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Cyprus News Agency: News in English, 13-06-07Cyprus News Agency: News in English Directory - Previous Article - Next ArticleFrom: The Cyprus News Agency at <http://www.cyna.org.cy>CONTENTS
[01] FM: No Tymbou flights in exchange for Famagusta returnThere has been no discussion on a possible return of the Turkish occupied fenced-off town of Famagusta to its legal inhabitants in exchange for allowing direct flights to and from the illegal Tymbou airport, in Cyprus' northern Turkish occupied areas, Foreign Minister Ioannis Kasoulides has said.This issue is not under discussion, he told CNA in an interview, adding that the Greek Cypriot side has never raised such an issue. "Right now what we have is our proposal on this issue, which we believe will help the talks significantly if Famagusta is returned to its legal citizens. Once other issues come up we will look into them, he added. The Foreign Minister said that talks on the Cyprus problem will not resume from the beginning, adding that it will be made clear that the Greek Cypriot side is not bound by positions which President Nicos Anastasiades has already said he does not subscribe to them, on the basis of the principle that nothing is agreed until everything is agreed. [02] Supreme Court rejects appeals against haircut on bank depositsThe Supreme Court rejected on Friday appeals against a government decision to impose a haircut on uninsured banking deposits in the context of a €10 billion bailout.The Court plenary ruled by majority vote that the haircut does not constitute a public act but a private act and as such it can be examined in civil lawsuits against the banks and possibly the government. Under the bailout agreement, uninsured deposits (over €100,000) in the island's largest bank, Bank of Cyprus, will take losses up to 60% whereas Cyprus Popular Bank, Cyprus' second largest lender, will be liquidated with its uninsured deposits estimated to lose up to 80% in a bid to cover the banks' capital needs, amounting to €10.6 billion. Following the decision, approximately 5,000 depositors appealed to the Supreme Court, requesting that the decision be revoked. [03] Lack of timely measures led Cyprus to ESM, says FinMin officialCyprus was forced to apply to the European Stability Mechanism due to the lack of timely adoption of measures which would have dealt with the consequences of the crisis, Ministry of Finance Economic Research and EU Affairs Director Andreas Charalambous has said.Charalambous, who was speaking during a hearing of the Investigation Committee for the economy, said that from February 2010 onwards he warned by way of official memos about the economy and proposed that measures are taken to deal with fiscal and structural problems as well as problems faced by the banking sector. Unfortunately, he added, the measures were not adopted by the political leadership due to the political cost they would have entailed. Cyprus News Agency: News in English Directory - Previous Article - Next Article |
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