Posts by tag: ETYK

Archives April 5, 2013 posted by

Lawsuit threat against EU, IMF and Cyprus

 

A LEADING law firm has threatened to take the European Commission, the International Monetary Fund and the Cyprus Republic to court unless the Eurogroup decision which led to a haircut on deposits is reviewed.

In a letter addressed to multiple recipients yesterday, Georgiades & Mylonas Advocates and Legal Consultants demand the immediate release of their client’s money in Laiki Bank and the lifting of any restrictions on deposits.

The lawyers are acting on behalf of Elena Yavorskaya, who held approximately €3.4m in five bank accounts in Laiki Limassol, money that has been frozen since the decision to wind down the bank.

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Archives April 5, 2013 posted by

‘Mass deletion of data’ on former BoC execs’ computers

DELETION of data allegedly took place on computers belonging to senior Bank of Cyprus (BoC) executives, according to the leaked findings of a probe into the circumstances that forced the island’s biggest lenders to seek state assistance.

Alvarez and Marsal, the firm tasked with investigating why Bank of Cyprus and Laiki sought state assistance, said the information provided by BoC was incomplete and data deleting software were found on the computers of two senior executives.

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Archives April 4, 2013 posted by

New ministers sworn in

PRESIDENT NICOS Anastasiades yesterday completed his first cabinet reshuffle in record time since he took office last month, introducing the first woman in a previously all-male cabinet. 

Outgoing Finance Minister Michalis Sarris was replaced by Labour Minister Haris Georgiades who in turn was replaced by former permanent secretary of the Commerce Ministry Zeta Emilianidou. 

“Finally, I can greet a lady in the cabinet – you see it’s not only the memorandum we have improved significantly but also the composition of the cabinet,” said Anastasiades, adding that the government would respond to constructive criticism. “We listen and we adapt,” he said.  

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Archives April 3, 2013 posted by

‘Better’ bailout deal clinched

THE GOVERNMENT yesterday clinched a deal with the troika on a €10 billion bailout programme with ‘better’ terms than the previous draft memorandum, said government spokesman Christos Stylianides. 
“This is a very important development which ends a very long period of uncertainty,” he said, adding that the conditions have now been put in place to inject life back into the economy.
The deal, which requires ratification from eurozone finance ministers and national EU parliaments, will see Cyprus receiving a €10 billion loan, carrying an interest rate of between 2.5 and 2.7 per cent. It is repayable over a 12 year period after a grace period of a decade.

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Archives November 27, 2012 posted by

State’s accountant lists ways of hunting down payments

ACCOUNTANT-GENERAL, Rea Georgiou, has advocated a state-wide policy to prevent the kind of system abuse that has allowed the accumulation of €135 million in unpaid fines and other outstanding payments.

Well in advance of last week’s parliamentary discussion on the spiralling levels of outstanding fines and other payments – many belonging to politicians, lawyers, and prominent individuals who have refused to pay sometimes for decades – Georgiou had sent a circular suggesting concrete ways different government departments can collect outstanding payments.

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Archives October 31, 2012 posted by

More than half a million set to vote next year

MORE THAN half a million people will be entitled to vote at over 1,200 polling stations in Cyprus and abroad in the next presidential elections on February 17.

Interior Minister Eleni Mavrou chaired a meeting with political party representatives yesterday to review preparations underway for the elections. 

Mavrou said 533,565 voters have registered to vote so far, noting that the registration deadline is January 2.

The ministry has sent letters to over 22,000 people who are now eligible to vote due to their age in an effort to prompt young people to register, she said, adding that the response so far has been quite encouraging.

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Archives September 22, 2012 posted by

Container had bulged 'like a watermelon'

PROSECUTION witness colonel Georgios Georgiades yesterday claimed that he told national guard top brass, days before the blast that killed 13 sailors and firefighters that if he were them he would have evacuated the Mari naval base days before the blast that killed 13 sailors and firefighters.
Georgiades was testifying against former ministers, fire and army officials charged in relation to the deaths at Evangelos Florakis naval base on July 11 last year when 98 containers with munitions exploded.

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Archives September 20, 2012 posted by

‘Moving in the right direction’

RESIDENTS of the Nicosia municipality of Aglandjia yesterday took to the streets reclaiming the roads with bikes and wheelchairs as part of the European mobility week.

The busy Kyrenia Avenue was blocked with bikes between 9.30am and 11.30am letting schoolchildren roam. The campaign aims to raise awareness of mobility problems faced by residents going about their daily business. Cars taking up pavements and bike lanes, for example, hamper movement for cyclists, pedestrians and people in wheelchairs. 

Yesterday’s event was geared towards school children.

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Archives September 7, 2012 posted by

AKEL: more growth, less austerity

THE austerity enforced by international lenders in other countries has not resolved any problems, ruling AKEL leader Andros Kyprianou said yesterday, reiterating that what is necessary for the Cypriot economy to recover is growth.

“On the contrary, it has led many countries into protracted recession,” Kyprianou said. “There are problems in all the countries where austerity measures only were implemented,” he added, referring to Greece, Ireland, Portugal, Spain and Hungary.

Cyprus sought financial assistance from its EU partners and the IMF – the troika — in June. The amount of the bailout has not yet been set but it is certain that it will be accompanied with painful austerity measures.

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Archives May 22, 2012 posted by

Israeli commandos notion ‘pure fantasy’

THE GOVERNMENT yesterday dismissed as pure fantasy Turkish news reports claiming that Israel plans to deploy as many as 20,000 commandos in Cyprus in order to protect its energy projects in the region.

Acting government spokesman Christos Christofides said the report – first broadcast by Turkey’s state-run news agency Anatolia – was clearly a plant.

“It is through such groundless leaks that Ankara seeks to justify its intransigence at the negotiating table, to blast the Cyprus peace talks and focus on so-called plan B’s, and to stoke tensions ahead of Cyprus’ assumption of the EU Presidency,” said Christofides.

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