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Cyprus Mail: Press Review in English, 99-09-01

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From: The Cyprus Mail at <>

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Wednesday, September 01, 1999


Job Centre



/ Market madness eclipses Disy split


THE ALL-TIME record in the number of transactions at the Cyprus Stock Exchange on the return of the Bank of Cyprus share after its split overshadowed the reports about a major rift in Disy.

"Explosion of transactions", "Boom at 117 million pounds" and "Stock Exchange goes wild" were some of the headlines describing Monday trading during which the volume of transactions reached 117.5 million and the share index rose by 100 points.


_ said there was an "unprecedented pandemonium" on the Stock Exchange floor, "with investors buying all kinds of shares regardless of price". Describing the scene, it said: "Stockbrokers were running about while the security guards were unable to control the people who had crowded into the stairs and corridors of the stock exchange".

The banks were the stars of the show, particularly the Bank of Cyprus, whose share had almost reached the level before its split. Before the split, the BoC share was valued at 12.30, while on Monday it reached 10.90.


_ reported that not even the computer system at the Stock Exchange could take the big volume of transactions and froze for 12 minutes. However, the 78 minutes of trading still entered the record books as the share index rose by an unprecedented 26 per cent. The banking sector share-index closed at 706.88, recording a rise of 37 per cent.


_ insisted that there was still a crisis at Disy, after the "beheading" of deputy Prodromos Prodromou by party leader Nicos Anastassiades. The mediation roles undertaken by two Disy deputies had failed. Meanwhile the government was annoyed about the way the Disy leadership had been interfering in its work.

What really shocked Disy members was Prodromou's denial of claims made by Anastassiades. Prodromou had denied ever being called by Anastassiades to be informed of his expulsion from the party's political bureau. He said he heard about this from the radio while his leader insisted that he had called the deputy. Prodromou also denied he was responsible for leaking information that had been discussed at the Disy political bureau because the leaks had become a problem before he had ever participated in a bureau's meeting.


_ reported that Prodromou, angered by the allegations levelled against him by his party leader, had asked for a meeting with President Clerides. In doing this, he was telling his party leadership that he was not intimidated by its threats and bullying. The deputy also criticised Anastassiades "authoritarian mentality and cowboy logic".

Anastassiades avoided making any public statements about the row on Monday, allowing other deputies and party officials to defend his actions. The general manager of the party Mr Liveras said the party leader had every right to expel a member of the political bureau.


_ revealed the behind-the-scenes dealing which had led to the removal of Christos Solomis from the Ministry of Health last week. It claimed that United Democrats leader George Vassiliou had tried to get his wife Androulla appointed Minister of Communications but someone had already been appointed to that post.

Vassiliou then tried to secure the Health Ministry for his wife, claiming that the United Democrats could not participate in a cabinet that included a former coupist like Solomis. Clerides agreed to replace Solomis but would not appoint Mrs Vassiliou. The United Democrats therefore proposed the appointment of Frixos Savvides, which Clerides approved.


_ claimed that the Oslo agreement between Israel and the Palestinians would be adopted in the case of Cyprus. In the agreement, Israel had recognised the autonomous Palestinian areas in the West Bank and Gaza Strip.

© Copyright Cyprus Mail 1999

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