Posts by tag: Haris Georgiades

Archives April 24, 2013 posted by

Lawsuits against bail-in begin at Supreme Court

THE SUPREME Court yesterday began hearing 53 applications filed against last month’s Eurogroup decision to resolve Laiki Bank and force losses on uninsured depositors at the Bank of Cyprus. 

The applications were filed by depositors who can expect to lose the entirety of their deposits over €100,000 at Laiki and between 40 to 60 per cent (potentially higher) of uninsured deposits at the Bank of Cyprus (BOC). 

The eurozone finance ministers’ decision on March 25 provides for the restructuring of Cyprus’ two main banks, through the resolution of Laiki Bank and the recapitalisation of the Bank of Cyprus, resulting in a massive write off (haircut) of Cypriot and foreign bank deposits.

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Archives April 18, 2013 posted by

Limassol man jailed for 15 years in murder case

A 22-YEAR-OLD Limassol man was yesterday jailed for 15 years for killing his neighbour over the way he had parked his car.

Eleftherios Constantinou, who suffers from mental problems, stabbed Apostolis Athanasiou, 23, in November last year because the latter had parked his car outside his Kato Polemidia home.

After an exchange of words, the victim moved his car, but Constantinou came out with a knife and stabbed the 23-year-old in the heart and lungs.

The Limassol Criminal Court took the defendant’s mental state into account, but pointed out that he had not been complying with his doctors’ orders regarding his medicinal treatment.

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Archives April 17, 2013 posted by

Cyprus Today


Turkish Cypriot side wants ‘its share’ of the gold 

THE TURKISH Cypriot leadership is claiming rights to the state gold locked away in the Cyprus Central Bank and earmarked for sale to meet the country’s financing needs. 

According to Turkish Cypriot reports, the office of Turkish Cypriot leader Dervis Eroglu issued a statement in response to recent considerations to sell most of the gold bought by the Cyprus Republic in the 1960s. The government confirms that a gold sale is one of the options being contemplated to raise €400 million as part of the Cyprus rescue package, though the final word rests with the Cyprus Central Bank. 

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Archives April 9, 2013 posted by

Our View: Cyprus has lost control of its tourism industry

ASIDE from having to sort out its position with relation to the deposit haircut and the issue of capital controls and how they might affect tourism in the near term, the industry needs to get its act together for the medium and long term if it is to contribute to the economy in any significant way.
Obviously tourism cannot save the economy as it once did. The experts have been quite clear on the differing circumstances with respect to the boom of the early eighties and the current climate where we, according to one  “are drowning in competition”.
What has not changed since the late eighties when Cyprus became an established destination, is the attitude towards tourists. It has been a constant, and not in a good way.

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Archives April 4, 2013 posted by

Banks are open but consumers only spending on basics

CONSUMERS have started using baskets in place of trolleys when they shop, and putting the minimum amount of fuel in their vehicles, businesses said yesterday.

Bakeries, supermarkets and petrol stations said they had all been feeling the effects of the current economic meltdown while the public attempts to adapt to the stranglehold banks have placed on their accounts.

Some companies have tried to attract customers by offering special deals on products in an attempt to revive the market but suppliers’ insistence on cash payments has meant some gaps have begun to appear on store shelves.

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Archives March 28, 2013 posted by

Public looks to buying safes

COMPANIES selling safes have received an increase in calls asking for information, as people prepare to stash cash at home when the banks open.

They’re asking about the size of safes, the cost and the level of safety that each type of safe provides. 

“We have received about twice as many calls asking about our safes in the last few days. The callers want safety and ask about safes that cannot easily be broken into,” Thimios Asiotis said, the manager of sales at Total Guard Trading Ltd in Limassol. 

“Many Cypriots have lost their trust in banks and the banking system and I suspect they are looking for other ways to secure their money.”

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Archives August 23, 2012 posted by

Police bonuses and benefits for June delayed

POLICE WILL not be paid bonuses and benefits for the month of June until a decision is taken to release the funds, said police spokesman Andreas Angelides yesterday. 

Angelides confirmed that the payment of benefits owed for working shifts on late nights, Sundays and public holidays during June will be temporarily postponed. 

He noted that a letter has been sent to senior police management informing them that the August salaries will not include the extra payments owed for June. 

Following legal amendments passed by parliament to keep a closer check on state spending, police are obliged to seek the release of funding earmarked for benefits in 2012 once 50 per cent of the budget has been spent. 

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Archives August 6, 2011 posted by

Who will pay the island’s electricity bill?


THE GOVERNMENT must immediately decide how the extra electricity costs will be distributed, DISY MPs said after meeting yesterday with the Cyprus Energy Regulatory Authority (CERA).

“It seems that the production costs will be double from what they were before the tragic event (the July 11 naval base blast),” said opposition DISY’s Ionas Nicolaou.

Cypriot households and industries already pay the highest electricity charges among the EU-27 according to Eurostat.

Currently the EAC is paying for supply from the north plus the cost of generators, and private companies who are supplying the authority with extra wattage. It is losing millions every month.

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