WITH CYPRUS and Turkey sliding headlong towards a clash over hydrocarbon resources in the eastern Mediterranean, Turkish Cypriots – whose rights Turkey says it is protecting by obstructing Greek Cypriot exploration – appear oblivious to the possible benefits to their community if the exploration and subsequent extraction went ahead.
FINANCIAL services have been a big earner for the Cyprus economy. In fact, the sector is the biggest contributor to GDP and has been more important to the economy than tourism for well over a decade. Yet the authorities have always taken it for granted, seemingly unable to grasp the devastating effects an exodus of international businesses would have on the economy.
Suffice it to say that a top executive of a Cypriot bank recently told staff that if foreign businesses withdrew their money the bank’s business would be halved. And when we consider the contribution of Cypriot banks to GDP we could only shudder to think about the consequences of a mass outflow of funds.
ANY LINGERING doubts about our Archbishop’s wisdom will have evaporated on Friday after his two-hour meeting with youths from all social backgrounds, at which he unveiled his genius political plan for the salvation of Kyproulla and Mega TV.
In December, after the municipal elections, Archbishop Chrys said he would “present a settlement plan that would be very brief so that ordinary folk could understand it.” He ruled out the bi-zonal, bi-communal federation, because “if there is a federal settlement it is impossible we would go to a federation.”
CYPRUS’ hopes for a cheap loan from Russia may do more harm than good as it may serve as a counter incentive for trade unions to accept badly needed cuts in their wages, economists have said.
After rumours leaked to the press that Cyprus is close to striking a deal with the Russian government for a five-year €2.5 billion loan to finance its budget deficit and refinance its maturing debt at an annual interest rate of 4.5 per cent, trade unions started to strengthen their resistance, Alexandros Apostolides, who teaches economics at the European University of Nicosia said. These reports were not denied by the finance ministry.
CYPRUS IS very close to striking a €2.5 billion loan deal with Russia, government spokesman Stephanos Stephanou said yesterday.
Asked whether the loan will be subject to a bilateral agreement, Stephanou echoed the remarks made by Finance Minister Kikis Kazamias on Friday. Kazamias, talking after a cabinet meeting, said that the government is negotiating a loan from Russia with favourable conditions aimed at refinancing Cyprus’ maturing debt and plugging a deficit hole. Kazamias said the funds will also be used to boost the economy’s liquidity.
WITH SOME types of bat on the brink of extinction in Cyprus this coming Friday will offer the opportunity not only to learn more about this misunderstood animal but actually hear how they communicate during a ‘bat night’ in Palodhia village.
According to Kyriacos Kyriacou, head of Animal Responsibility Cyprus (ARC) and organisers of the event, the fruit bat especially is close to extinction in Cyprus. “We think some of them may have left Cyprus to go to Turkey because they can’t find enough fruit here,” said Kyriacou.
GOVERNMENT spokesman Stefanos Stefanou questioned whether Cyprus was an EU member state yesterday with the church trying to make policy instead of leaving it to political leaders in a secular and bi-communal state.
“The new statements made by the Archbishop confirmed again that the Primate does not seek simple intervention in political issues of the country but is trying to lead political life, defining the direction of the Cyprus problem, by making alliances and contacts with political parties for the next presidential elections,” said Stefanou.
A 24-YEAR-OLD Pontian Greek was arrested yesterday for illegally possessing copper, which he admitted to have stolen from the company he works for.
Larnaca Police spokesman Christos Andreou said that between the hours of 7.20 and 9.50am on Saturday members of the Aradippou and Oroklini police stations carried out a search of vehicles used to transfer scrap-metal at two scrap-metal collection workshops in Aradippou and Dromolaxia.
The search was part of a wider campaign of preventing and cracking down on scrap metal theft, a crime on the increase on the island lately.
A 41-YEAR-OLD Filipina was remanded for five days by Larnaca District Court yesterday in connection with claims of bigamy.
According to police, on one occasion she married an Indian who was wanted by Immigration as she was under the impression that it would allow him to stay in the country.
On another occasion she married a Pakistani, again believing that she was helping him stay in the country.
One of the men has been caught however the other is still wanted by the police.
FOREIGN Minister Erato Kozakou-Marcoulli will attend the EU General Affairs Council in Brussels tomorrow.
Within the framework of the Council, she will hold meetings with foreign ministers and European Affairs ministers from other member states, as well as EU officials.
She is expected to raise the issue of Turkish threats on Cyprus as a result of the Republic’s intention to exploit natural resources in its Exclusive Economic Zone. Marcoulli will also attend a meeting of the Presidency trio with the European Parliament for the long-term fiscal framework.
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.
