Cyprus News Agency: News in English, 11-02-24

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

CONTENTS

[01] HOUSE RESOLUTION MIDDLE EAST

[02] MOODYS DOWNGRADES CYPRUS CREDIT RATING

[01] HOUSE RESOLUTION MIDDLE EAST

In a resolution that was unanimously approved on Thursday, the House urges all sides to proceed with a peace dialogue that will fully respect human rights, as they are secured in relevant international conventions.

In its resolution, the House notes that it is closely monitoring the clashes and conflicts in the Middle East, and especially the situation as it is developing in Libya. It supports the inalienable right of peoples to demonstrate their will, being an inextricable characteristic of democracy and pointing out that violence is not the answer to demonstrations but deteriorates any volatile situation, causing retaliation and human lives, it says. The House notes that, bearing in mind the troubled history of the Middle East, which has marked the peoples of the area, it unanimously and strongly condemns the violence against demonstrators in the entire Middle East and especially the armed violence against the demonstrators in Libya, which has resulted in so many victims.

It also supports the right of peoples to demonstrate their will, as an absolute human right, and urges all sides to a peaceful dialogue, with full respect to human rights, as these are secured in the relevant international conventions, and welcomes the decision of the UN Human Rights Council to convene an extraordinary session for the developments in Libya, as well as the statement of the UN Secretary General over the readiness of the organisation to help the peoples of the region meet to the challenges of this transitional stage.

[02] MOODYS DOWNGRADES CYPRUS CREDIT RATING

As the agency notes, the main reasons which led to that decision are mainly relating to the large size of the financial sector in Cyprus and its significant exposure to the Greek market.

Also, the agency cites the chronic fiscal problems faced by the Cypriot economy, such as the very high state payroll. At the same time, it points out the fiscal improvement which has been recorded in Cyprus in 2010.

The Ministry of Finance says that the Government believes that Cyprus banking system remains robust and that the recent successful capital increase by the two largest banks will greatly enhance their capital adequacy.

It also notes that the Government remains committed to meet the deficit goal below 3% in 2012 as agreed with the EU.

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