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Cyprus News Agency: News in English, 13-05-09Cyprus News Agency: News in English Directory - Previous Article - Next ArticleFrom: The Cyprus News Agency at <http://www.cyna.org.cy>CONTENTS
energy center former FinMin [01] Eurozone Finance Ministers to ratify Cyprus' fist bailout trancheThe Eurozone Finance Ministers will politically ratify on Monday the agreement reached at the technical level for the disbursement of Cyprus' first tranche of 3 billion euros out of the 10 billion EU-IMF bailout loan.A senior Eurozone official said Wednesday in Brussels that at the Eurozone meeting on Monday there will be a first review of the course of the Cyprus aid programme, while a political decision on the disbursement of the first 3 billion euros will be taken. He also said that the priorities are clear and include the restructuring of banks and the gradual lifting of restrictions on capital movements. [02] Cyprus needs to invest in oil and gas education to become an energy centerCyprus needs to invest in education and human capital concerning the field of oil and gas exploitation and industry, if it is to become a strong energy center in the Eastern Mediterranean.That was the message conveyed by a workshop held in Nicosia on "Developing the oil & gas sector - focusing on education", jointly organized by the British High Commission, the School of Engineering of the University of Cyprus and the British Council. Permanent Secretary of the Ministry of Energy, Commerce, Industry and Tourism, Stelios Chimonas speaking on behalf of the competent Minister Giorgos Lakkotrypis, said that "the discovery of substantial quantities of natural gas within the EEZ of Cyprus, in conjunction with the potential utilization of other gas deposits and future gas findings in the area, opens up new perspectives and creates a new impetus for Cyprus to become an energy market player. [03] Central Bank Governor: I shall not resignPanicos Demetriades, Governor of the Central Bank of Cyprus, made clear on Thursday that he has no intention of resigning, saying the CBC has done its utmost to avert the worst scenario of a default. His remarks come in the wake of a decision for a €10 billion bailout agreed between Cyprus and the Troika of the European Commission, the European Central Bank and the International Monetary Fund.Noting that on March 22, three days before the Eurogroup`s final decision on the Cypriot bailout, the CPB`s liquidity amounted to just a few million, Demetriades said "you can realize what would happen if CPB could not satisfy the needs of its depositors." The decisive implementation of the terms of the Memorandum of Understanding agreed between the Cypriot authorities and the Troika (European Commission, European Central Bank and International Monetary Fund) on a €10 billion bailout is a one way street, if Cyprus were to return to a sustainable growth path with sound public finances, Central Bank of Cyprus Governor Panicos Demetriades has said. The Cyprus issue, energy security and the exploitation of hydrocarbon reserves in Cyprus' Exclusive Economic Zone were examined during a meeting in Athens on Thursday between the Defence Ministers of Cyprus and Greece, Fotis Fotiou and Panos Panagiotopoulos, respectively. voulibuilding100.jpg [04] President had no choice but to consent to Greek haircut, says former FinMinThe haircut of the Greek bonds was decided to avert a Greek default, former Finance Minister Kikis Kazamias said, adding that it was within this framework that the Cyprus government had consented to this decision since a Greek default would have led to a possible collapse of the Cyprus banks.The former Minister was answering questions before the Investigation Committee set up to look into the near collapse of the banking sector and the economy of the country. Kazamias said he disagreed with the term "debacle" used in comments by former Minister of Finance, Vasos Shiarly that the economy suffered a debacle when the European Council decided in October 2011 to proceed with a haircut on Greek bonds, with damage reaching 4.5 billion euro, or 25% of its GDP, while the damage suffered by other EU countries was between 1 to 2%. [05] House President receives new Ambassador of SlovakiaPresident of the House of Representatives Yiannakis Omirou received on Thursday new Ambassador of Slovakia to Cyprus Oksana Tomová, whom he thanked for the promotion of rapprochement between the two communities in Cyprus, through the meetings of Greek Cypriot and Turkish Cypriot political parties, an initiative launched by the Ambassador of Czechoslovakia in 1989 and continued by the Embassy of Slovakia to Cyprus.He also thanked Slovakia for its participation in the UN Peacekeeping Force in Cyprus (UNFICYP). During the meeting, Omirou and Tomová discussed the current situation in the Cyprus problem and pointed out that it was necessary for the problem to be solved on the basis of UN resolutions and EU principles and values. Cyprus News Agency: News in English Directory - Previous Article - Next Article |
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