Posts by tag: Petros Clerides

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 March 13, 2013 posted by

Bailout may turn out smaller thanks to deposit tax

THE island may require a smaller bailout than previously thought because of money raised from a levy on deposits and other taxes, eurozone officials said yesterday.

Initial estimates of the amount of money needed to recapitalise banks, service debt and cover government spending were around €17 billion euros.

“The number has come down, the numbers now are between 10 and 13 billion euros rather than 15 and 17 as it was before,” one eurozone official said.

“It is thanks to a bit of a different scenario and some different assumptions on how much money can be generated in Cyprus itself through extraordinary taxes,” the official said.

A second official confirmed the option was under discussion.

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Archives January 29, 2013 posted by

Discussing the ‘nightmare scenario’

THE ARCHITECTS of the Greek sovereign debt writedown are in Cyprus to present their positions on the eurozone debt crisis and the option of a possible debt writedown for Cyprus. 

Dr Mitu Gulati and Lee C. Buchheit will be presenting their joint paper titled: ‘The eurozone debt crisis: the options now, with special reference to Cyprus’, tomorrow at the European University Cyprus Delta Auditorium at 11am until 1pm. 

The two men were described last March by the New York Times (NYT) as the “intellectual fathers of Greece’s intricate bond swap” , noting that it was their joint paper in May 2010 that first proposed a way for Greece to force investors who reject a deal to suffer the same loss as those who agreed. 

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Archives January 22, 2013 posted by

Too-tired pilots staging EU-wide demo today

CYPRIOT pilots will today take part in a Europe-wide demonstration against proposed EU regulations on flight duty times but flights are not due to be affected.

The European Transport Workers’ Federation, which represents cabin crew members, and the European Cockpit Association (ECA), representing pilots’ unions, are organising a ‘walkout for aviation safety’, to press home their view that working hours for flight crews are lax.

Cyprus Airways pilots union PASIPY said that today multiple hubs in Europe, including Larnaca will hold a series of events in which pilots and cabin crew will participate.

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Archives December 22, 2012 posted by

It’s a time for giving… and a time for taking, police warn

CHRISTMAS is generally considered a time for giving, but for others it’s a time of taking, so police are warning the public to keep their belongings close and make sure their homes are safe from burglars.
The men in blue will be enforcing special measures in the run-up to the festive period according to police spokesman Andreas Angelides. “The police force would like to wish the public a safe year end, hoping it will be without any bloodshed, fatal car crashes and reduced crime,” he said.  “The police will make every effort to make sure the holidays are safe for everyone.”
The police will be increasing their patrols in public places and in areas with shops and shopping malls as part of their campaign to prevent burglaries and thefts.

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Archives December 19, 2012 posted by

Homophobia in schools ‘a real problem’

HOMOPHOBIC BULLYING is a “real problem” in schools which needs to be tackled through a series of measures taken by the Education Ministry, said Ombudswoman Eliza Savvidou in a recent report.  

According to the report on homophobia in education and the handling of homophobic incidents compiled by the anti-discrimination authority working under the Ombudswoman, the ministry must take measures to tackle problems faced by both educators and pupils who face discrimination on the grounds of sexual orientation and gender identity. 

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Archives December 18, 2012 posted by

Bank of Cyprus urged to change board structure

THE CENTRAL Bank has called on the island’s largest lender to re-jig its board so that no independent director serves for more than nine years, as part of a drive to improve corporate governance.

Central Bank sources yesterday said the CB chief’s circular – sent earlier this month – was simply a reminder to the Bank of Cyprus (BoC) to enforce the regulations, but also to get the ball rolling with regard to coming changes to banking governance.

Under a regulatory administrative act (as amended in 2009), the board of directors “must explain why it considers a member as being independent…if they have been on the board for more than nine years subsequent to their initial appointment.”

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Archives December 14, 2012 posted by

DISY bid to axe free healthcare to Turkish Cypriots

OPPOSITION parties DISY and DIKO yesterday submitted draft legislation that would effectively end free health care for Turkish Cypriots and allowances paid to asylum seekers.

“At a time when the state is cutting social allowances from vulnerable groups of the population, we consider it inconceivable for our Turkish Cypriot fellow citizens or other citizens of third countries, to have free access to health services and collect allowances without making any contribution to the social insurance fund or having submitted a tax return,” said DISY MP Tasos Mitsopoulos.

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Archives December 11, 2012 posted by

Court shown Mari victims’ last moments

LARNACA Assizes yesterday watched several videos taken on mobile phones owned by two of the victims of last year’s blast at Mari who unintentionally filmed the last moments of several of their co-victims as they were called in to respond to what they thought was just a fire.

Twenty minutes before the blast that killed him, chief fireman Yiorgos Yiakoumi who died at the age of 30 was heard saying the footage could be used for training purposes.

The footage was instead used by the court that witnessed the events prior to the explosion, and the prosecution that argued that the danger to their lives had not been clear to the victims.

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Archives December 6, 2012 posted by

Tala residents say sewage charge stinks

RESIDENTS of Tala village in Paphos will meet today to decide whether they want to start paying for a sewage system which their community leader says may not  even begin for a decade.

SABBA, the Paphos sewage board, is proposing that rates be imposed on Tala residents from 2013 for a system which even they admit does not yet have a start date.

The community leader, Areti Pieridou, told the Cyprus Mail that residents were already struggling financially and says she believes the money would be used to complete other SABBA projects first, a claim the sewerage board flatly denies.

Eftichious Malakides, the director of SABBA said: “This information is completely wrong… just stories… a smokescreen so that rates don’t have to be imposed in Tala yet.”

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