Posts by tag: Germany

Archives April 28, 2013 posted by

DISY vote marred by protest over bird activists


TROUBLE struck during party elections for ruling DISY in Paralimni yesterday when angry members and other locals moved the voting boxes and threw ballot papers into the street to protest against campaigns to stop illegal poaching of songbirds, or ambelopoulia.

The voting was taking place islandwide to elect three vice-presidents to the party, after new DISY leader, Averof Neophytou, and new deputy head Lefteris Christoforou were unchallenged for their new positions within the party.

Neophytou and Christoforou headed for Paralimini after the trouble broke out.

They attempted to ease tensions but were verbally abused by locals and DISY members.

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Archives April 21, 2013 posted by

Children loom large in pensioners’ fears for the future


“I don’t know if we’re getting our pensions next month,” said Koulla Tabidji. 

“I only got my widow’s pension this month, not my pension. Then I had to go back and ask for my pension,” added Chloe Panayi.

“Mine was late too,” said a third lady.

“I think mine was less this time,” shouted out a fourth.

“The Labour Minister said we’re going to get our pensions. But then I heard some reports we are not getting it next month, and then I heard other reporters say we are. I don’t know,” said Eleni Miliou. 

“I think they’re going to cut my pension. Well everyone’s pension, not just me. It’s a general phenomenon,” said another lady.

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Archives April 20, 2013 posted by

CBC releases detailed PIMCO report on banks

THE Central Bank of Cyprus (CBC) yesterday released the detailed results of a due diligence of the banks that determined they will need around €8.9 billion in additional capital needs.

The capital needs were the result of a comprehensive analysis of the value of credit portfolios and foreclosed assets, and of the earnings capacity of the banks to absorb losses over the next three years under an adverse scenario.

According to this scenario, domestic banks will need some €8.2 billion while foreign lenders need €149 million.

Cooperative banks need €589 million, the due diligence that was carried out by investment experts PIMCO found.

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Archives April 18, 2013 posted by

Deadly explosion, fire rip through Texas fertilizer plant



An explosion tore through a fertilizer plant and leveled dozens of homes in a small Texas town late on Wednesday, killing a number of people, injuring more than 160 and spewing toxic fumes that forced the evacuation of half the community.

Officials declined to say how many people died in the explosion in the town of West but said they expected to find more bodies as search teams combed through the rubble of the plant and surrounding homes.

“I’ve never seen anything like this,” McLennan County Sheriff Parnell McNamara said. “It looks like a war zone with all the debris.”

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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 March 27, 2013 posted by

News in Brief

CSE remains closed

THE Cyprus Stock Exchange (CSE) yesterday announced the continuation of last week’s trading suspension in an attempt to ensure a proper functioning of the stock market and to protect investors, it said.
These decisions were made because banks remain closed and therefore will not be able to carry out transactions to do with the settlement of securities, because of the economic developments which effect the banks whose securities are quoted on the stock exchange and to avoid any potential additional risk to the system as the stock exchange will not be able to check the credit limits of members during trading sessions.

Petrol sales down

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Archives March 23, 2013 posted by

Orphanides predicts the end of the European project

FORMER CENTRAL Bank governor Athanasios Orphanides launched a scathing attack on EU policymakers for their handling of the eurozone crisis, warning that a Cyprus euro exit would trigger the break-up of the common currency. 

In an interview with the Financial Times, Orphanides predicted the eventual dissolution of the EU-bloc. 

“The European project is crashing to earth,” he told the Financial Times. “This is a fundamental change in the dynamics of Europe towards disintegration and I don’t see how this can be reversed.”

The former governor also had some choice words for his former colleagues at the European Central Bank (ECB) as well as for the European Commission. 

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Archives March 21, 2013 posted by

Cyprus plays risky geopolitical game

AS IT tries to play Russia off against Europe to salvage its economy, Cyprus has embarked on a high-stakes poker game that could see almost everyone lose.

Its banks shattered by exposure to Greek debt, the island state urgently needs a way of bailing out its financial system.

Cypriot policymakers hope they can begin to monetise as yet undeveloped offshore gas fields and position themselves as a vital source of energy for Europe.

However, such income is still years away and delusions of becoming the Qatar of the eastern Mediterranean in the 2020s may prompt Cyprus to overplay its hand now.

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Archives February 2, 2013 posted by

December jobless rate 14.7 per cent

THE JOBLESS rate in Cyprus jumped to 14.7 per cent in December, one of the highest increases in the European Union.

Highlighting the human cost of a debt crisis that began in 2009 in Greece and spread to the eurozone’s biggest economies, some 18.7 million people were out of work in December, an unemployment rate of 11.7 percent. That figure has risen from below 8.0 per cent in early 2008, just before the full effects of the global financial crisis were fully felt, and is well above 11.3 per cent forecast by the European Commission for end-2012.

Unemployment held steady at just 5.3 per cent in Germany, the eurozone’s biggest economy, but rose again in Portugal and Cyprus, to 16.5 per cent and 14.7 per cent respectively.

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Archives January 24, 2013 posted by

Our View: Dealing in theories and ignoring the facts

THERE could not be an election campaign without a pointless debate about the form the solution of the Cyprus problem should take. During the 2008 election campaign the three main candidates all agreed that the settlement should be a bi-zonal, bi-communal federation (BBF), but the Tassos Papadopoulos camp insisted that it needed to have ‘the right content’, while Demetris Christofias insisted that it should feature a strong central government. Ioannis Kasoulides, to his credit, avoided getting into this childish game.

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