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Cyprus News Agency: News in English, 13-03-26

Cyprus News Agency: News in English Directory - Previous Article - Next Article

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


CONTENTS

  • [01] Barroso announces Task Force for technical assistance to Cyprus
  • [02] Foreign Minister: We have avoided bankruptcy
  • [03] Energy Minister: Natural gas a great prospect for the future
  • [04] Archbishop: Those responsible for crisis should be punished
  • [05] Cyprus Stock Exchange extends suspension of trading

  • [01] Barroso announces Task Force for technical assistance to Cyprus

    European Commission President José Manuel Barroso has stressed that the agreement reached by Eurogroup on a programme for Cyprus, "if properly implemented, will restore the viability of the Cypriot economy".

    At the same time he announced the set up of a Task Force for Cyprus, based in Brussels, to provide technical assistance to the Cypriot authorities.

    Barroso said that the European Commission has worked intensively to make this deal possible, having in mind the interests of the people of Cyprus throughout the whole process that started as early as 2011.

    [02] Foreign Minister: We have avoided bankruptcy

    Minister of Foreign Affairs Ioannis Kasoulides said that with the decision taken by Eurogroup, Cyprus has avoided bankruptcy and economic stagnation and there has been an end to a pending situation that paralyzed the economy.

    He noted that President of the Republic Nicos Anastasiades succeeded in reducing the Bank of Cyprus recapitalization from 12% to 9%.

    In statements after the parade held here Monday in the framework of celebrations for the anniversary of the 1821 Greek revolution against the Ottoman Empire, Kasoulides said he felt both relieved that an agreement has been achieved for a Cyprus bailout, and therefore there will be no bankruptcy and economic stagnation but also sad that a large commercial bank is heading towards reconstruction.

    [03] Energy Minister: Natural gas a great prospect for the future

    Minister of Energy, Commerce, Industry and Tourism George Lakkotripis said on Monday that natural gas was a great prospect for the future of Cyprus.

    He also assured that no planning will change concerning the exploitation of the energy resources of Cyprus.

    In statements to the Press on the occasion of the national anniversary of the 25th of March, Lakkotripis said that natural gas is a great prospect for the future of Cyprus and we must all behave responsible and examine all those moves that would bring better days to the country.

    [04] Archbishop: Those responsible for crisis should be punished

    Archbishop of the Church of Cyprus Chrysostomos II said on Monday that those responsible for the financial crisis in Cyprus should be punished.

    He also assured that the Church will stand by the people in these difficult times for the country.

    In statements to the Press on the occasion of the national anniversary of the 25th of March, Chrysostomos was asked about the agreement reached by Eurogroup with the Cypriot authorities and if it is better than the last one. He said that the new agreement is better.

    [05] Cyprus Stock Exchange extends suspension of trading

    Cyprus' Stock Exchange announced on Tuesday its decision to extend the suspension of trading for Tuesday and Wednesday to ensure "the proper functioning of the Stock Market and to protect investors."

    "The Cyprus Stock Exchange (CSE) further to the announcement dated 19 March 2013, announces that by a decision of the Chairman of the Council and the Director General- CEO of the CSE, taken in accordance with Article 183 of the Securities and Stock Exchange Law, which was ratified by the Council of the Stock Exchange in today's extraordinary meeting in accordance with Article 184 of the Law and in view of the developments in the economy and the continuation of the bank holiday, the suspension of trading of all securities listed on the Stock Exchange is extended for the purpose of ensuring the proper functioning of the Stock Market and to protect investors," the CSE said in a press release.

    The Central Bank announced late Monday its decision to extend a bank holiday on Tuesday and Wednesday following a decision taken by the Eurogroup to resolve the Cyprus Popular Bank whose good part will be folded in Bank of Cyprus. The latter will be recapitalized through a deposit/equity conversion.


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