Posts by tag: capital controls

Archives April 27, 2013 posted by

Interim BoC board appointed as bank eases on charges

THE Central Bank of Cyprus yesterday appointed the interim board of directors that will oversee the restructuring of the Bank of Cyprus (BoC), the island’s biggest lender.

The appointment came as the BoC announced a series of measures aimed at supporting its customers, including suspension of certain charges and reductions in interest rates.

The members of the Board of Directors are the following: Constantinos Damtsas, Lenia Georgiadou, Costas Hadjipapas, Philippos Mannaris, Sophoclis Michaelides, Lambros Papadopoulos, Andreas Persianis, Andreas Poetis, Panicos Pouros, Erol Riza, Savvas Savvides, Takis Taoushanis, George Theocharides and Michalis Zannetides.

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Archives April 26, 2013 posted by

Cronyism and the pot, kettle, black syndrome

A SPAT has broken out between the government and main opposition AKEL over several recent appointments at the Presidential Palace, which the communist party described as cronyism.

AKEL said it had submitted a question to the finance ministry asking about the number of people that had been appointed as special advisers to President Nicos Anastasiades, their duties, and the cost.

The dispute was sparked by the appointment of three journalists – two in the past couple of weeks – as advisers to Anastasiades.

The Palace rejected the criticism, saying that the appointments did not place an extra burden on the state budget.

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Archives April 16, 2013 posted by

A minute with Kyriacos Andreou (Bboy Kyri) Professional Dancer and Coach of Network Cartoon Crew


Network Cartoon Crew: winners of Pancyprian break-dance competition botH Cyprus 2013 along with Marios Thoupis (both members of Looney Tunes crew)


Where do you live?

In an apartment in Nicosia with a childhood friend, from where I study business administration at University of Cyprus


Best childhood memory?

The first time I saw someone breakdancing on the internet and then trying out dancing moves with my friends. I’ll never forget the excitement and happiness I felt. I thought I wanted to learn that dance more than anything in the world.


Most frequented restaurant and absolute favourite dish? 

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Archives April 3, 2013 posted by

Fashioning the future

A Cypriot student won second prize in a competition for up and coming designers at London Fashion Week. ALIX NORMAN meets him


I expected Stephanos Konstantinou to be precious. After all, he’s in his final year of his BA in Fashion Design at one of Britain’s top universities, he’s interned for Mary Katrantzou and has recently won second prize in the UK-wide Fashion Awareness Direct competition. For a 23-year-old Grammar School graduate, that’s a lot to be arrogant about. But in reality, Stephanos is polite, self-effacing and charming – nothing like the fashion-daahling I had anticipated. 

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Archives April 3, 2013 posted by

Former BoC boss slams Christofias government

THE former CEO of the Bank of Cyprus yesterday accused the previous administration and the Central Bank governor of destroying the island’s biggest lender in a bid to cover themselves for the island’s economic woes.
Breaking his silence after nine months, Andreas Eliades, who resigned in July last year, claimed that certain circles, inside and outside BoC, not only failed to join forces but they undermined every effort to tackle the crisis.
“Unfortunately, developments confirmed that it was all part of a well-devised plan to break up the entire banking sector and especially the Bank of Cyprus, which was in good financial condition at the time,” Eliades said in an article published by financial portal Stockwatch.

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Archives April 2, 2013 posted by

Russia won't help out Cyprus depositors, says minister

THE RUSSIAN government will not aid businesses that have lost money in Cyprus, First Deputy Prime Minister Igor Shuvalov has said, underscoring Moscow’s resolve to clamp down on the flight of capital to offshore financial centres.
Major account holders, many of them Russian, will lose up to 60 per cent of their deposits over 100,000 euros at Cyprus’ largest bank under a European Union bailout.
If Russians lose money “it’s a terrible shame, but the Russian government will not take any action in such a situation,” Shuvalov was quoted by the Interfax news agency as saying in a television interview on Sunday night.

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Archives March 30, 2013 posted by

‘We did not have loans written off’

THE government yesterday reaffirmed its intention to fully investigate the banking sector, as a list surfaced with names of current and former state officials who allegedly had their loans written off by banks.
The list, published in Greece, contains the names of former and current MPs as well as other prominent individuals, including former president George Vassiliou.
According to the report, Vassiliou held a 51 per cent stake in a company that agreed to have $5.8 million written off.
The government said the matter would be investigated as part of a wider probe into what caused the collapse of the island’s economy and banking system.
Three former Supreme Court judges were appointed on Thursday to look into the debacle.

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Archives March 28, 2013 posted by

A small comfort as electricity bills to be reduced

CONSUMERS will pay at least 5.75 per cent less for their electricity from April 1 when an emergency levy is due to be dropped and may get further reductions of as much as 3.0 per cent following a commitment from the Electricity Authority (EAC) to look at where it could reduce expenses, Commerce Minister Giorgos Lakkotrypis said yesterday. 

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Archives March 28, 2013 posted by

Iceland offers hard lessons for Cyprus on capital controls

FOR ICELAND, there was a sense of deja vu when Cyprus’ finance minister said capital controls would probably last “a matter of weeks”. Five years after a banking meltdown, the north Atlantic island has just extended its own controls indefinitely.

When Iceland first announced those surprise plans after market hours in November 2008, the Confederation of Icelandic Employers director general rushed to parliament at night to try to persuade bleary-eyed lawmakers to reverse course.

“They were talking about lifting them in three months. I feared they would be permanent,” said Vilhjalmur Egilsson. “But politicians had neither the energy nor intellectual capacity to realise that.”

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