Michele's Feed
Apr 10, 2014

Cypriot President says gas find may help resolve island’s division

NICOSIA (Reuters) – President Nicos Anastasiades said discovery of natural gas around Cyprus could galvanize international efforts to resolve a long-standing division of the island and smooth development of an alternative energy supply source to Russia.

But he said it was too early to speak of tangible progress in recently relaunched peace talks on the ethnically split island. Deep differences persisted between rival Greek and Turkish Cypriots that have defied the efforts of diplomats and politicians over four decades.

Apr 9, 2014

Cyprus president sees market return end ’15, wary on more Russia sanctions

NICOSIA (Reuters) – Cyprus expects to return to international markets late next year but cannot rule out testing the waters earlier to gauge the appetite for Cypriot debt, the president of the bailed-out Mediterranean nation said on Wednesday.

In an exclusive interview with Reuters, Cypriot President Nicos Anastasiades said an “economic dependency” on Russia – common with other EU member states – could have an impact should the bloc decide to tighten sanctions on Moscow in its standoff with Ukraine.

Mar 30, 2014

Cyprus central bank governor: Ukraine crisis threatens return to growth

NICOSIA (Reuters) – Any escalation in the Ukraine crisis poses a threat to Cyprus’s economy, the outgoing governor of the country’s central bank said in an interview, noting that he expects the bailed-out euro zone member to return to growth in 2015.

Panicos Demetriades, who participated in talks which saved Cyprus from bankruptcy a year ago, said lenders underestimated the resilience of the island’s economy, one of the smallest in the 17-member currency zone. He also said he anticipated capital controls could be fully lifted this year.

Mar 11, 2014

Anti-corruption chief appointed to head Cyprus central bank

NICOSIA, March 11 (Reuters) – Cyprus’s auditor general was
appointed on Tuesday to head the island’s central bank,
replacing an academic who quit amid acrimony with the government
over a chaotic international bailout last year.

Chrystalla Georghadji, whose hard-hitting annual reports on
lapses in public administration have been the bane of several
governments, takes up her post on April 11, after outgoing
governor Panicos Demetriades works out his notice.

Mar 10, 2014

Cyprus central bank head who led Cyprus through bailout quits

NICOSIA (Reuters) – Cypriot Central Bank governor Panicos Demetriades, whose testy relations with the island’s government dogged a tumultuous tenure when Cyprus teetered on the brink of bankruptcy, resigned on Monday.

President Nicos Anastasiades, who had been pressing for Demetriades’s departure ever since last year’s banking collapse and international bailout, accepted his resignation, an official statement said. Demetriades will work out his notice until April 10.

Mar 10, 2014

Cyprus central bank governor resigns

NICOSIA (Reuters) – Cypriot Central Bank governor Panicos Demetriades, whose testy relations with island’s government dogged a tumultuous tenure when Cyprus teetered on the brink of bankruptcy, resigned on Monday.

Demetriades’s resignation was accepted by President Nicos Anastasiades, an official statement from the Cypriot presidency said. Demetriades will work out his notice until April 10.

Feb 28, 2014

Cyprus faces fresh bailout uncertainty after privatization vote

NICOSIA (Reuters) – Cyprus re-submitted a controversial privatization law to parliament on Friday in a last-ditch attempt to win support from fractious lawmakers threatening to derail its international bailout program.

The island’s opposition-dominated parliament threw out a proposed roadmap for the sale of state assets on Thursday. The ‘No’ vote raises the risk the island will be plunged back into fiscal turmoil just a year after the 10 billion euro lifeline from the European Union and IMF pulled it back from the brink of default.

Feb 27, 2014

Cyprus parliament rejects state sell-offs required for aid

NICOSIA (Reuters) – International aid to cash-starved Cyprus was thrown into turmoil on Thursday after its parliament rejected a privatization plan, throwing into disarray the disbursement of a new tranche of financial assistance next month.

The rejection dealt an unexpected setback to an administration that has gained plaudits in three reviews from its borrowers, the International Monetary Fund and the European Union, for meeting bailout commitments.

Feb 24, 2014

Cyprus electricity workers clash with police in selloff protest

NICOSIA Feb 24 (Reuters) – Workers at Cyprus’s state
electricity utility clashed with police in a rare explosion of
anger on Monday over government privatisation plans under a 10
billion euro international bailout.

In a rowdy protest at parliament, around 300 to 400
demonstrators burst through police barricades in central Nicosia
while lawmakers were debating provisions of a privatisation law
with the island’s finance minister.

Feb 11, 2014

Leaders of divided Cyprus resolve new try at power-sharing deal

NICOSIA (Reuters) – Leaders of ethnically split Cyprus agreed to press anew to forge a system of power sharing on Tuesday to end a bitter and long-running conflict that is frustrating Turkey’s hopes of joining the EU and complicating its relations with Greece.

Representatives of the island’s two largest ethnic groups, Greeks and Turks, said they would relaunch talks to create a two-zone federation reuniting the island, which has been split for decades.