- Cyprus : Downer in the dog house over dinner diplomacy
- Opinions : Our View: Government needs to get its priorities straight
- Cyprus : Shiarly: no excuse for spending money you do not have
- Cyprus : Orphanides: they trashed the banks to win votes
- Cyprus : Cost cutting pays off in first quarter
- Cyprus : Capital controls relaxed further
- Cyprus : Historic visit by Russian warships
- Cyprus : Leukaemia boy’s family warns of fake collection in Paphos
- Cyprus : Interest rate reductions will help economy, spokesman says
- Cyprus : New law will result in more modern co-op sector
NewsCyprus
Sarris: our credibility was below zero
THE PREVIOUS government’s economic policy was wide off the mark, leading to devastating consequences for the country, said former finance minister Michalis Sarris yesterday before the committee of inquiry looking into Cyprus’ near financial collapse. The delay by Demetris Christofias’ government in commencing substantive negotiations on a loan agreement with the troika proved disastrous for the economy, said Sarris who served as finance minister under the late Tassos Papadopoulos and in the first five weeks of President Nicos Anastasiades’ government. ... 19 comments
Massive failure by Cypriot banks on ‘dirty money’
CYPRUS’ banks suffer from “systemic deficiencies” in implementing anti-money laundering (AML) measures, according to a troika report summarising the results of two audits on credit institutions on the island. The four-page summary drawn up by international lenders was distributed to the Finnish media yesterday summarising the assessments by the Council of Europe’s money-laundering watchdog Moneyval and private firm Deloitte. The summary, seen by the Cyprus Mail, states that between 2008 and 2010, Cypriot banks reported not a single suspicious transaction under anti-money laundering regulations, and flagging only one in 2011 and “a few” in 2012... 9 comments
‘The quicker we implement bailout, the quicker we get out’
THE GOVERNMENT and parliamentary parties agreed on the need to exit the bailout programme as soon as possible yesterday though showed little sign of consensus on how to do so exactly. Speaking after a lengthy session of the National Council, a body initially set up to advise the President on the Cyprus problem, government spokesman Christos Stylianides said the main focus of yesterday’s meeting was the economic situation. Members were also briefed on Foreign Minister Ioannis Kasoulides’ recent contacts in relation to the Cyprus problem. Those present confirmed that the priority right now was the handling of the economic crisis, though this did not mean the Cyprus problem was being relegated to second place, said Stylianides. ... 9 comments
S&P says Cypriot deposit grab may set eurozone precedent
THE GRAB on bank deposits that accompanied Cyprus' bailout could be repeated elsewhere in the eurozone, and the bloc's banking union may not be strong enough when it is introduced, Standard & Poor's said yesterday."We believe that the events in Cyprus highlight the increased reluctance of financially stronger eurozone countries to make their taxpayers' funds available to recapitalise banks outside their home jurisdictions," the credit ratings agency said in a report."For this reason, although the key features of the Cypriot banking system are not shared by other eurozone countries, we consider that the bail-in may indeed create a precedent... 5 comments
Cyprus Today
Flight delays EIGHT flights to and from Cyprus’ airports are expected to be affected by a strike announced by Greek air traffic controllers today.The strike, starting at 12 noon until 4 pm, is expected to affect an estimated 1,200 passengers, on various airlines.According to Cyprus airports Spokesman Adamos Aspris, the strike will affect four arrivals and four departures, between Larnaca and Paphos on the one hand and Athens, Thessaloniki and Patras on the other.Aspris further said that the airlines are expected to inform their passengers by morning whether their flights would be cancelled or rescheduled. Shot suspect clinically dead ... 4 comments
Soldier’s killer asks for leniency
A BRITISH teenager that pleaded guilty to a charge of manslaughter over the stabbing death of a British soldier will be sentenced tomorrow.In a change of plea last month, Mohammed Abdulkadir Osman, 19, admitted killing Private David Lee Collins, 19, during a confrontation at a nightclub in Ayia Napa in the early hours of November 4 last year.His change of plea from not guilty to guilty saw charges against two of his friends being dropped. The two friends, who are now back in the UK put themselves at the scene of the crime but insisted they played no part in the violence.In mitigation yesterday, Osman’s legal team claimed there was no premeditation when his client stabbed the soldier, and asked the court for leniency... 17 comments
Medical school would be a waste of money, says DISY deputy
SPEAKING out against wasting taxpayers’ millions to set up a Medical School by the University of Cyprus, MP for ruling party DISY Andreas Themistocleous said politicians needed to “get real”. Themistocleous who has submitted a bill to parliament to postpone plans to set up the medical school in September 2013 said that the country faced a choice “of either getting real and actually looking at the country’s situation or else – and I’m willing to bet on this – destroying ourselves”. “It will cost €100 million a year to run the medical school, you heard me right, €100 million,” Themistocleous said adding that each graduating doctor would cost the state about €1.0 million. “These are outrageous amounts,” he said... 5 comments
‘Spirit of cooperation’ needed at CY
IT IS not the job of unions to decide who will run Cyprus Airways (CY), said pilots’ union head Petros Souppouris yesterday, in a clear dig at other airline employee unions who have protested against the appointment of foreign experts at the national carrier. Representatives of the pilots union PASYPI met with Labour Minister Zeta Emilianidou and Communications Minister Tasos Mitsopoulos yesterday to discuss implementation of the restructuring plan aimed at saving the airline from imminent closure. Despite recording losses of €55.8m last year, the national airline has yet to implement key elements of the restructuring plan written up by Air France-KLM, mainly making 490 staff redundant... 7 comments
Run-in with customs over handbag at crossing
CUSTOMS officials allegedly humiliated and interrogated a 59-year-old woman from Nicosia on Tuesday after claiming she had brought over a counterfeit handbag from the occupied areas. Andri Ellinas had crossed north at the Ledra Street checkpoint, at around 2pm with her handbag, an umbrella and some clothes she was planning on taking to her Turkish Cypriot tailor. Ellinas told the Mail that on her way across nobody checked her or even gave her the time of day other than to check her ID. ... 12 comments
Appeal for donor for baby with thalassaemia
JUST AS possible bone marrow donors were found for a five-year-old Paphos boy with leukaemia on Tuesday, it emerged yesterday that a six-week-old baby girl from Xylotymbou, Marina Soleas, is also in need of a donor.Marina was born with thalassaemia and in order to avoid future continuous blood transfusions she needs a bone marrow transplant. The girl’s father, Zacharias Soleas said: “The baby was born with thalassaemia and doctors have said she needs a bone marrow transplant to avoid future blood transfusions. At present the baby is well and doesn’t need any treatment but we have to prepare for the future, for the day when the transplant can be performed... 3 comments
