Posts by tag: Money

Archives April 16, 2013 posted by

Our View: Paying for the procrastination of previous decades

NOW that the disastrous bailout deal has been done and dusted other than receiving the necessary approval from a number of European parliaments, the government has set to try and put the country back together.

How they will do this to any great extent is anyone’s guess.

President Nicos Anastasiades began on Sunday with an address to Russian businesses. Other than relaxing the rules on citizenship for many of those who sustained losses in the deposits haircut, there was not much else to offer them except grand words all of which have been heard before.

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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 22, 2013 posted by

No cause for concern over medicines

DESPITE fear that the market will run out of medicines, the ministry of health yesterday said there was no cause for worry.
There were claims yesterday morning that many private chemists were dangerously close to running out of stock because of low cash flow. These claims stated that a Cypriot pharmaceutical company would only supply private chemists with medical supplies if they paid in cash until the banks re-open. Panic was the result.

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Archives March 19, 2013 posted by

ECB: Up to Cyprus to decide structure of levy

IT IS UP to the Cypriot government to decide the structure of a levy on depositors in its banks, but its contribution to the bailout must amount to 5.8 billion euros, European Central Bank board member Joerg Asmussen said yesterday.

Under a €10 billion rescue agreed in the early hours of Saturday in Brussels, savers with deposits in Cypriot banks below €100,000 would be hit with a 6.7 per cent levy, while those above that threshold would take a 9.9 per cent hit.

Cyprus delayed a parliamentary vote on the deal until Tuesday, giving the Nicosia government time to build support for it by softening the blow to smaller savers, tilting more of the levy towards those with larger deposits.

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Archives February 27, 2013 posted by

Spate of burglaries and thefts in Peyia

PAPHOS police are on the lookout after a spate of burglaries in the district saw €17,000 worth of jewellery stolen from a flat, two laptops and a small TV taken from another house and a paraglider stolen from a Paphos airport store room.

“An action plan is in place and there are increased patrols on a daily basis in the Peyia area,” a policewoman from Peyia police station told the Mail. “The orders came directly from the chief of police and we are taking all the measures possible to prevent crimes from taking place,” she added.

Peyia Mayor, Neophytos Akoursiotis was unwilling to comment.

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Archives January 5, 2013 posted by

A new era for Orphanides

A GROUP of suppliers will be taking over control of a number of outlets belonging to Orphanides Supermarkets – the island’s biggest chain — in a bid to keep the beleaguered company going, it emerged yesterday.

According to an announcement, suppliers would take over management of a number of outlets for a period of 10 years with a view to securing the supermarkets’ ability to meet their obligations.

They will also employ the chain’s workers under the same conditions.

“It is certainly a positive development in the sense that everyone’s effort is to keep this supermarket alive,” said Marios Tsiakkis, deputy secretary general of the chamber of commerce and industry.

The new entity, Orphanides New Era is viewed positively by the banks, the announcement said.

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Archives August 31, 2012 posted by

‘Watershed moment’ for EU budget

NEGOTIATIONS ON the seven-year EU budget worth around a trillion euros reached “a watershed moment” yesterday, said Deputy Minister for EU Affairs Andreas Mavroyiannis following a key meeting of EU ministers in Nicosia.

The Cypriot diplomat hailed the progress made in the negotiations on the EU’s Multiannual Financial Framework (MFF) during the informal meeting of European Ministers and State Secretaries for EU Affairs, chaired by the Cyprus EU presidency.  

Negotiations on the EU’s MFF for the period 2014-2020 are considered to be the “biggest issue” Cyprus will have to face during its six-month presidency of the EU Council ending at the close of 2012. 

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Archives June 23, 2012 posted by

Still trying to avoid bailout

PRESIDENT Demetris Christofias said yesterday Cyprus is still trying to avoid an EU bailout as a June 30 deadline to recapitalise the island’s second-biggest lender is approaching fast.

At the same time, the government is waiting for Russia’s response to a loan request for €4.0 billion, which, reports said, would come from Russian President Vladimir Putin himself.

“Contacts are underway at a very high level and I want to believe that these contacts will have a positive outcome,” Stavros Evagorou, ruling AKEL’s deputy parliamentary spokesman told Sigma television, without however offering more details.

Christofias told reporters last night that the outcome regarding the loan will be known soon.

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Archives June 16, 2012 posted by

Arrested Madam a 'journalist doing research' on Greek Cypriot men

TWO WOMEN were remanded yesterday by Larnaca district court for six days on charges of making profits out of prostitution. 

One of the women denied the charge, claiming she was doing research for a magazine on the sexual habits of Greek Cypriot men in the sex market. 

According to Larnaca police spokesman Christos Andreou, a member of the public complained to police that a flat in central Larnaca was being used as a brothel. 

On Wednesday, a police associate went to the flat where he allegedly paid €70 for sexual services with a 43-year-old woman from Serbia.

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Archives April 7, 2012 posted by

Man killed while pushing broken-down car


A 37-YEAR-OLD Romanian man was killed in the early hours of yesterday while pushing his broken-down car down the Larnaca-Ayia Napa road, when a Cypriot driver slammed into the back of the vehicle.

According to the British base at Dhekelia , the Romanian man and a compatriot friend were attempting to push the car on to the side of the road when the accident happened.

However another driver came round the bend and crashed into the back of the car, killing the 37-year-old and seriously injuring his friend, who had to undergo surgery. 

Dhekelia police spokesman, Lefteris Eleftheriou, yesterday said the Bases’ police had not yet been allowed to interview the injured Romanian. 

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