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Cyprus News Agency: News in English, 13-03-27

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

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


CONTENTS

  • [01] House President sends message of courage in trying times
  • [02] Commission: Cause of Cypriot crisis differs from Greece
  • [03] Labour Minister projects deeper recession, increased unemployment
  • [04] Swedish Foreign Minister to pay official visit to Cyprus
  • [05] UK Minister affirms no British rights over Cyprus' natural resources

  • [01] House President sends message of courage in trying times

    President of the House of Representatives Yiannakis Omirou has sent a message of courage and determination "in these dramatic times for Cyprus," noting that the people of Cyprus have gone through many ordeals but managed to survive.

    Omirou referred to the financial crisis and the developments that led the Republic of Cyprus to turn to the European Support Mechanism for assistance, noting that "we expected understanding and solidarity from our partners," especially since Cyprus` financial difficulties were mainly caused by a European decision concerning Greece.

    He pointed out that when Cyprus joined the Eurozone in 2008, it was deemed to be neither a tax nor a money laundering haven.

    [02] Commission: Cause of Cypriot crisis differs from Greece

    Commission Vice President Olli Rehn, through his spokesman, Simon O`Connor, arguing that the cases of Cyprus and Greece do not have common points, assures that there would not be a similar decision for Greece as there was for Cyprus.

    Replying to questions concerning remarks by Eurogroup President Jeroen Dijsselbloem that the decision on Cyprus could become a model for other Eurozone countries, O`Connor said the Greek crisis, unlike the Cypriot one, did not begin in the banking sector, which in Greece is much smaller, that is twice the size of the country`s GDP compared to the case of Cyprus where the banking sector is seven times its GDP.

    He said that another element was that Greece has significantly improved the supervision of its banks, thus securing careful administration.

    [03] Labour Minister projects deeper recession, increased unemployment

    Minister of Labour and Social Insurance Harris Georgiades projected an "even deeper recession" and increase in unemployment and announced that his Ministry will reconsider all social transfers and programmes in a bid to alleviate social consequences of the economic crisis.

    Georgiades chaired a meeting on Wednesday aiming at "coordination and mobilization to tackle the state of emergency in the most efficient way under the circumstances."

    The Cypriot economy is projected to shrink by 3.5% in 2013. However, a recent Eurogroup decision to impose losses on depositors of Bank of Cyprus, Cyprus largest lender, and for the winding down of the island's second bank, Cyprus Popular Bank, as a prerequisite for a 10 billion financial assistance package, is expected to dramatically shrink the island`s banking sector in what has been described as a shock to the economy.

    [04] Swedish Foreign Minister to pay official visit to Cyprus

    Swedish Minister for Foreign Affairs Carl Bildt will pay an official visit to Cyprus from March 27 to 29.

    During his visit, Bildt will be received by Cyprus President Nicos Anastasiades. He will also have a meeting with Foreign Minister Ioannis Kasoulides. Later on delegations of the two Ministries, under Bildt and Kasoulides, will hold official talks.

    Bildt and his entourage will leave Cyprus on Friday.

    [05] UK Minister affirms no British rights over Cyprus' natural resources

    The UK government has reserved the right to claim up to 12 nautical miles of territorial sea on behalf of the two British military bases in Cyprus, affirmed the Minister of State for Europe David Lidington. He also clarified that Britain should have no rights over the natural resources off the coast of the bases.

    Responding to a Conservative MP's written question on what assessment has been made by the Foreign Office on whether the UK's bases in Cyprus have a territorial water and a claim to a continental shelf, Mr Lidington referred to the Annex A of the 1960 treaty concerning the establishment of the Republic of Cyprus, which defines the adjacent territorial sea boundaries between the two base areas and Cyprus.

    "Presently, both sovereign base areas claim a territorial sea out to three nautical miles but we have reserved our rights to claim up to 12 nautical miles on their behalf, as provided for under the UN convention on the law of the sea", reads the minister's statement. His response also covered the second leg of the question regarding any intention by the UK government to make a submission to the Commission on the Limits of the Continental Shelf (CLCS).


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