Cyprus News Agency: News in English (PM), 97-02-19

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Cyprus Stock Exchange

[02] Foreign Minister on guarantees

[03] US Congress-members against sale of helicopters to Turkey

[04] WWC on the situation in Cyprus

[05] IMF-World Bank group to meet in Cyprus

[06] Russian S-300 to be delivered as agreed

[07] Government welcomes US-EU cooperation on Cyprus

[08] 1997 state budget expected to be approved

1530:CYPPRESS:01

[01] Cyprus Stock Exchange

CSE All Share Index                    77.10 (+0.65)

Highest: 82.46 (21/1/97)
Lowest : 73.90 (30/1/97)

Sectural Indices

Banks                                  87.71 (+0.71)
Approved Investment Companies          65.49 (+0.41)
Insurance Companies                    58.52 (+0.62)
Industrial Companies                   71.84 (-0.35)
Tourist Industries                     63.99 (-0.05)
Commercial Companies                   55.04 (+3.11)
Other Companies                        59.09 (+1.03)

Trading Volume                         CYP 1075779.670

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1640:CYPPRESS:02

[02] Foreign Minister on guarantees

"The guarantees that existed were not effective," Foreign Minister Alecos Michaelides said today in reply to comments made earlier by British High Commissioner in Cyprus, David Madden, who said Britain wishes to maintain its status in relation to Cyprus (as a guarantor power), enshrined in the Treaty of Guarantee.

Madden also indicated his government would favour the maintenance of the Treaty and is ready to contribute to a process of reconciliating the security needs of both sides.

"We are now talking about the demilitarisation of Cyprus and the deployment of a multinational force on the island," the Minister said.

Guarantees, which Ankara interprets as giving it the unilateral right of military intervention, cannot be effective, he pointed out.

The Treaty of Guarantee stipulates that Greece, Turkey and the UK undertake to guarantee the independence, territorial integrity and security of the Republic of Cyprus.

It also says that in the event of any breach of the provisions of the Treaty, all three undertake "to consult together to ensure observance of those provisions."

"In so far as common or concerted action may prove impossible, each of the three guaranteeing powers reserves the right to take action with the sole aim of re-establishing the state of affairs established by the present Treaty," the text of the Treaty says.

Turkey, citing this article, claimed it had the right to intervene militarily in Cyprus, in 1974, when a military coup staged by the junta ruling Greece at the time attempted to topple the legally elected government of the Republic.

Some 35,000 Turkish troops still occupy the island's northern areas, in violation of numerous UN resolutions calling for their withdrawal.

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1820:CYPPRESS:03

[03] US Congress-members against sale of helicopters to Turkey

In a letter to US President Bill Clinton 81 Democrat and Republican Congress members express "concern with the proposed sale of four SH-60 Seahawk naval helicopters to Turkey."

Last week Turkey signed a 113 million US dollar deal to purchase four Seahawk helicopters equipped with US-produced air to surface Hellfire missiles. The proposed sale has to be approved by the US State Department and the Congress.

According to an announcement by the National Coordinated Effort, which lobbies for Cyprus in the US, many of the top foreign policy-makers in the American Congress have signed the letter, including the Chairman of the House International Relations Committee, Ben Gilman.

Noting that "in recent weeks Turkey has publicly threatened war against Cyprus despite US warnings" and that over the last year it "has taken many provocative actions against Greece and Cyprus", the Congress-members point out that "such a sale would send the wrong American message about Turkish aggression."

The members of Congress remind the American President that State Department officials has suggested the US objected to a Cyprus government deal to buy Russian made anti-aircraft missiles, "primarily because it gave the impression of hostility, during a delicate moment of negotiations on a Cyprus settlement."

"For the same reason," they add, "State Department officials should object to this sale."

Urging their government not to approve the sale, they note the refusal of both Norway and Portugal to sell arms to Turkey.

They point out that on January 15 Portugal cancelled a deal to supply Turkey with US made surface-to-air Hawk missiles, saying it wanted "to avoid throwing more oil on the fire in the Eastern Mediterranean."

The effort has been warmly welcomed and praised by Greek-American leaders.

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1855:CYPPRESS:04

[04] WWC on the situation in Cyprus

It also urges WWC member churches to "press on their governments and the UN the urgent need to give high priority to a prompt negotiated solution to the Cyprus problem."

This is stressed in a statement on the situation in Cyprus adopted by the WWC Executive Committee during a meeting at Kykko Monastery from 12-15 February.

In its statement the WWC reaffirms its support to the UN Secretary General in the exercise of his good offices and stresses that a Cyprus settlement "must assure the independence, sovereignty and territorial integrity and unity of the island and all its people."

It adds a solution "should be reached by the people of Cyprus, free of outside geopolitical interests and without foreign interference."

The WWC Executive Committee expresses "grave concern at the heightened tensions on the island and the surrounding region."

Deploring "recent acts of violence along the buffer zone" in Cyprus, it "calls upon all parties to abstain from the use of provocative language or actions which would increase mistrust and breed animosity between the two communities" (Greek and Turkish Cypriots).

The WWC also encourages and supports bi-communal efforts aimed at re- establishing and strengthening contact and mutual confidence between Greek and Turkish Cypriots and "calls insistently on all competent authorities, especially the Turkish Cypriot leadership, to lift impediments to such contacts."

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1920:CYPPRESS:05

[05] IMF-World Bank group to meet in Cyprus

The three-day meeting, which begins February 22, will be co-chaired by Dutch Finance Minister and Chairman of the European Council of Finance (ECOFIN), Gerrit Zalm, and Dutch Central Bank Governor, Wim Duisemberg.

According to an official announcement, the Ministers and Governors will examine issues of concern to the IMF and the World Bank, capital flows, and the changing role of the state in today's world.

Fifty officials from Cyprus, Armenia, Bosnia-Herzegovina, Bulgaria, Croatia, Georgia, Israel, the Former Yugoslavian Republic of Macedonia (FYROM), Moldova, Romania, Ukraine and the Netherlands are expected to attend the meeting.

The twelve countries constitute an "election group" of member-states that elects its Executive Director who represents them in the IMF and the World Bank.

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2035:CYPPRESS:06

[06] Russian S-300 to be delivered as agreed

There should be no doubt that the S-300 will be delivered within the time limit agreed in the purchase contract, the Spokesman said, pointing out that Russia is always consistent with its obligations.

The statement added the reassurances are made following rumours outside Cyprus concerning the government's decision to buy the Russian-made anti- aircraft missile system S-300.

It notes it does not consider correct efforts made to use this economic deal as a pretext for the lack of progress towards a solution to one of the world's oldest international problems, the Cyprus issue.

Stressing that Moscow's active involvement in efforts to break the deadlock in the Cyprus problem continues, the statement adds this is proved by meetings the Russian Foreign Ministry envoys have had in Nicosia, Athens and Ankara as well as with the European Union in Brussels.

It adds that the Cyprus problem will be discussed during meetings scheduled between Russian Foreign Minister Yevgeni Primakov and his US and British counterparts, Madeleine Albright and Malcolm Rifkind.

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2125:CYPPRESS:07

[07] Government welcomes US-EU cooperation on Cyprus

The statement adds the government considers the fact that the Cyprus problem and the need for its resolution is the object of deliberations during the US Secretary of State, Madeleine Albright's, European trip, "cannot but be considered an upgrading of international interest."

Albright discussed Cyprus during a meeting yesterday in Brussels with EU Commission President, Jacques Santer and External Relations Commissioner, Hans Van den Broek, and according to a Commission spokesman agreed to coordinate efforts to achieve progress for a solution to the protracted Cyprus issue.

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2215:CYPPRESS:08

[08] 1997 state budget expected to be approved

EDEK is expected to approve only the funds related to defence expenses, whereas the left wing party AKEL had announced it will reject only special funds.

Predicted overall revenues for 1997 are 1.087,5 million Cyprus pounds (one Cyprus pound is about two US dollars), whereas public expenditure is expected to reach 1.476,3 m. pounds. The respective figures for 1996 were 1.007,8 m. pounds and 1.349,5 m. pounds.

The overall budget deficit for this year is expected to be 388,8 m. pounds, compared with 341,7 m. pounds predicted in 1996.

The public debt as defined by the Maastricht Treaty, is expected to represent 52,2 per cent of the Gross Domestic Product, compared with 54 per cent in 1996.

CNA GG/MA/1997

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