Posts by tag: measures

Archives April 20, 2013 posted by

Germany, IMF ‘used atomic bomb to shoot pigeon’


ONE OF Cyprus’ most senior civil servants yesterday likened his country’s treatment by Germany and the IMF to the shooting of a pigeon with an atomic bomb, saying they had destroyed an economic system that worked.

Christos Patsalides, permanent secretary of the Ministry of Finance, was speaking to a committee inquiry which launched a public hearing yesterday into the circumstances that led to the country’s economic meltdown.

He described the international lenders as “forces of occupation” that cared nothing for human rights.

Patsalides took part in the recent bailout negotiations between Cyprus and the European Union and International Monetary Fund.

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Archives April 19, 2013 posted by

CBC releases detailed PIMCO report on banks

THE Central Bank of Cyprus (CBC) on Friday 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 10, 2013 posted by

Church ready to pay up for monastery restoration

THE CHURCH of Cyprus is ready to pay to restore the crumbling Apostolos Andreas monastery in the occupied Karpas peninsula, Archbishop Chrysostomos II said yesterday. 

The church is expected to put in the €2.5 million necessary for the first phase of a three-stage restoration process that is due to cost in total an estimated €6.0 million. 

The Primate said that the United Nations Development Programme (UNDP) was ready to go to tender to launch restoration works according to a study by Greece’s University of Patras. 

The Archbishop said the Church was ready to pay in as soon as the project was ready to begin. 

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Archives April 9, 2013 posted by

Fifteen arrests for match hooliganism

HOOLIGANISM reared its ugly head on Saturday, before, during and after the Omonia – APOEL match in Nicosia and the Anorthosis – AEK match in Larnaca as police arrested a total of 15 people.
Before the Omonia – APOEL game which was due to start at 4.30pm, trouble started while APOEL fans were making their way into the GSP Stadium, with one fan and three police officers being injured.
Police arrested one man to help their investigation into the incident. According to police, both sets of fans set off firecrackers and flares before and during the match. As the second half was about to get underway a section of fans from each team attempted to enter the moat which circles the stadium and throw objects at each other.

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Archives April 2, 2013 posted by

Bullied into accepting initial haircut deal

PRESIDENT Nicos Anastasiades said he was bullied into accepting a haircut on deposits under threat by the European Central Bank (ECB) that it would starve Cyprus’ banks of cash.
In an interview with Phileleftheros published on Sunday, Anastasiades described fraught negotiations at the Eurogroup of March 15 that dragged on into the hours of the following day.
Cyprus agreed on a bank levy of 6.75 per cent on insured depositors and 9.9 per cent on large depositors (over €100,000), in a bid to stave off the collapse of its two largest commercial lenders, Laiki and Bank of Cyprus.

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Archives April 2, 2013 posted by

New era for Bank of Cyprus

THE measures to restructure and recapitalise the Bank of Cyprus (BoC) have solidified its position as the island’s biggest lender, marking a new era, it said yesterday.
“The restructuring and recapitalisation of BoC follows the decisions of the Eurogroup and aims at creating a well-capitalised, healthy and resilient bank, able to serve the needs of its customers and support the Cypriot economy,” BoC said in a statement.
The lender has significantly strengthened its capital position, minimised its exposure to the Greek economy and has access to European Central Bank liquidity, it said.
The bank was recapitalised by bailing-in depositors – a deposit-to-equity conversion – that ensured BoC now has a core tier 1 ratio of 9.0 per cent, the statement said.

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Archives March 13, 2013 posted by

Suspect remanded ten years after murder

A 39-year-old Larnaca resident was yesterday remanded in custody for eight days in connection with a murder in Paphos ten years ago.

In August 2003, 48-year-old taxi-driver Charalambos Pericleous from Salamiou village had been sent to collect a customer near Tsada golf course when he was shot. His body was found around 500 metres from his car by a passerby.

He had been shot three times in the chest and point blank in the head with a revolver, which police found in some bushes nearby.

State pathologist Eleni Antoniou said at the time it was the bullet to the head that killed Pericleous. “The shot in the head was fatal,” she said. “He also had wounds in his left hand and shoulder blade.”

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Archives January 24, 2013 posted by

Marfin challenges Cyprus over bank stake cut

GREEK investment group Marfin (MIG) launched legal action against Cyprus yesterday for diluting its stake in Cyprus Popular Bank through nationalisation.

Popular, Cyprus’s second-largest lender, was nationalised in mid-2012 after its capital base was severely hit by a writedown in Greek government debt, to which it was heavily exposed.

The 9.5 per cent stake of MIG, which invested €824 million in Popular in 2006, was diluted to less than 1.5 per cent.

“MIG has been grossly wronged by Cyprus. We are seeking to protect our investment,” MIG Chairman Andreas Vgenopoulos said after the group served a notice of dispute on the Cyprus government.

“Not doing so would be a breach of faith towards MIG shareholders,” he said.

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Archives November 24, 2012 posted by

Jail for cruel dog owner

ANIMAL rights’ supporters welcomed yesterday a landmark case which saw a Nicosia man jailed for neglecting his animals and for animal cruelty. 
The Nicosia district court on Thursday sentenced the 45-year-old resident of Engomi, Nicosia to one month in prison for failing to safeguard the health and welfare of the animals and owning dogs which were not registered or marked with a chip.

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Archives November 9, 2012 posted by

Judges want exemption from pay cuts

SUPREME Court judges reportedly angered lawmakers yesterday after they asked for judges to be exempt from salary cuts imposed last year as part of an austerity package to shore up the ailing economy.
The matter arose in December last year when parliament passed an austerity package that included pay cuts to the salaries of state officials, among others.
Citing the judiciary’s independence, the judges asked for the law to change and pledged that they will enforce the necessary salary cuts themselves.
That however did not go down well with some MPs who questioned the reason for the exemption.
Reports said the judges departed the meeting unhappy but a group of MPs visited with them later on in a bid to mend fences.

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