Cyprus banks back on ratings notice

2011-05-14

 

MOODY’S Investors Service placed three Cypriot banks on review for a possible downgrade yesterday, citing heightened risks to the banks from their exposure to Greek debt.

The banks under review are Bank of Cyprus, Marfin Popular Bank, and Hellenic Bank. Moody’s said the action followed its decision on May 9 to place Greece on review for a possible downgrade, which suggested that the likelihood of a Greek sovereign debt restructuring could be rising.

The review of Cypriot banks reflected its concerns over heightened risks related to their sizeable exposure to Greek debt and significant lending to the Greek private sector. Moody’s said there were also funding risks which could arise in the event of a potential Greek debt restructuring.

Our View: Existing laws on bird trapping not a deterrent

2011-05-14

CONSERVATIONIST group Terra Cypria released a study on Wednesday which put forward another compelling argument against illegal bird-trapping. The practice, which was widely-publicised abroad by angry environmentalists, according to the study, deprived Cyprus of about €1 billion in tourist-related revenue every year.

The study arrived at this figure by estimating the number of people who refused to come to Cyprus for a holiday because of the bird-trapping and how much they would have spent on average while here. The amount seems inflated but even if it were a fifth or tenth it would still be higher than the money generated by the illegal trade in ampellopoulia which Birdlife Cyprus estimates to be worth a staggering €50 million per year.

Economic outlook positive…mostly

2011-05-14

GRADUAL reductions in unemployment, which will carry on through to next year, as well as a satisfactory growth rate for 2011 and 2012 were the most positive conclusions for Cyprus’ economy in Eurostat’s 2011 spring forecast.

However, the European Commission’s (EC) service predicts a higher deficit to the one the government hopes to end 2012.

Expressing his satisfaction at the figures after they were announced yesterday, Finance Minister Charilaos Stavrakis said the most important prediction – by the EC but also the International Monetary Fund (IMF) on Thursday – was that there would be an improvement on the island’s growth rate.

Specifically, the EC predicts a 1.5 per cent growth rate for 2011 and the IMF 1.7 per cent.

Eurovision: what’s another year?

2011-05-14

CYPRUS’ Eurovision hopes have been dashed once again, after this year’s entry failed to make it into tonight’s showdown in Dusseldorf.

Christos Mylordos’ performance – complete with Mad Max-esque outfits, a ball wielding diva and an inventive take on Michael Jackson’s famous leaning move – clearly failed to carry the rocky ballad ‘San Angelos S’agapisa’  through to the last round.

The Netherlands, Belgium, Slovakia, Bulgaria, FYR Macedonia, Israel, Belarus and Latvia were also knocked out of the contest during the second semi final.

Several Mylordos fans variously expressed their disappointment about the result on the video sharing site, youtube.com which uploaded the performance yesterday.

Politician settles love wrangle out of court

2011-05-14

A WELL-known politician has allegedly parted with €100,000 in an out of court settlement with a woman who accused him of deceiving her into believing they would marry.

According to yesterday’s Phileleftheros, the woman filed a law suit against the married politician in a Larnaca court in March 2007, claiming he had deceived her into believing they would marry during a 15-year relationship. The man, who held a position of considerable power, countersued with two libel cases against her.

The case against the politician finally began on December 14, 2010. The next hearing on February 28, 2011, did not go ahead due to the poor health of the politician’s lawyer.

Election watch: Cyprus problem, green policy, crime and housewives

2011-05-14

NEW KID on the block, LASOK yesterday suggested an innovative solution to the problem of unemployment amid parties’ obligatory bickering on the Cyprus problem and other grievances.

“We propose a housewife’s benefit giving the right to any working mother with dependent children to quit her job so that her place can be taken up by a young unemployed person,” said president of the Citizen’s Rights Bureau of the Popular Socialist Movement (LASOK), Lakis Ioannou.

LASOK’s proposal aims to increase employment figures among the young, reduce crime and strengthen family ties.

Election watch: it’s about getting elected, not about the issues’

2011-05-14

TAKE THE joke about 1000 lawyers at the bottom of the sea, substitute “politicians” for “lawyers” and you’ve pretty much summed up how Cypriots feel about the upcoming parliamentary elections.

And yet come May 22, many of these disenchanted souls will go to the polling station and vote for their party’s candidate. Why? Because, unless you vote for “our guy,” the “others” [insert AKEL, DISY, as appropriate] will win.

Do we deserve the politicians we get?

Commentators are forecasting record low turnouts for the 2011 vote, and TV viewer ratings of political shows seem to bear out the broad perception that folks are switching off.

Election watch: You have to believe in the future

2011-05-14

ONE OF the 412 candidates in next week’s parliamentary elections, DISY’s Chris Sofroniou, is hoping to take up the cause for returning Cypriots and graduates if he is elected, he said yesterday.

Sofroniou, who held an news conference yesterday, was born and bred in London and moved to Cyprus with his family at the age of 14. He later moved to the USA to study political science and international relations.

After his studies he went on to direct a number of companies including Global Education, a career counselling office helping Cypriots study in the UK.

Police seek European warrant for missing mother

2011-05-14

A EUROPEAN ARREST warrant is being sought from Interpol by Cyprus police for British woman Sarah Antoniou who has jumped bail and absconded with her young son for a second time.

According to head of Paphos CID, Klitos Erotoklitou, Sarah crossed over to the North of Cyprus in a taxi and police believe she has boarded a flight to the UK.

Erotoklitou told the Cyprus Mail, “We have applied to Interpol for a European arrest warrant for this woman and when we arrest her, the child will be brought back to Cyprus. It’s unclear as yet whether she will appear in court here in Cyprus or in the UK, but she will go to prison because she wasn’t permitted to leave the country or to take her son.”

Cost of EU presidency could ‘break the bank’

2011-05-14

 

CYPRUS’ TERM at the helm of the EU rotating presidency next year will cost an estimated €66m but does this figure take into consideration the true extent of overtime that civil servants will demand, asked an EU expert yesterday.

“Civil servants go home at 2.30pm in Cyprus, which is 1.30pm Brussels time. If the state pays overtime to these civil servants during the six-month presidency, it could break the back of the state,” said an expert familiar with the EU institutions.

The expert who wished to remain anonymous questioned whether the state has considered negotiating with the civil service to reach some sort of a one-off agreement for the presidency, which Cyprus will inherit from Denmark in July 2012.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.