Posts by tag: Features

Archives April 28, 2013 posted by

Troika will scupper SGOs’ cunning plan to stave off privatisation

 

REGULAR readers do not need reminding of our column’s habit of describing our country as an unfenced, lunatic asylum. But one would have thought that today, faced with the horror of economic catastrophe caused by the accumulated lunacy of many years we would have started to get serious at last.

Unfortunately not. Our lunacy and stupidity are incurable. This is crystal clear. You only have to look at what is happening around us every day to be convinced that this country could become the subject of the largest scale psychiatric study ever to be held in the world.

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Archives April 28, 2013 posted by

Controversial Russian palace reportedly up for sale

 

WORK on a multi-million euro mansion being built in a prime location in Pissouri has been ordered to stop by the Limassol district office. 

Residents have long been up in arms over the construction of the supersize house which is being built on 2,200m2 of land on a small hill overlooking the village’s picturesque bay and blocking hitherto unspoiled seaviews for many villagers. The Russian owner has also purchased an extra 17,000 m2 in front of the house stretching right down to the beach.

The protests were highlighted in the Sunday Mail over a year ago. At the time, while admitting the construction has been the subject of many complaints, local officials insisted the owner was following all planning permission specifications.

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Archives April 28, 2013 posted by

‘Dirty money’ claims were just an excuse for bail-in

 

THE EUROPEAN Union, led by Germany, has made Cyprus pay dearly for its alleged money laundering transgressions but one leading anti-money laundering expert questions how the EU will ever repay Cyprus if those charges are proved wrong. 

Andreas Frank is an independent adviser to the German Bundestag and Council of Europe, who has already initiated two infringement proceedings against Germany for violations of the EU’s anti-money laundering (AML) directive. 

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Archives April 21, 2013 posted by

Minister Kasoulides’ visit to Israel – A political analysis

 

The visit of Foreign Minister Ioannis Kasoulides and Minister of Commerce, Industry and Tourism, George Lakkotripis to Israel was preparatory to President Nicos Anastasiades’ visit scheduled May 6-7. It took place, however, within a particular climate, characterised by two important events affecting Cyprus-Israeli relations – the attempted rapprochement between Turkey and Israel and Ankara’s threats aimed at hindering the exploitation of the natural gas in Cyprus’ Exclusive Economic Zone (EEZ).

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Archives April 14, 2013 posted by

Green energy could save the economy

 

We live in very difficult times. It is a world marked by cut-throat competition, the pursuit of narrow, national interests, greater geopolitical rivalries and non-transparent financial dealings. This is the world we live in. To survive in such a world we need education, knowledge and sound judgement. 

We live in very challenging times. We, therefore, must plan for tomorrow. Development will not come from selling homes to Russians and Chinese; that was the old economic model that has just collapsed. The green economy and creativity of young people, who have remained unutilised resources, must feature and society itself should be the heart of the new economic model. 

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Archives April 14, 2013 posted by

Euro exit is no easy option

 

SINCE – what is now widely acknowledged – Cyprus’ botched bailout, a debate has been raging on over whether the island should stay in the eurozone or go back to its former national currency, the pound.

Naturally there are two schools of thought on the issue: those arguing that since the conditions of the bailout have all but destroyed the economy, Cyprus should abandon the common currency and the tough terms imposed by its lenders, and those who say the consequences of a so-called Cypexit would be much worse than the alternative.

It does appear however that there are also those who support a Cypexit because of the profits they stand to make.

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Archives April 7, 2013 posted by

Confusion and frustration over capital controls

 

PUBLIC SHOCK about the tough terms of the international bailout is turning into anger as millions of euros remain locked in the banks under capital control regulations.

Anxiety is being deepened by confusion over how the hastily-imposed rules should operate.

Hundreds of bank workers protested outside parliament on Thursday, worried that they could lose much of their pension savings under the terms of the bailout deal which stipulates that some depositors will part of the rescue’s cost if their accounts hold more than 100,000 euros.

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Archives April 7, 2013 posted by

We can’t fight what has happened, so we should use it

 

MEDICAL experts are expecting a rapid increase in cases of depression and anxiety disorders as the extent of the economic crisis begins to register and impact on peoples’ lives.

The economic uncertainty, wage cuts and job losses of the last 18 months will now snowball as the effects of the tough conditions set by international lenders for a bailout are felt indiscriminately across society.

Psychologists all foresee an increase in depression, anxiety disorders, alcohol abuse and psychosomatic disorders – insomnia, fatigue and gastrointestinal illnesses – and even attempted suicides. 

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Archives April 7, 2013 posted by

Truth sounds suspect over BoC buying of Greek bonds

 

THE FORMER chief executive officer of the Bank of Cyprus Andreas Eliades – the man considered responsible for the destruction of the bank – decided to give his views about the crisis for the first time last Tuesday. 

He issued a long-winded announcement with the aim, he wrote, of giving a picture of the absolute truth. It was titled ‘Truths and lies’. I am in no position to say how many truths were contained in his announcement, but I think that some of the things he wrote were blatant lies. I will restrict myself to one issue, the infamous sale and subsequent re-purchase of Greek government bonds that left the Bank of Cyprus with losses in the region of €2 billion.

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