Cyprus News Agency: News in English, 13-06-28

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

CONTENTS

[01] Independent Commission on the Future of the Cyprus Banking Sector

presents its interim report

[02] Urgent need for Cyprus economy to return to stability, says House

President

[03] Government has made concrete proposals for a breakthrough in the

Cyprus issue, Ambassador Emiliou says

[01] Independent Commission on the Future of the Cyprus Banking Sector presents its interim report

The report, which contains some 40 recommendations for the long term recovery of the Cypriot banking industry, proposes an extensive package of measures and reforms which are essential to put Cyprus' banks back on a strong long-term footing, and raise the standard of banking supervision to international levels.

The Commission considers it essential that normality be restored to the Cyprus banking system as rapidly as possible to provide continuity and confidence. "The longer exceptional conditions last, the harder it will be to rebuild confidence", it stresses. In addition, it recommends that the cooperative co-ops be combined into a single institution with a joint stock structure and a commercial culture, and that this institution be placed under the direct supervision of the Central Bank of Cyprus.

[02] Urgent need for Cyprus economy to return to stability, says House President

Speaking during the graduation ceremony at the University of Cyprus in Nicosia, the House President said that a dominant education system can be the answer to the current economic crisis.

Referring to the recent Eurogroup decision on Cyprus, Omirou said that our country was a guinea pig , pointing out that the measures imposed by our international lenders, will lead to deep recession and increase of unemployment. He said that our European partners showed no solidarity towards Cyprus, adding that the lack of trust among the citizens, deepens the democratic deficit in the EU.

[03] Government has made concrete proposals for a breakthrough in the Cyprus issue, Ambassador Emiliou says

Emiliou briefed the foreign press correspondents to the UN on the situation as regard the Cyprus issue, the economic crisis and the imminent renewal of UNFICYP.

In his statements on the Cyprus problem and referring to the government's proposals, the Ambassador said that one of those proposals concerns placing the city of Famagusta under U.N. administration for the eventual resettlement by its lawful inhabitants, in conjunction with the use of the port of Famagusta for trade purposes by all Cypriots.

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