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Cyprus News Agency: News in English, 13-03-28

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

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


CONTENTS

  • [01] MF: Cypriot bailout difficult for the Cypriot people, but will

    result in sustainable growth

  • [02] Archbishop Demetrios holds telephone conversation with President

    Anastasiades

  • [03] Hezbollah operative receives four-year sentence
  • [04] Special Administrators should comply with all CSE rules says CySEC

  • [01] MF: Cypriot bailout difficult for the Cypriot people, but will result in sustainable growth

    The International Monetary Fund said on Thursday that the adjustment of the Cypriot economy following a downsizing of the Cypriot banking sector as part of a 10 billion assistance package will be a difficult process for the Cypriot people, noting however that it will result in a sustainable economic model.

    Last Sunday the Euro zone Finance Ministers and the IMF agreed on a 10 billion financial assistance package after the Cypriot authorities agreed to wind down Cyprus Popular Bank (CPB), the island's second largest lender, and the restructuring of Bank of Cyprus (BOCY), Cyprus biggest bank, after imposing losses on deposits above €100,000. This will shrink the island's large banking sector, resulting in deeper recession. Excluded from the international markets, Cyprus applied for financial assistance last June after BOCY and CPB sought state aid following massive write-downs of the Greek bond holdings amounting to €4.5 billion as a result of the Greek sovereign debt haircut.

    "It is a durable solution, it has the things IMF was looking for. It resolves the insolvent banks issue, it addresses the sustainability issues, includes the full financing of the program, it protects insured depositors and has the lease cost possible for the taxpayers, both in Cyprus and Europe," IMF spokesman Gerry Rice said, invited to comment on the agreement on the Cyprus financial assistance package.

    [02] Archbishop Demetrios holds telephone conversation with President Anastasiades

    Archbishop Demetrios of America held a telephone conversation with President of the Republic Nicos Anastasiades on Wednesday to express the vigilance, support and solidarity of the overseas Greeks and Cypriots in the light of the recent Eurogroup decision for Cyprus.

    President Anastasiades reaffirmed that Cyprus will fight and overcome the difficulties and thanked the Archbishop and all the Greeks and Cypriots abroad for their solidarity.

    Archbishop Demetrios is going to convene a meeting next week with officials from various Greek-American and Cypriot American organizations in order to share and coordinate ideas and initiatives for the benefit of the People of the Republic of Cyprus.

    [03] Hezbollah operative receives four-year sentence

    Limassol Assize Court sentenced on Thursday a Hezbollah operative, who was convicted on March 22 on five counts, including participating in a criminal organization, two of agreeing to commit a crime and of legislative revenue from ill-gotten gains by a criminal organization, to a four year sentence.

    Twenty-four year-old Hossam Taleb Yaacoub had been arrested in the summer of 2012, after the police received information on a plot to perform a terrorist act in Cyprus against Israeli interests.

    He had pleaded not guilty on all counts but admitted he was a member of Hezbollah.

    [04] Special Administrators should comply with all CSE rules says CySEC

    The special administrators appointed to oversee the restructuring of Cyprus Popular Bank and Bank of Cyprus should comply with all obligations stemming from the Cyprus Stock Exchange, Demetra Kalogirou, Chairman of the Cyprus Securities and Exchange Commission has said.

    Speaking to CNA, Kalogirou said she met with the Special Administrators for CPB and BOCY, Ntinos Christofides and Antri Antoniou respectively, whom she told that the two banks which will undergo a restructuring process, continue to be listed companies and that they should continue to comply with the obligations of all companies listed to the CSE.

    "The Special Administrators have the powers of the Board of Directors and manage the banks," she said, adding that "all obligations applying to listed companies should be met even if the trading of their stocks has been suspended."


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