Cyprus News Agency: News in English, 10-07-23

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

CONTENTS

[01] MINISTRY OF FINANCE - STRESS TESTS - ANNOUNCEMENT - CYPRIOT BANKS

[02] RUSSIAN FM CYPRUS ISSUE PRESIDENTS PROPOSALS

[03] PRESIDENT CYPRUS ISSUE TURKEY

[04] TURKISH OCCUPIED MUNICIPALITIES PETITION

[01] MINISTRY OF FINANCE - STRESS TESTS - ANNOUNCEMENT - CYPRIOT BANKS

The test will contribute substantially to the enhancement of transparency in the banking system, contributing positively towards strengthening of the conditions of financial stability, the Ministry says.

In an announcement issued Friday, it is said that the particular objective of the EU-wide stress test, which covered 91 credit institutions, was to assess the resilience of the European banking system to possible adverse economic developments in the period 2010-2011.

"The results of the stress tests in relation to the two participating Cypriot banks (Bank of Cyprus, Marfin Popular Bank) are positive, showing the resilience of the Cypriot banking system to withstand possible negative shocks", it says.

It is pointed out that the results of the stress tests should not be considered as representative of the current situation of the European and Cypriot banking system and their possible present capital needs. A stress testing exercise does not provide forecasts of expected outcomes since the adverse scenarios are designed as "what-if" scenarios reflecting extreme assumptions, which are therefore not very likely to materialize.

The scenarios included a fall of GDP by 3%-points in the EU as compared to the forecasts of the European Commission for the years 2010 and 2011 as well as a deterioration in the markets of Government bonds worse than the situation that was observed at the beginning of May 2010.

[02] RUSSIAN FM CYPRUS ISSUE PRESIDENTS PROPOSALS

Russian Foreign Ministry Spokesman Andrei Nesterenko has stated that Moscow believes that ``the proposals announced by the President of the Republic of Cyprus are a very important step towards finding a mutually acceptable solution through the intercommunal negotiations``.

Ambassador Nesterenko also reassured that Moscow firmly supports a settlement, providing for a viable solution, based on a mutual agreement between the Greek Cypriot and the Turkish Cypriot communities.

[03] PRESIDENT CYPRUS ISSUE TURKEY

Addressing Thursday evening an anti-occupation event organised by the Turkish occupied municipalities of Kyrenia, Lapithos and Karavas, the President reassured that `` the Greek Cypriot community will continue to sincerely pursue a settlement, providing for a bi- zonal , bi-communal federation with political equality, as defined in UN resolutions, safeguarding the unity of the state.

``This is the historical compromise of the Greek Cypriots `` he said, adding that ``a bi-zonal , bi-communal federation solution will protect us against division and division means destruction.``

The President`s speech was delivered by the Minister of Justice and Public Order Loukas Louka.

[04] TURKISH OCCUPIED MUNICIPALITIES PETITION

They also declared the determination of the refugees to continue their struggle against the occupation until the reunification of Cyprus.

Mayor of Lapithos Athos Eleftheriou said thirty-six years after the Turkish invasion and the continuous occupation of 37% of the territory of the Republic of Cyprus, we, the Greek-Cypriots, the legitimate residents of the city and district of Kyrenia, declare that we will continue our struggle against the occupation and will strengthen by all means the efforts of our political leadership for the freedom of our homeland.

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