Cyprus News Agency: News in English, 12-04-27

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

CONTENTS

[01] President: Turkey hindering Cyprus` progress

[02] Cyprus protests drilling in occupied areas to UN and EU

[03] Andorra looks forward to the support of the Cypriot EU presidency

[04] Government plans to tackle challenges in the banking sector

[01] President: Turkey hindering Cyprus` progress

In an address at the 23rd Annual General Assembly of the Cyprus Shipping Chamber, in Limassol, which was read out by Minister of Communications and Works Efthymios Flourentzou, President Christofias expressed optimism regarding the economy, saying that the prospects were positive, and also said he was certain that Cyprus` shipping industry would have a bright future.

President Christofias noted that Cyprus has become established as a global shipping power and that the government`s aim was to provide incentives in order to improve Cyprus` outstanding position.

Regarding piracy, President Christofias said the Council of Ministers had already approved a bill that has been tabled at the House of Representatives, which would address the problem.

He called on Turkey to meet its obligations towards the EU and Cyprus in order to proceed with its EU accession negotiations.

The President pointed out that this would greatly assist in improving the climate at talks for a solution of the Cyprus problem and would create prospects for a comprehensive settlement.

President Christofias also referred to the new tax system, which he described as ``an important development,`` noting that it was yet another measure to boost Cyprus` shipping and subsequently its economy.

He sent a message of optimism regarding the economy, saying that, ``although we are going through a tough period, as is the rest of Europe,`` the prospects for Cyprus` economy were ``positive.``

Cyprus has one of the largest fleets worldwide and its shipping industry is a source of income to the local economy. Cyprus, which joined the EU in 2004, has been divided since 1974, when Turkey invaded and occupied its northern third. UN-led talks are currently underway with an aim to reunify the island.

[02] Cyprus protests drilling in occupied areas to UN and EU

Minister of Foreign Affairs Erato Kozakou Markoullis said on Friday she is going to send letters of protest to the five permanent members of the UN Security Council and the EU member states about the illegal drilling for hydrocarbons in the Turkish occupied area of Famagusta, on the eastern part of the island.

Speaking to the press, Markoullis said the government will point out to the UN and the EU that the drilling is illegal, it violates the Republic's sovereign rights and it will also have consequences on Turkey's European course.

On Thursday the Turkish Petroleum Corporation (TPAO) began drilling for hydrocarbons in the occupied area of Famagusta in the framework of an illegal "bilateral agreement" Turkey has signed with the illegal Turkish Cypriot regime in the occupied areas.

[03] Andorra looks forward to the support of the Cypriot EU presidency

Furthermore he expressed support towards Cyprus' struggle for justice, saying that the relevant European Court of Human Rights (ECHR) decisions on Cyprus must be executed by Turkey. Andorra will assume the presidency of the Committee of Ministers of the Council of Europe between November 2012 - May 2013.

"We have talked about the specific situation of Andorra and its approach to the EU. We are facing now a movement of approximation to Europe for which we count on the support of Cyprus", he said.

The Foreign Minister of Andorra said they reviewed the Cyprus problem, noting that Andorra has always been committed to the implementation of ECHR decisions.

In his statements, Omirou said that Andorra can count on the support of the Cypriot EU presidency as regards Andorra`s goals to improve and further develop its relations with the EU.

[04] Government plans to tackle challenges in the banking sector

The Ministry notes that the banking system in Cyprus is at a critical turning point and facing the challenge of covering of the capital deficit created by the possession of Greek government bonds.

According to the Ministry of Finance, the policy of the government, which is in a continuous consultation with the Central Bank of Cyprus, is based on three pillars: to monitor and support the initiatives and efforts of banks to raise private funds, to intervene, if necessary, with a view to enhance financial stability and confidence and to minimize the overall cost to the economy.

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