Posts by tag: Greece

Archives March 24, 2013 posted by

Vettel apologises to Webber for winning by 'mistake'

Formula One champion Sebastian Vettel apologised to Red Bull team mate Mark Webber on Sunday after ignoring orders and stealing a Malaysian Grand Prix victory from the angry Australian.

“I am the black sheep right now…all I can say is apologies to Mark,” the German, seemingly contrite, said after a win that gave Red Bull a one-two finish and him the lead in the championship after two races.

“The pass was deliberate, obviously I wanted to pass him…but I didn’t mean to ignore the strategy or the call. I made a mistake, simply.”

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Archives March 23, 2013 posted by

End of the line on Russian talks as Sarris returns home

RUSSIA rebuffed Cypriot entreaties for aid yesterday, leaving the island’s increasingly isolated leaders scrambling to strike a bailout deal with the European Union or face the collapse of its financial system.

“The talks have ended as far as the Russian side is concerned,” Russian Finance Minister Anton Siluanov told reporters after two days of crisis talks with his Cypriot counterpart, Michalis Sarris.

Russians have billions of euros at stake in Cyprus’s outsized and now crippled banking sector, a factor in the EU’s unprecedented demand that bigger depositors take a hit in the interests of keeping Cyprus afloat.

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Archives March 21, 2013 posted by

In Cyprus standoff, Germany refuses to blink

FOR THREE years, the eurozone crisis has played out according to a familiar pattern: German Chancellor Angela Merkel took a rock-hard line towards struggling southern states only to buckle at the last minute and offer aid when disaster threatened.

No longer. With Cyprus, a tiny Mediterranean island that for Berlin exemplifies much of what is rotten with Europe’s currency bloc, this pattern may be finally breaking down.

In public statements and private conversations, top German officials led by wheelchair-bound Finance Minister Wolfgang Schaeuble are sending strong signals that, this time, they will not blink.

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Archives March 20, 2013 posted by

Co-ops: everything under control on our end

CO-OP bank ATMs have been refilled and are ready to serve the public during the bank closure according to Co-op representative Constantinos Lyras. 

He assured Co-op customers they would be compensated for any losses a proposed haircut of deposits would incur with high-interest stock. He called on customers to remain calm and not attempt to withdraw all of their money as soon as the banks re-open. “We must show trust towards our banking system,” he said.

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Archives March 19, 2013 posted by

‘The writing was on the wall’

THE WRITING has been on the wall for a while now. But what did the writing say, exactly? There might well be a ‘haircut’, at least on deposits over €100,000; it certainly wasn’t being ruled out. What was much clearer was that the bailout deal would be messy and hard to achieve. 

There were comparisons with Iceland and Ireland, and talk of small countries and outsize banking systems. And with negotiations still taking place so close to the German elections, there was little chance of the German government sanctioning a bailout that would be seen by their taxpayers as bailing out the funds of Russian money launderers in Cyprus.

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Archives March 17, 2013 posted by

Co-ops caught in crosshairs


PEOPLE WITH savings in cooperative banks across Cyprus yesterday rushed to withdraw their money before the government could implement an all-out haircut on Cypriot deposits, attempting to take advantage of the fact that co-ops are open on Saturdays.  

However, the head of the Central Cooperative Bank Erotokritos Chlorakiotis gave instructions at 7am yesterday to close all cooperatives branches that usually open on a Saturday and to make sure no transactions could be made in an effort to stave off a bank run that would lead to the collapse of the co-op movement.  

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Archives March 16, 2013 posted by

Protest to have second factory relocated

RESIDENTS of Pera-Chorio Nisou yesterday protested outside one of the two chemical factories in their village, which are said to be a health hazard to locals, while about 100 police officers barricaded off the plant.

Previous protests have succeeded in having one of plants relocated within the next six months. The residents peacefully requested yesterday that the second chemical plant also be moved. 

During the protest the community leader urged the residents to “remain united until the second plant is also moved.”

A cancer patient stated that within an area of about 500 meters from the plant, 37 people are suffering from the disease. 

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Archives March 12, 2013 posted by

Archbishop: church’s bank has been wrongly caught in troika net


ARCHBISHOP Chrysostomos has threatened to sue the previous government for placing Hellenic Bank – of which the church is a major shareholder – in the troika’s crosshairs.

The cleric revealed on Sunday that he has instructed Hellenic’s board of directors to explore the possibility of suing former finance minister Vassos Shiarly and Central Bank governor Panicos Demetriades.

The prelate said these two officials were responsible for including Hellenic in the terms of reference of PIMCO, an investment company tasked with carrying out a due diligence of the Cypriot financial sector.

This was despite the fact Hellenic is a healthy bank and does not require state assistance, Chrysostomos said.

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Archives March 12, 2013 posted by

Our View: Resumption of pay cuts saga keeps heat on Supreme Court

THE SAGA OVER the cuts to the pay of judges returns to the Supreme Court today, when the Attorney-General is expected to present the case of the state. 

On January 28, the lawyers representing the district court judges argued that the pay cut was a violation of the constitution, which stated that the pay and terms of employment of a judge could not be changed unfavourably after his appointment.

As we have written several times in the past this article of the constitution safeguarded the independence of judges by ensuring a judge was not penalised by the executive in the event he took a decision that it did not like. 

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