Michele's Feed
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.

Jul 9, 2013

Ex-Cypriot defense minister found guilty of 2011 munitions blast

NICOSIA (Reuters) – A former Cypriot defense 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.

Jul 2, 2013

Bank of Cyprus launches voluntary redundancy scheme

NICOSIA (Reuters) – Bank of Cyprus (BOC.CY: Quote, Profile, Research, Stock Buzz) is introducing a voluntary redundancy scheme for staff to cut costs after assuming the assets of a rival lender under an international financial program for the island.

The bank, owned by its biggest clients after their uninsured deposits were seized and converted to equity to help its recapitalization, said the scheme would be open to all staff, including those at subsidiaries.

Jun 26, 2013

Cyprus aims to be region energy hub with LNG terminal

NICOSIA, June 26 (Reuters) – Aiming for energy hub status
and hoping to reboot an economy hobbled by a debt bailout -
Cyprus started talks with three energy firms for the development
of a liquefied natural gas (LNG) terminal.

The terminal, with an estimated cost of $6 billion, will
process the vast natural gas reserves off the east Mediterranean
island. Based on its current timeframe, Cyprus hopes to start
exports by 2020.