Posts by tag: Debt crisis

Archives April 3, 2013 posted by

President’s in-laws say lost €15m in write-down

A COMPANY linked with President Nicos Anastasiades, which the opposition claims transferred millions out of Cyprus after a tip off, said yesterday it would bring back the money under certain conditions.
Both Anastasiades and the company have rejected the allegations, published by Haravghi, the mouthpiece of former ruling party AKEL.
The company, belonging to Anastasiades’ daughter’s parents-in-law, A. Loutsios and Sons Ltd, had never denied transferring €10.5 million to Barclays PLC in London, from its bank accounts in Laiki just days before the Eurogroup decided to raid people’s deposits on March 16.

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Archives January 29, 2013 posted by

Norway helps in money laundering battle

NORWAY WILL pay near one million euros to strengthen Cyprus’ anti-money laundering capabilities. 

A contract was signed last Friday between the Planning Bureau and the Unit for Combating Money Laundering (MOKAS) for the financing of a project aiming to strengthen MOKAS’ capacities and improve its efficiency to detect money laundering and the financing of terrorism. 

The project will be implemented by MOKAS and cost a total €1,100,882. Norway will provide the majority of funds, 85 per cent, amounting to €935.750, while MOKAS will provide the remaining €165.132. 

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Archives January 15, 2013 posted by

Our View: Imperative to tackle damaging allegations of money laundering

THE ALLEGATIONS of money laundering that have featured prominently in the German press recently and have been taken up by German politicians should not be ignored or dismissed lightly, because if they are not dealt with in an effective way, they could put at risk Cyprus’ future as an international financial centre.
It would be a grave error to allow the final memorandum of understanding to go for approval to the Bundestag, without these allegations having been proved unfounded. Responding with similar allegations against Germany, as some politicians have done, or claiming that Germany wants to take our Russian clients might satisfy local opinion, but it will not achieve anything.

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Archives January 12, 2013 posted by

Our View: Everyone earning above a certain income should pay for healthcare

MANY people remarked about the negligible opposition to the raft of austerity measures that were approved last month after marathon sessions of the legislature. There was a one-hour work stoppage at state schools and a peaceful demonstration by teachers and some protests outside the legislature by disabled people and members of big families who had their benefits cut. The rest of the public sector workers, despite some verbal threats, accepted cuts to pay, pensions and benefits without a protest, showing a remarkable sense of responsibility.

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Archives December 7, 2012 posted by

New centres for needy to be set up

THE Pancyprian Volunteerism Coordinative Council (PVCC) is organising a fundraiser for the creation of centres in each town where the needy can receive help without red tape.
The centres, which will be located within PVCC branches in all towns, will provide basic supplies  such as food and clothing.
The fundraising begins today, in both Nicosia and Paphos, while in Limassol and Larnaca the fundraising will take place on December 14.
The money collected will mostly go towards the infrastructure of the ‘Social First Aid Centres’ but will also cover the supplies to stock each one, such as food and baby clothes.

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Archives November 15, 2012 posted by

French officer honoured

THE CHIEF of police honoured Officer Bruno Thomas, France’s internal security department’s liaison to Cyprus yesterday. Thomas was given a medal for help he has given the state and the Cyprus police department.
Thomas leaves Cyprus in December having spent three years on the island.
During his stay a variety of police training programmes and seminars were arranged in Cyprus and France on subjects such as illegal migration, terrorism and human trafficking.
Thomas’ contribution also includes the technical assistance offered by French experts in the wake of the Mari explosion as well as co-operating with computer specialists helping them to prevent internet crime.

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Archives November 15, 2012 posted by

Our View: Probability of a run on the banks increases daily

THE UNCERTAINTY caused by the government’s stalling over the bailout and made worse by current speculation that it would refuse to sign a memorandum of understanding with the troika have put the ailing Cypriot banks under immense pressure.
They have been on very shaky ground for quite some time, but fears that President Christofias might refuse to sign a bailout are bound to wreck what little public confidence there is left in the banks at present.

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Archives November 8, 2012 posted by

‘Istanbul-Paphos flight listing causes confusion’

CONFUSION was caused yesterday when the official Hermes airport website indicated that a direct flight from Istanbul to Paphos operated by Greece’s AZI (Astra airlines) would be landing in Cyprus at 3.40am tomorrow.
Due to a flight embargo enforced by Ankara there are no direct flights from Turkey to Cyprus
Hermes airport spokesman Adam Aspris assured the Cyprus Mail the website listing was a technical oversight, which would be corrected immediately.
He said:” This flight is carrying the AEL football team who are playing in Istanbul. The flight, as is required, made a stop at Diagoras International Airport in Rhodes, before continuing to Cyprus. This is due to the fact that no direct flights are permitted by Turkey.”

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Archives August 1, 2012 posted by

AKEL has become ‘a danger to Cyprus’

THE AKEL government has become “a danger to the country”, said main opposition party DISY yesterday after President Demetris Christofias blamed the opposition for the arrival of the troika in Cyprus. 

In a released statement yesterday, DISY said the government has become a liability to the country, having failed to heed DISY’s warnings on the shaky state of public finances, or even acknowledge the situation the economy was in, resulting in the troika’s arrival. 

“Those who are solely responsible belong to the government of AKEL, who with reckless spending turned surpluses into massive deficits,” said the party.  

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Archives July 27, 2012 posted by

Our View: Troika should be as tough as possible on public sector privileges

THE MEETINGS of troika officials have fuelled much speculation in the media about the measures that would be taken. We have heard about cuts in public employees’ pensions and wages, the suspension of the 13th salary and the abolition of CoLA, with defiant union bosses insisting that they would resist the imposition of such measures. The government, reportedly, is against these measures but we doubt it can think of any other ways to cut state spending.

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