Posts by tag: Cypriot

Archives April 13, 2013 posted by

Bailout Factbox


Cyprus’ total gross financing needs are estimated at €23 billion from the second quarter of 2013 to the first quarter of 2016. This includes recapitalisation of the banking sector, the redemption of maturing medium- and long-term debt including loans and fiscal needs.

Of this amount:

– the euro zone bailout fund will provide €9 billion 

– the International Monetary Fund will provide €1 billion

– Cyprus will come up with €13 billion 



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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 October 19, 2012 posted by

Leaked report talks of risky investments

As far back as two years ago regulatory authorities were aware of reports that commercial banks were selling financial instruments to investors without adequately explaining the risks involved, according to the minutes of a top-level meeting held at the Central Bank.

The minutes of the November 12, 2010 meeting, leaked yesterday, suggest that reports were coming in to the Cyprus Securities and Exchange Commission (SEC) and to other regulatory agencies about suspect practices by banks.

The minutes, however, also indicate that no written complaint had been lodged up until that time.

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Archives September 22, 2012 posted by

DISY and DIKO wrap up

OPPOSITION parties DISY and DIKO yesterday wrapped talks on a possible government programme.
DIKO will decide next Thursday whether to back DISY candidate, Nicos Anastasiades, in February’s presidential elections.
DIKO leader Marios Garoyian yesterday said the convergences reached between the two parties would be submitted to his party’s central committee on Monday, and voted on next Thursday.
Garoyian was speaking after he met Anastasiades in the morning. Another meeting ensued later between delegations from both parties.
“The central committee has every right to approve or reject, respond positively or negatively, to the specific work that has been carried out by the party’s secretariat over this time,” said Garoyian.

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Archives June 23, 2012 posted by

Large families being left without benefits

THE opposition has threatened to suspend a law that introduced income criteria for child benefits as lengthy application processing delays have left some families without the needed assistance.

The scope was to better target allowances and save money.

Main opposition DISY MP Efthimios Diplaros called on the government to pay the allowances immediately to the families who are faced with huge problems.

“If this does not happen in the immediate future, DISY’s intention is to suspend the law for at least six months so that officials … will be in a position to examine all these applications in time,” Diplaros said. 

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Archives June 13, 2012 posted by

Louca meets OPAP

THE government said yesterday it was concerned over a recent spate of arson attacks against agents of gaming company OPAP but this was no reason to stop the procedure to approve a controversial bill regulating online gambling and betting.

Speaking on state radio, Justice Minister Loucas Louca said the process would not stop “because some people decided to blow up or burn OPAP establishments.”

Four OPAP agents – three in Limassol and one in Nicosia – have been burnt in the past couple of weeks in what appears to be an ongoing war against the company.

Asked if he thought the attacks were an attempt to stop the bill from being passed, Louca did not rule out anything.

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Archives May 24, 2012 posted by

Rich Turks and Greek Cypriots biggest cabaret clients in the north

MARRIED MEN from Turkey and Greek Cypriots make up the majority of clients at the various cabarets in the north, according to a recent study reported by the Turkish Cypriot daily Kibris yesterday. 

The report finds that the majority of clients that frequent cabarets in the north for the purposes of buying sex are mainly rich Turkish married men aged 35-45 and Greek Cypriots.   

Other paying customers are young Turkish Cypriots, Turkish soldiers, workers and casino customers as well as foreign residents living in the north. 

The study on trafficking, undertaken by the Turkish Cypriot centre on migration, identity and rights, finds that men’s attraction to prostitution is the cause of many marriage break-ups.  

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Archives May 23, 2012 posted by

Toddler dies after 12-metre fall

A TODDLER, just 14 months old, died on Monday night from critical injuries sustained in a fall from the fourth floor of a Limassol building.

Christos Kantaides and his four-year-old sister were being watched by their grandmother on Monday when at around 6pm Christos escaped his grandmother’s attention and reportedly climbed onto a piece of furniture near an open window. 

He fell 12 metres onto the garden of the block of flats and was in a comatose condition by the time he was taken to Limassol General Hospital, according to the assistant director of the hospital’s A&E, Phaedra Ioannidou. 

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Archives May 18, 2012 posted by

Using Cyprus Barn Owl to solve rodent infestations

THE FORESTRY Department and Game Fund Service are placing makeshift nests around various communities to attract barn owls in a bid to bring rodent infestations under control.
The measure dates back as far as 1990, though more communities are now asking for the authorities’ help to deal with the problem.
Pera Chorio, Nisou, Alambra, Ayia Varvara and Pyrga are among the communities helped, while the department is urging more to come forward.
There have been a number of cases of scrub typhus – an infectious disease that is transmitted to humans from field mice and rats through the bite of mites living on the animals – reported across the island; though no official data has been kept on the exact numbers.

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Archives March 28, 2012 posted by

French Chief of Staff to visit

FRANCE’S Chief of General Staff Berthand Ract-Madoux will pay an official visit to Cyprus from tomorrow until Friday at the invitation of Cyprus’ National Guard Chief, Lieutenant-General Stylianos Nasis. 

During his visit he will have meetings in the framework of the programme of cooperation between the armed forces of the two countries.

Tomorrow the French top military chief will meet Defence Minister Demetris Eliades.

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