Michele's Feed
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.

Dec 3, 2014

Hellenic Bank expects Athens listing in early 2015

NICOSIA, Dec 3 (Reuters) – Cypriot lender Hellenic Bank
anticipates a listing of its shares on the Athens
Stock Exchange in early 2015, its chairwoman said on Wednesday,
in response to requests from institutional investors.

Hellenic, which is in the process of raising 220 million
euros ($271 mln) in a rights issue, said that during recent road
shows institutional investors had queried liquidity in the

Dec 1, 2014

Cyprus central bank chief sees return to growth, end to capital controls

NICOSIA, Dec 1 (Reuters) – Bailed-out Cyprus is expected to
return to growth in 2015, while capital controls imposed during
a chaotic bailout in 2013 could be completely dismantled soon,
its central bank governor said on Monday.

Chrystalla Georghadji told parliament she expected 0.5
percent growth in 2015. A European Commission forecast of 2.8
percent contraction in the island’s economy this year was
“realistic”, she said.

Nov 23, 2014

Over 800 seaborne migrants saved in Italy, northern Cyprus

ROME/NICOSIA, Nov 23 (Reuters) – Italy’s coastguard said it
has rescued more than 600 migrants in the Mediterranean Sea
between Sicily and North Africa this weekend and started a
search for one man feared drowned during the passage.

Further east, 270 Syrian refugees were rescued off
Turkish-Cypriot controlled northern Cyprus overnight when their
ship’s engine broke down, the Kibris Postasi website in Nicosia