Michele's Feed
Mar 11, 2015

Cyprus seeks distance from Greek euro drama

NICOSIA, March 11 (Reuters) – Doubts over Greece’s future
membership of the euro are straining its historic kinship with
Cyprus, as Nicosia distances itself from Athens to try to secure
its foothold in the currency bloc.

Cyprus wants to reverse a perception that the two countries
are inextricably linked, worried that it could be dragged down
with Greece, should Athens’ finances collapse and force the
Greeks to abandon the euro.

Mar 5, 2015

Bailed-out Cyprus eyes return to normal borrowing this year

NICOSIA, March 5 (Reuters) – Cyprus hopes to borrow on
financial markets this year, its finance minister told Reuters
on Thursday, saying the island’s economy had more in common with
bailout turnaround Ireland than Greece.

Harris Georgiades said Ireland, which reformed after near
bankruptcy, was a role model as Cyprus climbs out of recession
and prepares to borrow on markets ahead of the end of its
reform-for-aid programme in the middle of next year.

Mar 4, 2015

Cypriot president bids to take part in ECB’s QE programme

NICOSIA (Reuters) – Cyprus will stick to its reform pledges, the country’s president told the head of the European Central Bank on Wednesday, promising to implement insolvency laws that he hopes will allow the island to benefit from a trillion-euro-plus programme to buy sovereign bonds.

At a meeting on the Mediterranean island, Nicos Anastasiades personally made the case to ECB President Mario Draghi for Cyprus to take part in the ECB’s quantitative easing programme, a person familiar with the talks told Reuters.

Mar 4, 2015

Cypriot President tells ECB chief country committed to reforms

NICOSIA, March 4 (Reuters) – Cyprus is committed to the
terms of its bailout programme, its president said on Wednesday,
stating the island would recover economically this year and post
modest growth in 2016.

In remarks to an audience including members of the European
Central Bank’s decision-making Governing Council and President
Mario Draghi, Nicos Anastasiades said the island was already
showing ‘tangible’ results in its reform programme.

Feb 2, 2015

Greece says not in ‘Wild West showdown’ with Europe

NICOSIA/LONDON (Reuters) – Greece sought to reassure international investors on Monday that it was not in a Wild West-style standoff with European partners over a new debt agreement, although sparring partner Germany gave no ground after a tough first week.

Spurning neckties, new Prime Minister Alexis Tsipras and his pugnacious finance minister Yanis Varoufakis are touring European capitals in a diplomatic offensive to replace Greece’s bailout accord with the European Union, European Central Bank (ECB) and International Monetary Fund, known as the “troika”.

Feb 2, 2015

Greece rules out aid from Russia, argues case in Europe

NICOSIA/LONDON, Feb 2 (Reuters) – Greek Prime Minister
Alexis Tsipras ruled out seeking aid from Russia and said on
Monday he would pursue negotiations for a new debt agreement
with European partners, but saw little sign of compromise from

Tsipras and his finance minister Yanis Varoufakis are
touring European capitals this week in a diplomatic offensive to
replace Greece’s bailout accord with the European Union,
European Central Bank and International Monetary Fund “troika”.

Jan 21, 2015

Total likely to ditch Cyprus offshore gas search – minister

NICOSIA, Jan 21 (Reuters) – French energy company Total
is likely to abandon a search for oil and gas off
Cyprus after failing to find tangible evidence of reserves,
dealing a blow to the island’s hopes of a natural resource
bonanza after a painful bailout in 2013.

Cypriot energy minister Yiorgos Lakkotrypis said on
Wednesday that Total, granted a concession two years ago, had
failed to pinpoint reserves that would justify costly drilling.

Jan 14, 2015

Russian crisis could keep Cyprus in recession for longer

NICOSIA, Jan 14 (Reuters) – Economic woes in Russia are
tempering prospects of bailed-out Cyprus returning to growth in
2015 and mean the island nation risks a fifth year of recession,
analysts say.

As the rouble takes a tumble on the back of weak oil prices
and Western-led sanctions, Moscow’s troubles are seeping into
the Mediterranean island, where Russian-related business is
thought to make up about 10 percent of the Cypriot economy.

Jan 9, 2015

Cyprus Airways closed down after EU state aid ruling

NICOSIA/BRUSSELS, Jan 9 (Reuters) – Cyprus has suspended
operations at its flag carrier after the European Commission
ordered the struggling airline to pay back over 65 million euros
in illegal state aid.

The last Cyprus Airways flight will take place Friday night,
government officials said.

Jan 9, 2015

Cyprus Air’s future in balance as EU state aid verdict looms

NICOSIA, Jan 9 (Reuters) – The European Commission is due to
rule on Friday on whether state aid offered to Cyprus Airways
was illegal – with the future of the ailing
state-controlled flag carrier hanging in the balance.

Cypriot government officials said EU competition watchdogs
were expected to issue their findings on Friday afternoon,
ending a year-long investigation into whether the airline was
illegally given 103 million euros ($122 million) in state aid in
2012 and 2013.