Posts by tag: Panicos Demetriades

Archives April 14, 2013 posted by

Relief but no celebrating over bailout approval

THE EUROGROUP’s endorsement of the €10 billion bailout package for Cyprus provides “relief” but is no cause for celebration, said government spokesman Christos Stylianides yesterday.
Now is the time for responsibility and hard work by all, he added.
The spokesman welcomed messages of support from the European Commission regarding substantial EU structural funds- potentially up to one billion euro- that could be used to help Cyprus get out of the current stalemate. 
“Approval of the loan agreement puts a definitive end to the uncertainty since 2011” when Cyprus was excluded from international markets, said Stylianides, adding that for the first time since 2011 Cyprus has secured its debt and financing needs.

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Archives April 12, 2013 posted by

‘Dirty money’ audits almost complete

THE COUNCIL of Europe’s Moneyval has completed its independent audit of Cyprus’ anti-money laundering laws and their implementation, while a second private audit is now on its way, said Cyprus’ anti-money laundering head Eva Rossidou Papakyriacou yesterday. 

The investigation into alleged money laundering activities was made a precondition to a €10 billion Cyprus bailout by its EU partners and the troika. Another precondition, which only became apparent to the general public last month, was a “bail-in” of Cypriot bank depositors, who would be forced to contribute to the rescue package. 

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Archives April 9, 2013 posted by

Time running out for Cyprus Airways

TIME is running out for ailing national carrier Cyprus Airways (CY), which could be forced to shut down unless a way is found to keep the company afloat, the government said yesterday.
Communications Minister Tasos Mitsopoulos said the state – which has a controlling interest  – could no longer prop up the airline.
Itself cash-strapped, the government can ill afford to pour more money into CY; however, even if money was no object, legal constraints prevent any cash injection whatsoever, the minister said.
That’s because the European Commission recently initiated an investigation into whether some €100m in state aid granted to CY complied with EU rules.

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Archives April 6, 2013 posted by

Chinese company interested in Cyprus Airways

A CHINESE company is interested in buying ailing national carrier Cyprus Airways (CY), it was revealed yesterday.

In a statement to investors, CY said officials from Beijing Yi Xiang Da Investment Co Ltd held talks with finance ministry and airline officials.

Signs for a conclusion appear to be encouraging, the airline said, but there has not been an agreement yet.

The government said it was prepared to talk to anyone with the aim of finding a strategic investor.

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Archives March 28, 2013 posted by

Israel’s apology to Turkey was anticipated, says minister

COMMERCE Minister Giorgos Lakkotrypis said yesterday that Israel’s apology to Turkey over the raid on the Turkish ship Mavi Marmara had been anticipated.

Lakkotrypis is due to visit Israel next month, ahead of a visit by President Nicos Anastasiades in May. 

“I assure you we are monitoring the situation and we will secure our state’s sovereign rights,” Lakkotrypis said. 

The head of the Hydrocarbons State Company (KRETYK), Charles Ellinas, said that Israel has taken no decisions. 

“I was in Israel last week and over there they examine all options…  there is a chance they would sell natural gas to Turkey but at the same time they are looking into exporting to Cyprus,” Ellinas said. 

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Archives March 26, 2013 posted by

Our view: Eurogroup deal designed to kill off Cyprus, not cure it


MANY said that Cyprus secured the best possible deal under the circumstances during the 10-hour negotiations in Brussels but this is of little comfort when we ponder the consequences of the terms imposed on President Anastasiades. The best possible deal will push us into a prolonged slump that will shrink the economy beyond recognition, as businesses will close down and the numbers of the unemployed will keep rising.

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Archives March 19, 2013 posted by

Russia wants future involvement on Cyprus after 'dangerous' levy

A lack of coordination with Russia in future on Cyprus could affect a decision by Moscow on restructuring its €2.5 billion euro loan to the island, the Russian finance minister said yesterday.

Russian President Vladimir Putin branded as “dangerous” a weekend decision by the European Union to impose a levy on Cypriot bank accounts as part of a €10 billion bailout.

The EU agreed the move without involving Russia which has strong financial ties with the country.

Russians account for much of the billions of euros held in Cypriot banks by foreign depositors and its banks are heavily exposed to the island.

As part of a package of support for Cyprus, EU officials expect Russia to extend its existing loan by five years and refinance terms.

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Archives March 15, 2013 posted by

Co-ops ready to go with the flow

THERE has been reaction in the co-operative movement over a decision for widespread mergers as part of the island’s bailout deal, it emerged yesterday.

International lenders and Cypriot authorities agreed last November that co-operatives must shrink in number – from 96 to 35 – mainly through mergers.

According to the chairman of the co-operative federation, there has been some reaction inside the movement over the prospect. But Andreas Mouskallis did not appear concerned.

“I think they will agree when the reasoning is explained,” he told state radio. “We are ready to present a merger plan at this moment.”

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Archives March 12, 2013 posted by

Officials deny any delay in gas drilling

OFFICIALS here are confident that Noble Energy can start confirmation drilling at the Aphrodite 1 well this summer, and have also confirmed the possibility of a second prospect in offshore Block 12.

“We’re hoping for appraisal drilling at Aphrodite before the end of July,” said Charles Ellinas, chairman of the state hydrocarbons company KRETYK.

He was speaking to the Mail yesterday shortly after meeting with the Noble team for a progress review.

Provided the US company presses ahead with follow-up drilling sometime in the summer – “not autumn” – then there was “no problem in terms of adhering to the timetable”, he said.

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Archives March 8, 2013 posted by

‘Cyprus has become a colony again’ [with video]

CYPRUS has become a colony once more, this time of Europe, or at least according to the lyrics of a new song by journalist and poet Leonidas Malenis says. 

The song sees Malenis re-unite with singer Stavros Hadjisavvas, who performed the song ‘Welcome Friends To Cyprus’ which was one of the many songs dedicated to Cyprus’ EU presidency.

“The song speaks for itself,” Malenis told the Cyprus Mail. “Through it I tried to describe my grief at becoming a colony once again”.

Malenis said his inspiration came from Brussels. “Our new conquerors in Brussels are the powerful nations led by Germany now, and it so sad to see our island fall victim to these nations that are taking advantage of our current economic problems,” he added.

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