fresh round of talks with its EU partners and the IMF – collectively known as the troika — yesterday with the aim of agreeing on the terms of a bailout for the cash-strapped island.

The two sides engaged in 12 hours of talks yesterday, which will resume this morning but both remained tightlipped on what, if anything had transpired, saying it was in the best interests of the negotiations.

Yesterday’s talks were open ended, but it was unlikely that a deal was imminent, a senior Cypriot official told Reuters on condition of anonymity. Also Finance Minister Vassos Shiarly is due to leave for Brussels on Monday. 

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Archives November 10, 2012 posted by Stefanos Evripidou

Cyprus officially off Russia blacklist from January 1

CYPRUS WILL finally be removed from the Russian blacklist of non-cooperative ‘tax havens’ from January 1, 2013. 

According to Moscow-based online site,, the Russian government has published an order in the country’s official gazette providing for the removal of Cyprus from Russia’s blacklist, starting next year, when a double taxation agreement signed between the two countries comes into force.

The publication of the official order comes after years of negotiations between the authorities of the two countries, starting in 2008 when Cyprus was added to a blacklist of 54 countries for reportedly failing to share tax information with Russia. 

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