Posts by tag: supreme court

Archives April 24, 2013 posted by

EU Parliament likely to back forced losses on wealthy failed bank depositors

THE European Parliament is likely to back plans to impose losses on wealthier depositors in failed banks while shielding smaller savers, its lead negotiator on the rules said yesterday.

Talks are under way to finalise EU rules on crisis-hit banks following the Cyprus bailout, in which both large and small depositors were originally going to be hit before the plan was changed to charge only the former.

The European Parliament’s backing is needed for any proposals to become law.

Gunnar Hokmark, a Swedish conservative in the European Parliament, said most categories of deposits would not be protected under proposals likely to be agreed.

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Archives April 6, 2013 posted by

Banks’ report raises questions, says government

THE government yesterday appeared to dispute an investigation launched by the Central Bank of Cyprus (CBC) into the island’s banking debacle, as the media criticised the regulator over the apparent failure to probe certain vital aspects of the affair.

The CBC was quick to stress that the investigation was not over yet.

“The publication of the Alvarez and Marsal investigation into the banking system raises questions regarding the objectives and the terms of reference set from the beginning,” government spokesman Christos Stylianides told reporters. 

“The government notes this fact with concern, and expects that society, which is subjected to huge sacrifices for reasons it bears no responsibility for, will be fully informed.”

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Archives March 12, 2013 posted by

Greece and Cyprus will turn crisis into opportunity

CYPRUS will rise again, President Nicos Anastasiades said yesterday, stressing his determination to take all necessary measures to beat the island’s economic woes that brought it to the brink of bankruptcy.

“We have been through tougher times and we managed to rise again,” Anastasiades said following talks with Greek Prime Minister Antonis Samaras in Athens. 

Referring to the Turkish invasion in 1974, Anastasiades said “the biggest catastrophe was transformed into an economic miracle because we have stubbornness and determination.”

Anastasiades said the two sides had a productive and fruitful discussion, which confirmed “our willingness for closer cooperation”, to the benefit of both countries.

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Archives February 23, 2013 posted by

Company being probed for possible horsemeat products

PUBLIC health and veterinary services are taking a close look at the books of an international company based in Paphos and Limassol after a report was received that they had imported horsemeat. 

According to head of the veterinary services, Giorgos Kyriakides, a complaint was received on Thursday afternoon regarding a company in Paphos which had imported frozen ready-meals, which allegedly contained horsemeat.

“We will look closely at the company’s invoices while health services carry out checks on the food labelling and content,” Kyriakides said. “The food that might be contaminated with horsemeat is in precooked meals like lasagne,” he added.

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Archives January 31, 2013 posted by

Kyprianou releases his financials

RULING AKEL Andros Kyprianou’s and his wife’s net worth was around €326,000 at the end of last year, according to a statement made public yesterday.

The couple’s income between 2008 and 2012, the years AKEL has been in power, was €406, 861.

The disclosure, according to AKEL spokesman Giorgos Loukaides, was in line with the “urgent necessity to shed light and have transparency as regards state officials’ finances.”

According to the statement, the value of the couple’s property rose by €36,000 between December 2007 and the end of 2012 – €289,963 to €326,479.

Their financial obligations – loans, currents accounts, and credit cards – also rose during the same period, from €278,490 to €331,274.

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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 23, 2013 posted by

Gas ‘an opportunity to get it right’

THE DISCOVERY of natural gas is a “once in a lifetime opportunity to get it right” for Cyprus, according to one leading international economist.
Despite the doom and gloom scenarios, the island could still get out of this quagmire, balance its budgets, educate its people in the required fields and create a prosperous society with a competitive economy, said the World Bank’s Augusto Lopez-Claros during a talk in Nicosia on Monday.
Cyprus has a lot more going for it today – EU membership and infrastructure- than South Korea or Singapore had decades ago before they set out to become hugely successful and advanced economies, he said. 

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Archives January 22, 2013 posted by

Ayia Napa mourns sudden death of Mayor Tsokkos

THERE has been widespread shock and sadness at the news of the unexpected death of Ayia Napa mayor and hotelier Antonis Tsokkos.

According to police, the 59-year-old complained of breathing difficulties yesterday morning, but died before paramedics arrived at his home.  An autopsy will determine the exact cause of death.

During his time as mayor, he gained a reputation as being an articulate and accessible leader, who prided himself on having an ‘open office door’.

In the 2006 municipal elections, he beat incumbent Varvara Pericleous, who had served for 12 years.  He was elected for a second term receiving 77.72 per cent of the votes in 2011.

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Archives January 4, 2013 posted by

A great place for a child to be born in 2013

CYPRUS beat out Britain and France, coming in 23rd place in a list of 80 countries ranked according to whether they were a good place for a child to be born in 2013.

The ‘where-to-be-born ‘index  was first compiled a quarter of  a century ago by the Economist Intelligence Unit as a light-hearted project but it says it has now earnestly calculated where would be best to be born in 2013. 

The quality-of-life index links the results of subjective life-satisfaction surveys – how happy people say they are -to objective determinants of the quality of life across countries. 

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Archives December 12, 2012 posted by

‘The Church will not let anyone starve’

THE Archbishopric in Nicosia was briefly evacuated yesterday as three fire engines were used to put out a fire in the historic building’s basement. 

Fire Service spokeswoman Liza Kemidji said yesterday that the fire broke out at 9.55am in the basement where the Church keeps its archives and old computers, leading to the evacuation of the entire building. The fire was brought under control by 10.15am after three fire engine units were dispatched to the scene.  

The Fire Service and Department of Electrical and Mechanical Services of the Communications Ministry are examining the cause of the fire, though Kemidji ruled out foul play.  

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