Posts by tag: parliament

Archives April 30, 2013 posted by

Anastasiades: this country is not up to scratch

STATE officials, including the President, will no longer be immune from prosecution, nor will they be able to stay in office indefinitely, President Nicos Anastasiades announced yesterday in an gesture aimed at restoring the public’s trust in government following the banking fiasco.
Recommended actions include forcing state officials to give regular income statements, publishing and justifying public tenders, implementing and monitoring the auditor-general’s reports, and defining state officials’ criminal and civil responsibilities.

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Archives April 19, 2013 posted by

Airport charge still a thorny issue

INCENTIVES and liberalisation of flights could increase the tourist flow to Cyprus by 400,000 people per year, the House Commerce Committee heard yesterday.

Lawmakers and the Cyprus Tourism Organisation (CTO) asked for a reduction in airport fees in a bid to attract more airlines to Cyprus but airports operator Hermes said a general cut would be difficult and ineffectual.

Airport fees were not decided arbitrarily by Hermes; there was a specific timeframe and pricing policy, Hermes spokesman Adamos Aspris said.

“This is an integral part in the concession agreement, which has been approved by parliament,” he told reporters.

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Archives April 18, 2013 posted by

Honour for EAC man who saved drowning fisherman

AN ELECTRICITY Authority of Cyprus (EAC) machine operator who risked his life to save an amateur fisherman from drowning a month ago was yesterday awarded in Parliament for his valour and altruism. 

The modest ceremony took place in the House President’s office, on the initiative of the Friends of Police association, to honour Stelios Stylianou, a 48-year-old father of three who saved the life of Giorgos Georgiou on the morning of March 16. 

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Archives April 12, 2013 posted by

German MPs see Cyprus depositors as ‘gamblers who should pay’

CYPRIOT MPs yesterday agreed to disagree with their German counterparts on the Cyprus-troika bailout deal, following a meeting of the House Finance Committee with visiting members of Germany’s lower legislative house, the Bundestag. 

A delegation of seven German MPs from across the political spectrum met with the Cypriot finance committee to discuss the pending €23 billion rescue package which still needs final approval from EU finance ministers followed by the endorsement of some national parliaments, including those of Germany and Finland. 

The German Bundestag is due to discuss the Cyprus rescue package, which includes a €10 billion bailout from the troika and a €13 billion Cypriot contribution or ‘bail-in’ next week.

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Archives April 10, 2013 posted by

New: Government sacks gas company chairman

The government has decided to sack the chairman of the island’s natural gas company due to serious misconduct, the spokesman said yesterday.

Christos Stylianides said the cabinet decided to dismiss DEFA chairman Costas Ioannou after a damning report drafted by the attorney-general was submitted to President Nicos Anastasiades.

Stylianides did not disclose any details.

Media reports suggested that the decision was linked with a permit given to a private company to operate a power station when Ioannou was the chairman of the island’s energy regulator CERA in 2009.

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Archives April 5, 2013 posted by

Lawsuit threat against EU, IMF and Cyprus


A LEADING law firm has threatened to take the European Commission, the International Monetary Fund and the Cyprus Republic to court unless the Eurogroup decision which led to a haircut on deposits is reviewed.

In a letter addressed to multiple recipients yesterday, Georgiades & Mylonas Advocates and Legal Consultants demand the immediate release of their client’s money in Laiki Bank and the lifting of any restrictions on deposits.

The lawyers are acting on behalf of Elena Yavorskaya, who held approximately €3.4m in five bank accounts in Laiki Limassol, money that has been frozen since the decision to wind down the bank.

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Archives March 29, 2013 posted by

Decision on BoC shares hits a snag

AUTHORITIES were yesterday trying to find an alternative solution to a Eurogroup decision to wipe out all Bank of Cyprus (BoC) shares as part of the island’s bailout, as the Church secured an injunction halting the move.

The Eurogroup decision provides that current shareholders will lose their shares without compensation and ownership of BoC will fall to uninsured depositors who will see around 40 per cent of their cash go towards rescuing the lender.

“We are in contact with various legal experts as some people have expressed doubt whether this provision is constitutional,” Central Bank spokeswoman Aliki Stylianou said. “If there are signs it is unconstitutional then the government must renegotiate this at the Eurogroup.”

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Archives March 27, 2013 posted by

Extra security laid on when banks reopen

TOMORROW morning when the banks are due to re-open there will be an extra 180 licensed private security guards making sure there are no outbreaks of violence. According to a member of police, they have also been put on alert to be extra vigilant outside the island’s banks.
Private security firm G4S is responding to extra demand by the banks by posting an extra 180 of its employees both outside and inside branches from tomorrow until order is restored to the banking sector.

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Archives March 23, 2013 posted by

Comment: In defence of the German view


THIS IS not an endorsement of Germany’s government’s policy regarding the Cyprus bailout or the Euro-Crisis at large. While I do indeed support the case for intelligent austerity and deep structural reforms throughout the Western world, I admit, like many other informed people that the course advocated by Berlin has not been successful and that a complimentary growth based strategy is needed to ward off a European Great Depression, which will only make the debt situation more unsustainable.

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Archives March 19, 2013 posted by

Banks will remain closed but ATMs stocked up

BANKS will remain closed today and tomorrow, the Central Bank announcing yesterday that “March 19 and March 20 have been declared bank holidays.”

“We could not have opened, with the bill for the deposits levy still pending,” said a senior bank executive who added that nobody knew what the levy would eventually be. The angry reaction, caused by the bail-in of small depositors had forced the government to re-consider how the haircut would be applied. 

On Sunday night the Central Bank had informed commercial banks that the levy percentages had changed. For deposits up to €100,000 the levy would be 3 per cent, between €100,000 and €500,000 10 per cent and above €500,000 12.5 per cent.

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