Posts by tag: our view

Archives April 11, 2013 posted by

‘Senior officials ordered early haircut law draft’

THE Presidential Palace insisted yesterday that President Nicos Anastasiades had not been aware of instructions to draft legislation regarding a ‘haircut’ on deposits before the decision was actually announced by the Eurogroup.

In a statement yesterday, the Palace also suggested that the previous administration knew about a possible haircut, at least since November last year, pointing to a reference in the preliminary bailout deal agreed by former president Demetris Christofias.

The matter came to the fore on Monday evening, after Attorney-general Petros Clerides revealed he received instructions from the finance ministry on the morning of March 15 to prepare a bill concerning a haircut on deposits.

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Archives April 10, 2013 posted by

Deputy chief post at central bank axed

THE president cancelled the controversial appointment of Spyros Stavrinakis to the post of deputy Central Bank of Cyprus (CBC) governor, the government spokesman said yesterday.

“Spyros Stavrinakis’ act of appointment to the position of deputy CBC governor has been rescinded and the appointment in question is terminated,” Christos Stylianides said. 

Stavrinakis, a senior CBC director, was appointed deputy governor by former president Demetris Christofias 13 days before the February 17 presidential elections, which the latter did not contest.

Christofias claimed the appointment was necessary due to the Central Bank’s increasing obligations, rejecting suggestions that it was politically motivated.

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Archives April 7, 2013 posted by

It’s a crisis, but not 1974


Both President Nicos Anastasiades and the EU’s economy commissioner Olli Rehn have recently referred to 1974 to remind Cypriots of their resilience and how they once overcame adversity to perform an economic miracle, the thinking being that surely they could do it again. 

The sheer scale of the current setback has yet to be felt, but politicians obviously feel the crisis is worthy of comparison to the Greek-inspired coup and Turkish invasion, when almost 40 per cent of the island came under occupation, a third of the country’s population was displaced and most of the infrastructure for agriculture and tourism was lost. 

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Archives April 6, 2013 posted by

Fifty appeals lodged against haircut

THE Supreme Court yesterday cancelled two injunctions aimed at preventing bank restructuring procedures from going ahead as more than 50 appeals have been submitted against the Eurogroup decision to resolve Laiki and force losses on Bank of Cyprus (BoC) depositors.

At the same time the Church of Cyprus withdrew an appeal it had filed against writing off all of its current BoC shares, after the decision was reversed by the Central Bank.

The injunctions were cancelled because of possible conflict of interest.

The judge who issued them, Myronas Nikolatos, had recused himself from the cases after issuing the injunctions.

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Archives April 5, 2013 posted by

‘Mass deletion of data’ on former BoC execs’ computers

DELETION of data allegedly took place on computers belonging to senior Bank of Cyprus (BoC) executives, according to the leaked findings of a probe into the circumstances that forced the island’s biggest lenders to seek state assistance.

Alvarez and Marsal, the firm tasked with investigating why Bank of Cyprus and Laiki sought state assistance, said the information provided by BoC was incomplete and data deleting software were found on the computers of two senior executives.

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Archives April 4, 2013 posted by

Blame game in full swing


THE CLINCHING of a final deal with the troika of international lenders on Tuesday sparked a fully-fledged blame game between ruling DISY, and opposition AKEL yesterday, even prompting President Nicos Anastasiades to join in.

Each side blamed the other for the memorandum of understanding (MoU) and each said the other had brought the country to ruin. AKEL, when it was in government had agreed an initial MoU with the troika last November. The deal reached on Tuesday was with the new government led by Anastasiades. Each said the other’s deal was worse.

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Archives March 29, 2013 posted by

An atmosphere of resignation in Paphos


BRANCHES of Laiki and Bank of Cyprus in Paphos saw queues forming about an hour before opening, but for most other banks including Hellenic and Societe Generale, it was business as usual.

The anticipated angry scenes and violent outbursts were not forthcoming. Instead people were calm. “The atmosphere was generally one of resignation,” said one Piraeus bank employee adding: “I’m very relieved as I have to admit I had been feeling anxious.”

According to Paphos police, there were no reported problems at banks.

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Archives March 28, 2013 posted by

Labour ministry braces for the worst

THE ISLAND’S economy will inevitably go into deeper recession, Labour Minister Haris Georgiades warned yesterday, as he announced that the government would be reviewing all allowance schemes to ensure that available assistance goes to those who need it.

“Consequently, we have an obligation to at least find ways to prioritise the real needs,” Georgiades said. “We are obliged to ensure that every euro spent on social support is directed where there is a real need or where there is a bigger need.”

The minister chaired a meeting yesterday aimed at coordinating and mobilising the various departments so as to tackle the emergency more effectively.

Georgiades said the situation was bound to worsen even more.

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Archives March 26, 2013 posted by

Serious de-stressing

In times of crisis, head for the spa says ALIX NORMAN with a bubble massage in her sights


For most of the last week I’ve been glued to the television, wondering what the future holds. Saturday was spent in shock. Sunday in disbelief. Monday in tense anticipation. Honestly, by Tuesday I’d had enough of the drama and in my own inimitable way, I decided to do something about it. No, I didn’t rush to the ATM and withdraw what little cash I had. I did what I always do in times of crisis… I went to the spa.

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Archives March 23, 2013 posted by

‘Cyprus must pick itself back up and start again’

NOBEL PRIZE winner Christopher Pissarides believes Cyprus should not accept the view it must cut its banking system by half simply because certain eurozone ministers think it’s a good idea. 

The head of the National Economic Council made the comment at The Economist’s conference in Nicosia yesterday. 

He noted, however, that given the stance adopted by the eurozone countries, imposing a bank levy on deposits appeared to be the best solution now available to Cyprus.  

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