Michele's Feed
Oct 23, 2013

Cyprus central banker faces fresh pressure over bailout

NICOSIA (Reuters) – The embattled head of Cyprus’s central bank was plunged into a new controversy on Wednesday after lawyers alleged foreign consultants employed to help with an international bailout of the country earlier this year were seeking fees of nearly 5 million euros.

Lawyers working for the central bank said the consultants were seeking a fee based on a percentage of the amount raised from the recapitalisation of Cypriot banks in a bailout deal last March.

Oct 21, 2013

Cyprus to lift most currency controls by spring 2014

NICOSIA, Oct 21 (Reuters) – Cyprus expects to lift almost
all currency controls early next year, although restrictions
will remain on individuals shifting funds out of the country,
Finance Minister Harris Georgiades said on Monday.

Separately, central bank governor Panicos Demetriades said
the island’s banks were likely to make further losses in 2014 as
the economy worsens and non-performing loans rise, but that the
sector has enough capital to cope.

Oct 17, 2013

World’s longest subsea energy link could be launched in 2017

NICOSIA (Reuters) – The first phase of an EU-backed plan to lay the world’s longest subsea electricity cable could be completed by 2017, project managers said on Thursday.

Some 820 nautical miles of cable making up the EuroAsia Interconnector will link energy-hungry Europe with power generators tapping into vast quantities of natural gas found in the eastern Mediterranean in recent years.

Oct 14, 2013

Cyprus bourse eyes boost from Chinese listings, halloumi trade

NICOSIA (Reuters) – Shattered by an international bailout which stripped it of 80 percent of its turnover, Cyprus’s Stock Exchange is aiming to be a magnet for Chinese firms seeking a foothold in Europe.

Chief Executive Nondas Metaxas told Reuters on Monday that the exchange had listing interest from half a dozen companies with Chinese backers, drawn by the relative ease of rules and tax breaks.

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”.