Posts by tag: AKEL

Archives April 26, 2013 posted by

Legal obstacle to Galanos appointment to BoC

PLANS to appoint former House president Alexis Galanos interim chairman of the Bank of Cyprus (BoC) have hit a legal obstacle as such a move would be incompatible with him also being the mayor of Famagusta and chairman of the union of municipalities.

The government wants an interim board appointed as soon as possible, to oversee the stricken lender’s restructuring following a Eurogroup decision to impose hefty losses on its uninsured depositors.

Galanos agreed to take over the post but reports said a legal ruling stated it would be in conflict with him being a mayor and the head of the union of municipalities.

Reports suggested the matter was discussed in a one-hour meeting between President Nicos Anastasiades and Central Bank Governor Panicos Demetriades.

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Archives April 4, 2013 posted by

Central Bank could face slew of lawsuits from depositors


LARGE depositors in Laiki Bank who face losing most if not all their money have warned they will take the Central Bank’s top brass to court if even one cent is taken out of their accounts. 

The threat of legal action raises the spectre of the bailout programme unravelling in the courts, and slapping the state with massive sums in penalties.  

A lawyer representing a number of large depositors sent a letter to Central Bank Governor Panicos Demetriades last Thursday warning that if a haircut of any size was imposed on their deposits held at Laiki Bank, depositors will file a private criminal case against the governor, board members, and certain CB officials for allegedly committing “a number of criminal acts and omissions”. 

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Archives April 2, 2013 posted by

Attempts to smuggle cash out through airports

OFFICIALS have confirmed that a number of people have tried to sneak substantial amounts of cash out of the island over the past couple of weeks.
Under strict capital controls designed to prevent a bank run since last Thursday when the banks re-opened, individuals have only been allowed to take out €1,000 (or the equivalent in other currencies) per trip.
The controls were imposed following the re-opening of the banks for the first time after a preliminary accord between the government and the EU and IMF.
Police have stepped up checks at airports and harbours, and anyone caught with more than €1000 on their person is referred to Customs. The cash is seized and an invoice issued for the amount.

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Archives March 19, 2013 posted by

Banks will remain closed but ATMs stocked up

BANKS will remain closed today and tomorrow, the Central Bank announcing yesterday that “March 19 and March 20 have been declared bank holidays.”

“We could not have opened, with the bill for the deposits levy still pending,” said a senior bank executive who added that nobody knew what the levy would eventually be. The angry reaction, caused by the bail-in of small depositors had forced the government to re-consider how the haircut would be applied. 

On Sunday night the Central Bank had informed commercial banks that the levy percentages had changed. For deposits up to €100,000 the levy would be 3 per cent, between €100,000 and €500,000 10 per cent and above €500,000 12.5 per cent.

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Archives February 26, 2013 posted by

IKEA withdraws ‘horsemeat’ meatballs

CYPRUS is one of 13 countries from which Swedish giant IKEA has halted sales of its trademark Swedish meatballs after tests in the Czech Republic yesterday showed the product contained horsemeat.

IKEA, the world’s No. 1 furniture retailer and known also for its signature cafeterias in its huge out-of-town stores, said it had stopped sales of all meatballs from a batch implicated in the Czech tests.

The checks were carried out in response to a Europe-wide scandal that erupted last month when tests carried out in Ireland revealed some beef products contained horsemeat. This has triggered recalls of ready-made meals and damaged confidence in Europe’s vast and complex food industry.

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Archives February 25, 2013 posted by

Marked presence of invalid votes and abstentions


THE HIGH abstention rate, counter-balanced by a high occurrence of invalid votes, were what shaped the result of yesterday’s presidential elections.

The final tally stood at 57.48 per cent for Anastasiades, compared to 42.52 per cent for Malas. In the first vote, the respective numbers had been 45.46 per cent and 26.91 per cent.

The gap between the two contenders was around 18 per cent, almost the same as recorded during the first round, when Nicos Anastasiades had secured 45.46 per cent to Stavros Malas’ 26.91 per cent.

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Archives February 22, 2013 posted by

SGOs snub request to give asset statement

APPARENTLY acting at the behest of the Presidential Palace, semi-government organisations (SGOs) have snubbed authorities’ request to furnish details of their assets and financial accounts.

The memorandum of understanding (MoU) agreed between the government and international lenders – the troika – specifically provides for a stock-taking of state-owned enterprises, in order to consider the possibility of privatising them to raise cash.

Local media yesterday suggested the mere request for information had laid bare the AKEL government’s insistence that it would not touch SGOs despite pressure from international lenders. However, the same outlets suggested the move was initiated by the finance ministry, but quickly quashed by the President.

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Archives February 19, 2013 posted by

Our View: It was not DISY that invited the troika it was AKEL

THE AKEL camp wasted no time in embarking on the demonization of Nicos Anastasiades ahead of the Sunday’s decisive vote. The DISY leader, predictably, is being presented as a right-wing scourge who would impose austerity measures, cuts and privatise semi-governmental organisations, while the ‘independent’ AKEL candidate Stavros Malas would ignore the commands of the EU about privatisations and protect the interests of the “workers and middle class” with which the party “has identified for decades”.

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Archives February 9, 2013 posted by

Antoniadou suggests solution to army draft

PRESIDENTIAL candidate Praxoula Antoniadou yesterday proposed reducing military service to 14 months through a system that would allow conscripts to buy-out their term.
Antoniadou said many promises had been given in the past to reduce the 24-month military service but nothing was ever implemented because of “political diffidence and practical problems that could not be tackled.”
Antonidou proposed cutting compulsory service to 14 months, and giving conscripts the right to buy out the rest of the term at €1,000 per month.
Those who choose to complete the 24-month service – after the 14th month – would  be paid €800 per month, Antoniadou said.

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Archives January 31, 2013 posted by

School competition against racism

A SCHOOL competition against racism and xenophobia has been launched by the UN Refugee Agency in Cyprus, the Ombudsman’s office and the European Commission Representation in Cyprus.

 With the slogan ‘Talk about racism and xenophobia: silence is not a solution’, the competition is looking for the best student newspapers.

The competition – supported by the education ministry invites public and private secondary schools to create a newspaper with articles opinions on asylum and migration, racism and xenophobia. Objective and unbiased coverage of these issues is one of the criteria that will determine the winning newspapers, an announcement said. 

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