Michele's Feed
Oct 10, 2013

Cyprus toughens steps on deficit, sees milder recession

NICOSIA (Reuters) – Cyprus on Thursday announced tougher 2014 fiscal targets than those set by international lenders, and said a recession on the bailed-out island may not be as deep as initially feared.

The small euro zone country came close to financial collapse in March after a fumbled attempt at economic rescue forced a major bank to shut and deposits were seized at a second lender. It now has a 10 billion euro economic adjustment programme from the International Monetary Fund and the European Union.

Oct 7, 2013

Ex-Cyprus president to blame for financial crisis: inquiry

NICOSIA (Reuters) – Cyprus’s former communist president and his government bear chief blame for the island’s financial meltdown in March after they failed to control spending and behaved in an imperious manner, an independent judicial inquiry said on Monday.

The findings of a three-member panel commissioned by the current center-right government described how fiscal surpluses turned into runaway deficits, unemployment trebled and Cyprus was shut out of international financial markets on the watch of its previous communist rulers, in power from 2008 to early 2013.

Oct 3, 2013

Noble’s Cyprus gas drill at lower end of estimates

NICOSIA, Oct 3 (Reuters) – A landmark natural gas well off
Cyprus has produced less than anticipated, potentially delaying
investment in a liquefied natural gas plant and plans for export
by 2020.

Cyprus and its exploration partners, Texas-based Noble
Energy, on Thursday announced an around 5 trillion cubic
feet (tcf) natural gas find, lowering the initial estimate of 7
tcf made in late 2011.

Sep 9, 2013

Cyprus rules out role in any U.S.-led strike on Syria

NICOSIA (Reuters) – Cyprus said on Monday it would have no involvement of any kind in a potential U.S.-led strike on Syria, which lies about 100 km (60 miles) to its east.

Nicosia would, however, be ready to offer assistance to third-country nationals evacuated from the Middle East, Cypriot government spokesman Christos Stylianides said.

Aug 14, 2013

Bailed-out Cyprus still in deep recession

NICOSIA (Reuters) – Cyprus’s economy contracted by 1.4 percent in the second quarter of the year on a quarterly basis, extending a downturn on the financially troubled island which received an international bailout in March.

Preliminary data showed Cyprus’s Q2 quarterly downturn was better than the first, when output contracted 1.7 percent. On a yearly basis, the economy declined 5.4 percent from 4.8 percent in the first quarter.

Aug 6, 2013

Cypriots challenge “bail-in” to fight for lost savings

LARNACA, Cyprus, Aug 6 (Reuters) – Within one week in June,
Cypriot Andrew Georgiou suffered a massive heart attack and his
father was diagnosed with leukaemia, just as they were fighting
to recover much of their life savings.

A victim of Cyprus’s chaotic financial rescue, Georgiou
cannot be sure his stressful legal battle for the lost money
wrecked his family’s health. But, as he said with grim
understatement, “it sure as hell didn’t help”.

Jul 31, 2013

Cyprus ‘on track’ to meet aid program terms: IMF

NICOSIA (Reuters) – International lenders gave an upbeat assessment on Wednesday over progress made by Cyprus in meeting the conditions of a financial aid program, but said it was tempered by an uncertain economic outlook.

“This review found the program to be on track, with authorities having made good progress towards meeting their objectives,” IMF Mission chief Delia Velculescu said on Wednesday during a conference call closing a mission to Cyprus.

Jul 30, 2013

Big savers at Bank of Cyprus to take 47.5 percent of cash in shares

NICOSIA (Reuters) – Big savers with troubled Bank of Cyprus BOC.CY will have 47.5 percent of their uninsured money converted into shares, the central bank said on Tuesday, under the terms of an unprecedented international bailout.

The figure, which confirmed information Reuters obtained from sources at the weekend, was lower than the 60 percent share that had previously been forecast to prop up Cyprus’s largest bank.

Jul 17, 2013

IMF, EU inspectors start quizzing Cyprus on bailout progress

NICOSIA (Reuters) – Cyprus’s international lenders began reviewing how the island is meeting the conditions of it 10 billion euro bailout on Wednesday, looking to see whether it should get the next tranche of aid.

The appraisal is the first since Cyprus secured a deal with the International Monetary Fund, the European Commission and the European Central Bank in March, pulling the cash-starved country away from the brink of financial meltdown.

Jul 9, 2013

Ex-minister found guilty over Cyprus munitions blast

NICOSIA (Reuters) – A former Cypriot defence minister was found guilty of manslaughter on Tuesday over a deadly munitions blast two years ago that killed 13 people and crippled the economy in the island’s worst peacetime disaster.

A court ruled that Costas Papacostas, who served in the former communist government, bore direct responsibility for a sequence of failures to safeguard a cargo of confiscated Iranian munitions that exploded in the early hours of July 11, 2011.