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Cyprus Mail: Press Review in English, 99-09-29

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From: The Cyprus Mail at <>

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Wednesday, September 29, 1999


Job Centre



/ Brokers at war with the Stock Exchange


THE FALL-OUT between the Cyprus Stock Exchange Council and brokerage firms was given great prominence as were the ongoing diplomatic moves with regard to the Cyprus problem.


_ reported that a clash between the CSE council and stockbrokers had been sparked by the President of the former, Dinos Papadopoulos, who said that the closure of the exchange could be extended. What particularly angered brokers was his threat allow ordinary people to buy and sell shares, thus opening up the closed shop enjoyed by brokerage firms.

Stockbrokers claimed that allowing transactions to be carried out outside the Stock Exchange would destroy the institution and create a black market. They described Papadopoulos' threat to impose fines against brokerages amounting to two million pounds as vindictive, and slammed him for urging investors to take legal action against stockbrokers.


_ reported that the Stock Exchange was certain to open on Monday. However, Papadopoulos had noted that on Thursday the CSE Council would announce the names of the brokerage firms that would not be allowed to trade, so that the interests of investors were protected. The firms that will be suspended are those which have still not cleared their backlog of work.

The Council will go ahead with its decision to fine stockbrokers 30 pounds a day for every day they delayed to submit transactions. He laid responsibility for the delays in the issuing of title deeds on the stockbrokers who had only recently forwarded the paperwork to public companies. Papadopoulos also conceded that the backlog problem had not been resolved despite the closure of the CSE.


_ said that the United States had worked very hard to prepare for President Clinton's meeting with Turkey's Prime Minister Bulent Ecevit and hoped this would yield results. The US and the Greek side saw the meeting as the key to Cyprus progress. The Turkish side, however, had avoided linking the Clinton-Ecevit meeting that was to have taken place last night to the Cyprus peace efforts.


_ said that Ankara was at pains to play down the optimism cultivated by the Americans. Before even arriving in the US for his meeting, Ecevit had attempted to banish the Cyprus issue from the agenda of his discussions with Clinton.

During a stopover in Brussels, Ecevit had "provocatively" said that the Cyprus problem had been resolved and that he did not expect Turkey to come under any pressure from the US. Those who believed the problem still existed should appeal to the two communities, he said. As regards the upgrading of Turkey's status in relation to the EU, he said he was not concerned as it would be the EU which would be knocking at Turkey's door in the future.


_ predicted that Clinton and Ecevit were to discuss a Cyprus settlement at last night's meeting. According to diplomatic sources, the US hoped that the meeting would pave the way for the implementation of the plans it had formulated for Cyprus and Turkey's EU accession course. The US was trying to link the Cyprus problem with Turkey's EU accession course, which was why Ankara was trying separating the two issues.


_ reported that the United States had adopted a suggestion by British envoy Sir David Hannay for getting round the thorny issue of a rotating presidency in Cyprus. Sir David had suggested a change in the constitution so that a prime minister would have executive power, while the president would just be a figurehead.

© Copyright Cyprus Mail 1999

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