Posts by tag: bailout

Archives April 30, 2013 posted by

Anastasiades: this country is not up to scratch

STATE officials, including the President, will no longer be immune from prosecution, nor will they be able to stay in office indefinitely, President Nicos Anastasiades announced yesterday in an gesture aimed at restoring the public’s trust in government following the banking fiasco.
Recommended actions include forcing state officials to give regular income statements, publishing and justifying public tenders, implementing and monitoring the auditor-general’s reports, and defining state officials’ criminal and civil responsibilities.

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Archives April 26, 2013 posted by

Our View: The sooner the EAC is privatised, the better

THE ELECTRICITY Authority of Cyprus will not make an adequate surplus to cover its loan repayment obligations the House Finance Committee was told earlier this week. Its chairman Charalambos Tsouris said that the Authority would make a surplus of €34 million this year but would need €46 million for loan repayments. 

A fall in demand (in the region of 20 per cent) as a result of the recession, combined with total reductions of 13 per cent in electricity rates will reduce revenue by about €200 million, the Committee was told. The chairman of the committee Nicholas Papadopoulos said the figures were cause for alarm and described the EAC as a ‘non-viable organisation’, which could cause the collapse of the economy if it went under.

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Archives April 24, 2013 posted by

Second member quits committee of inquiry

FORMER supreme court judge Panayiotis Kallis has resigned from the committee of inquiry tasked with probing the circumstances which led the economy and banking sector to the brink of collapse.

In a letter to the President and the justice minister, Kallis said he felt obliged to step down citing a possible conflict of interest with his sons’ law practice.

In the letter, Kallis explained that he could not in good conscience continue his work as his sons’ law firm has taken on clients challenging the ‘haircut’ on deposits at Laiki and Bank of Cyprus.

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Archives April 19, 2013 posted by

Airport charge still a thorny issue

INCENTIVES and liberalisation of flights could increase the tourist flow to Cyprus by 400,000 people per year, the House Commerce Committee heard yesterday.

Lawmakers and the Cyprus Tourism Organisation (CTO) asked for a reduction in airport fees in a bid to attract more airlines to Cyprus but airports operator Hermes said a general cut would be difficult and ineffectual.

Airport fees were not decided arbitrarily by Hermes; there was a specific timeframe and pricing policy, Hermes spokesman Adamos Aspris said.

“This is an integral part in the concession agreement, which has been approved by parliament,” he told reporters.

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Archives April 18, 2013 posted by

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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Archives April 18, 2013 posted by

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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Archives April 13, 2013 posted by

Majority of CBC board resigns

THREE Central Bank of Cyprus (CBC) board members resigned yesterday, in what could only be interpreted as a motion of no confidence in the governor who has been under fire over his handling of the banking debacle.

Demetriades claimed the CBC’s independence was being attacked by the government while at the same time his family was being threatened by people who lost money in the crisis.

The three members, Haris Ahniotis, Andreas Matsis and Louis Christofides, quit the seven-member board, leaving Governor Panicos Demetriades alone with one remaining member.

Another member resigned a few months ago while the government recently rescinded the appointment of Sypros Stavrinakis to the post of deputy governor.

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Archives April 12, 2013 posted by

ECB: not so easy to remove central bank boss

PRESIDENT of the European Central Bank (ECB) Mario Draghi has sent a letter to the Cypriot leadership regarding recent efforts to remove Cyprus’ Central Bank Governor Panicos Demetriades from office. 

The letter was sent to President Nicos Anastasiades and House President Yiannakis Omirou on Wednesday regarding recent reports of discussions in the Cypriot parliament suggesting a procedure for the dismissal of Demetriades might be initiated. 

The ECB head reminds in his letter of the independence of EU central banks, noting that governors can only be dismissed on grounds specified by EU law. 

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Archives April 12, 2013 posted by

Raft of bailout measures tabled

 

THE FIRST of a new batch of bailout-linked bills tabled to parliament yesterday includes scaled cuts in public sector salaries and pensions, a hike on the corporate tax rate from 10 to 12.5 per cent and an increase to 30 per cent of the tax rate on interest income.

The fiscal measures are necessary for the government to qualify for a €10 billion bailout from international creditors following an agreement struck last month. More bills are on the way.

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Archives April 12, 2013 posted by

Our View: Bailout is turning into a bottomless pit

THE CYPRUS bailout will be top of the agenda at a two-day meeting of EU finance ministers in Dublin beginning today. No doubt they will be told what’s really going on while the people of Cyprus continue to be kept in the dark.

While we’ve been distracted by capital controls, lists of people who took money out before March 15, investigations into who was responsible for the demise of the economy, and a political row over who ordered a draft haircut law the day before, and just when you thought it could not get any worse, the bailout jumps from €17.5 billion to €23 billion while we were not looking.

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