CNA - Rebekah Gregoriades - Cyprus/NICOSIA 01/06/2013 12:55
1250:CYPPRESS:04
CNA News
Nicosia, June 1 (CNA)
1. Cyprus is poised for deeper austerity in 2014, in an effort to cope with
the contraction of the economy, which is expected to be sharper than the 8.7% of
GDP projected in a €10 billion bailout that imposed an unprecedented haircut on
uninsured bank deposits. In an interview with CNA, Minister of Finance Haris
Georgiades said the 2014 state budget, the first to be drafted after the bailout
agreed with Cyprus’ lenders, the European Commission, the European Central Bank
and the International Monetary Fund, collectively known as the Troika, will
include significant cuts in public expenditure.
2. President of the European Investment Bank (EIB) Werner Hoyer has stressed
the need to reestablish trust and confidence in the Cyprus banking sector, to
help the economy return to growth and development, pointing out that banks are
the foundations of any economy. In an interview with CNA, he also said the March
25 Eurogroup decision for a haircut on bank deposits was very difficult and very
painful, noting however that everybody should learn from the past and make sure
that something like this does not happen again. “Nobody was happy about the
necessity to take such a decision,” he added.
3. The Ministry of Finance issued on Friday the fourteenth decree on capital
restrictions maintaining capital controls restrictions on the island`s financial
system unchanged for a second week in a row. The decree will apply for seven
days. Furthermore, it issued the fifth decree on foreign banks, exempting
BankΜed SAL from the capital restrictions imposed on Cypriot banks. After the
fifth decree on foreign banks the foreign credit institutions exempted from
capital restrictions increase to 15.
4. The Directorate of Finance had proposed a series of measures in order to
deal with the Cypriot economy’s problems since March 2011, Director of
Investment and Finance of the Ministry of Finance Andreas Trokkos said on
Friday. Appearing before the Investigation Committee for the economy, Trokkos
referred in particular to a memo drafted in cooperation with other heads of
departments of March 31, 2011, which warned about the problems and dangers the
economy faced and proposed the immediate implementation of a “bold and credible
economic programme”.
5. Special Administrator of Laiki Bank, Andri Antoniades, has obtained, under
her general mandate, interim orders against Andreas Vgenopoulos, Efthimios
Bouloutas, Kyriakos Magiras and Marfin Investment Group Holdings SA, a Central
Bank of Cyprus press release issued here on Friday says. According to the press
release, interim orders consist of imperative orders for the global freezing of
assets totalling €3.79 billion against Vgenopoulos and Bouloutas and €1.5
billion against Magiras. They also include orders for the disclosure of all the
assets of the three aforementioned individuals as well as orders prohibiting
Marfin Investment Group Holdings SA from making any payment or transfer in
favour of the three aforementioned individuals.
6. The Central Bank of Cyprus (CBC) announced it has appointed audit firm
KPMG London to carry out an independent evaluation of the assets of the Bank of
Cyprus and the Cyprus Popular Bank.
7. The response by the head of MOKAS to the Liberty Reserve case was ‘very
important and decisive’, in addition to being ‘well founded’, Government
Spokesman Christos Stylianides has said. When asked to say if the government was
aware of the case, he referred journalists to statements made by the Head of
Cyprus’ anti-money-laundering unit (MOKAS), Eva Rossidou-Papakyriacou.
8. Unemployment in Cyprus climbed to 15.6% in April, compared to 11.2% in
March, Eurostat data published on Friday shows. In absolute numbers that
translates to 71,000 people. According to Eurostat data, average unemployment in
the euro zone in April rose marginally at 12.2%, from 12.1% in March. EU
unemployment remained unchanged at 11.0%.
9. Cyprus will continue to support the efforts of the Organisation for the
Prohibition of Chemical Weapons (OPCW), Permanent Secretary of the Ministry of
Foreign Affairs Ambassador Andreas Mavroyiannis has said, addressing the 11th
Regional Meeting of National Authorities of States Parties in Asia, in
Nicosia.
10. The Government decided on Friday to establish a committee to look into
the large number of applications by Greek Cypriot refugees to the “Immovable
Property Commission (IPC)”, set up by Turkey in the island’s northern occupied
areas. The decision was taken during a meeting Cyprus President Nicos
Anastasiades had with political party leaders at the Presidential Palace.
11. Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis
has assured the relatives of missing persons that the government will do its
utmost for the investigation of the fate of their loved ones. Speaking at the
funeral in Larnaca of Costas and Charalambos Attas, who went missing during the
1974 Turkish invasion of Cyprus and whose remains were identified by DNA,
Lakkotrypis said it was "our duty to continue the struggle for a just and viable
solution of our national problem, a solution that will terminate the occupation
and settling, will restore and guarantee the human rights and fundamental
freedoms of all Cypriots, and will safeguard our national identity."
12. The Eastern Mediterranean region is part of the EU energy map, European
Commissioner for Energy Günther Oettinger has said, pointing out that Cyprus can
contribute to Europe’s energy supply. Oettinger was speaking during the 3d
Economist conference on Energy, in Brussels. Addressing the event, Commerce
Ministry Permanent Secretary Stelios Chimonas referred to Cyprus’ potential
energy role in the region and said Nicosia wanted to deepen cooperation with
neighbouring countries.
13. The Cyprus issue, the Eurozone crisis and current regional developments
will be the focus of a meeting Minister of Foreign Affairs Ioannis Kasoulides
will have with his French counterpart, Laurent Fabius. Kasoulides, who departs
on Monday for a three-day visit to Paris, will meet with Fabius on the first day
of his visit.
14. Having lost the first place in the medal list, Cyprus will fight on
Saturday for second place in the last day of the Games of the Small States of
Europe, taking place in Luxemburg. Cyprus, which ranks third in the medal list
with 16 gold, 11 silver and 19 bronze medals, trails host country, Luxemburg,
while Iceland and is resting its hopes for second place on the track and field
disciplines taking place on Saturday in Josy Barthel stadium, hoping at least to
clinch gold in half of the disciplines.
CNA/RG/MM/2013
ENDS, CYPRUS NEWS AGENCY
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