Posts by tag: Eurogroup

Archives April 27, 2013 posted by

Businesses welcome latest cap relaxations

BUSINESSES yesterday welcomed the relaxation of capital controls, including the lifting of restrictions for non-resident account holders in foreign banks, albeit with some conditions.

Officials however warned against exploiting the new regime.

The Central Bank’s (CBC) internal audit department director Yiangos Demetriou said it was a big step in an effort to help the operation of the nearly-paralysed market.

“We must be especially careful,” he told state radio. “Our lenders had reservations about this (and) we had a hard time convincing them,” he said.

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Archives April 13, 2013 posted by

Our View: All Cypriots should not be tarred with the same brush

GERMAN lawmakers on a visit to the island this week probably received a rude awakening on realising the sense of betrayal felt by most Cypriots towards their EU partners. 

They now have to go back to Berlin and decide whether to vote in favour of the Cyprus rescue package but before judging Cypriots for their emotional response to what is in essence a ‘Cypriot mess’, they should remember that for the last six months, German media and politicians have talked up the ‘dirty money’ of Russian oligarchs being washed in Cypriot banks, hence the misguided perception among ordinary Germans that most of the money in the banks was Russian. It was not.

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Archives April 12, 2013 posted by


WANTED: experienced SHIPWRIGHT to work on classic wooden yacht in Larnaca.Must have experience in caulking, carpentry, and woodworking. Please send resume and references in English by e mail to [email protected]

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Archives April 11, 2013 posted by

House looks into CBC chief’s role

THE HOUSE Ethics Committee will look into whether parliament was misled by the Central Bank of Cyprus (CBC) governor over the terms of reference of an investigation he launched into the island’s banking debacle.

House President Yiannakis Omirou said yesterday if the committee finds there is a case, it will draft a report and send it to the plenum for discussion behind closed doors.

If the plenum judges there is an issue of misconduct through disciplinary or criminal offences, the case will either be referred to the attorney-general, or a parliamentary investigating committee will be set up, Omirou said.

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Archives April 6, 2013 posted by

Industry leaders gather for major gas conference

TOP oil and natural gas professionals and executives, along with companies behind the planning and development of the region’s natural gas industry will gather in Nicosia between Monday and Wednesday 

Noble Energy, is the lead sponsor for Gulf Publishing Company’s inaugural Eastern Mediterranean Gas Conference (EMGC) at the Hilton. 

Charles D. Davidson, Noble Energy chairman and CEO, will be one of the speakers. “Far more than providing tremendous business and growth opportunities for the oil and natural gas industry, the abundance of natural gas resources recently discovered offshore Cyprus and Israel have the potential to forever alter the energy-security and economic landscape of the entire Eastern Mediterranean region,” he said.

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Archives March 29, 2013 posted by

Bildt: economic problems should have been dealt with earlier

SWEDISH FOREIGN Minister Carl Bildt remains a steadfast supporter of Swedish entry to the euro, arguing that the “obvious” mistake made in Cyprus was not dealing with the country’s financial problems earlier. 

Speaking after a meeting with his Cypriot counterpart Ioannis Kasoulides in Nicosia yesterday, Bildt said: “The big question I have is why wasn’t the issue dealt with earlier, because (the financial system) was clearly in an unsustainable situation which should have been dealt with earlier.” 

He added: “It was left to be unsustainable for quite some time.”

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Archives March 26, 2013 posted by

From solidarity to bile and vitriol

How the world viewed the deal that will finally lead to Cyprus’ bailout


“We got what we always wanted, a bail-in that shrinks the over-sized banking sector in Cyprus”

German Finance Minister Wolfgang Schaeuble


“I am confident that the programme will work, but let’s be honest. At this moment, we cannot say exactly what the impact is going to be”

European Commission President Jose Manuel Barroso


“They gave me strength during last night’s difficult struggle, to get the best possible result for Cyprus”

President Nicos Anastasiades on Twitter thanking the people of Cyprus for their messages of solidarity


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Archives March 26, 2013 posted by

Serious de-stressing

In times of crisis, head for the spa says ALIX NORMAN with a bubble massage in her sights


For most of the last week I’ve been glued to the television, wondering what the future holds. Saturday was spent in shock. Sunday in disbelief. Monday in tense anticipation. Honestly, by Tuesday I’d had enough of the drama and in my own inimitable way, I decided to do something about it. No, I didn’t rush to the ATM and withdraw what little cash I had. I did what I always do in times of crisis… I went to the spa.

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Archives March 24, 2013 posted by

UPDATE: Anastasiades seeking last-minute Cyprus reprieve in Brussels


Cypriot President Nicos Anastasiades, seeking a last-minute reprieve from financial meltdown at talks in Brussels on Sunday, has a “very difficult task” ahead of him if he is to save the island’s economy, a government spokesman said.

With Cyprus facing a Monday deadline to avert a collapse of its banking system and potential exit from the euro, late night talks in Nicosia to seal a bailout from the EU and International Monetary Fund broke up without result.

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