NewsFeatures

Euro exit is no easy option

By George Psyllides 14/04/13
 SINCE - what is now widely acknowledged - Cyprus’ botched bailout, a debate has been raging on over whether the island should stay in the eurozone or go back to its former national currency, the pound.Naturally there are two schools of thought on the issue: those arguing that since the conditions of the bailout have all but destroyed the economy, Cyprus should abandon the common currency and the tough terms imposed by its lenders, and those who say the consequences of a so-called Cypexit would be much worse than the alternative.It does appear however that there are also those who support a Cypexit because of the profits they stand to make... 4 comments

It’s a crisis, but not 1974

By Stefanos Evripidou 07/04/13
 Both President Nicos Anastasiades and the EU's economy commissioner Olli Rehn have recently referred to 1974 to remind Cypriots of their resilience and how they once overcame adversity to perform an economic miracle, the thinking being that surely they could do it again. The sheer scale of the current setback has yet to be felt, but politicians obviously feel the crisis is worthy of comparison to the Greek-inspired coup and Turkish invasion, when almost 40 per cent of the island came under occupation, a third of the country's population was displaced and most of the infrastructure for agriculture and tourism was lost. ... 13 comments

We can’t fight what has happened, so we should use it

By Maria-Christina Doulami 07/04/13
 MEDICAL experts are expecting a rapid increase in cases of depression and anxiety disorders as the extent of the economic crisis begins to register and impact on peoples’ lives.The economic uncertainty, wage cuts and job losses of the last 18 months will now snowball as the effects of the tough conditions set by international lenders for a bailout are felt indiscriminately across society.Psychologists all foresee an increase in depression, anxiety disorders, alcohol abuse and psychosomatic disorders - insomnia, fatigue and gastrointestinal illnesses - and even attempted suicides. ... 7 comments

Confusion and frustration over capital controls

By a Staff Reporter 07/04/13
 PUBLIC SHOCK about the tough terms of the international bailout is turning into anger as millions of euros remain locked in the banks under capital control regulations.Anxiety is being deepened by confusion over how the hastily-imposed rules should operate.Hundreds of bank workers protested outside parliament on Thursday, worried that they could lose much of their pension savings under the terms of the bailout deal which stipulates that some depositors will part of the rescue's cost if their accounts hold more than 100,000 euros... 11 comments

Future of gas burns brightly

07/04/13
 Interview with Charles Ellinas, chairman of the state hydrocarbons company KRETYK* ‘Business as usual’ for oil and gas giants: Cyprus’ financial crisis not a problem* Noble rebuffed Turkish demands to back away from exploratory drilling* Six licensed blocks may hold 30 trillion cubic feet of gas - building an LNG first is a mustQ: There appears to be some confusion over the precise role of KRETYK, with reports suggesting some overlap with the duties of the Natural Gas Public Company, DEFA. Could you clear that up?... 6 comments

How wild is my valley

By Patricia Jordan 07/04/13
 LAST month I was asked if I would organise a wildflower walk in the valley that runs between the outskirts of Kalo Chorio through Ayia Anna, Psevdas to Mosfiloti where I live. I am a gardener and any wild flowers, which I usually refer to as weeds, are generally plucked out of my flower beds at first sight, other than wild poppies and a few others that I tolerate!... Read on

A nation’s anger homing in on central bank governor

By Elias Hazou 31/03/13
CENTRAL Bank governor Panicos Demetriades has become everybody’s favourite whipping boy during a week of recrimination over the harsh bailout terms imposed on the island. Cries for the banker’s removal picked up pace, culminating in the tabling of a parliamentary resolution on Thursday, which was however postponed after MPs had second thoughts. With tempers running high - a great time for political grandstanding - Demetriades may have become a soft target, a scapegoat for all those anxious to vent their anger somewhere, anywhere... 12 comments

In the eye of a media storm

By Poly Pantelides 31/03/13
THE TV CAMERAS and journalists have now mostly left and Cyprus has slipped from the front pages to the finance pages of most international newspapers. Yet, for nearly two weeks the island had to deal not only with its worst crisis since 1974 but also with the world’s media, hungry for tears and riots. They were mostly disappointed. On Thursday, the day the banks re-opened after a 12-day hiatus, the scene on Nicosia’s Ledra Street was a fascinating spectacle. Conveniently home to big branches of both Laiki and Bank of Cyprus and a busy shopping street, the street had been a magnet to foreign media since the start of the crisis... 4 comments

Free weekend clinic for the needy

By Peter Stevenson 31/03/13
FROM WARZONES and areas struck by natural disasters, Cyprus’ Volunteer Doctors have returned home to provide mostly free care for the needy during the island’s current crisis.The non-governmental organisation (NGO) has over 20 years experience in war-torn countries like Sri Lanka and Syria as well as helping in the aftermath of the earthquake in Haiti three years ago. And now their small clinic, situated behind the famous Mitsides factory in old Nicosia, provides a high level of healthcare to the unemployed and the needy.One of the doctors, George Macriyiannis, explained that the clinic is currently a small operation which is only running in Nicosia for the time being but plans are in place to open in other districts... 3 comments

UNFICYP commander holds China's most senior peacekeeping post

By Peter Apps 31/03/13
WHEN Chao Liu enlisted in the People's Liberation Army in the dying years of China's Cultural Revolution, he never imagined he would end up in Cyprus wearing a blue UN beret.His army officer father fought US-led United Nations forces during the 1950-1953 Korean War. With schools closed and the country in chaos, he told his 16-year-old son that joining the military was his best chance of a good life.Now, as commander of the UN mission in Cyprus since 2011, Major General Liu has the most senior peacekeeping position yet held by China - the biggest contributor of peacekeeping troops of the five permanent members of the UN Security Council.Beijing makes it clear it views its peacekeeping as a sign of its growing status as a global power... 1 comment
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