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Cyprus News Agency: News in English, 13-04-26

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

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


CONTENTS

  • [01] Cyprus 2012 fiscal deficit reached 6.3% GDP
  • [02] Cyprus Shipping Council aims at steady course through stormy waters
  • [03] Commission proposes to improve application of workers' rights to

    free movement


  • [01] Cyprus 2012 fiscal deficit reached 6.3% GDP

    Cyprus` fiscal deficit in 2012 reached 6.3% of GDP or €1.127,3 million, data released today by Cyprus Statistical Service show.

    Total public sector expenditure in 2012 increased marginally by 0.1% and total revenue by 0.2% as compared to the previous year.

    According to the preliminary data of the General Government accounts for the period October-December 2012, the total revenue amounted to €2,037.6 million recording a 7.7% increase year on year.

    Total expenditure increased by 3.7% year on year reaching €2,576.1 million. Consequently, the deficit reached €538.5 million as compared to a €592.4 million deficit for the corresponding period of the previous year.

    [02] Cyprus Shipping Council aims at steady course through stormy waters

    The Cyprus Shipping Chamber (CSC) remains confident that Cyprus shipping will sail through the stormy waters with steady course, the CSC President Eugen Adami told the Chamber`s Annual General Meeting on Friday.

    This year's meeting takes place in adverse financial conditions, as Cyprus agreed on a €10 billion bailout by the EU and the IMF, on the condition that uninsured deposits (above €100,000) in Bank of Cyprus, the island's largest lender will participate in the bailout, while Cyprus Popular Bank, the second largest bank, will be wound down with its uninsured depositors estimated to suffer losses up to 80%.

    The decisions were accompanied with unprecedented restrictions on capital movement, which created problems to the operations on businesses including shipping.

    [03] Commission proposes to improve application of workers' rights to free movement

    The European Commission has today proposed measures to ensure the better application of EU law on people's right to work in another Member State and so make it easier for people to exercise their rights in practice.

    According to the Commission, currently there is a persistent problem with public and private employers` lack of awareness of EU rules, regardless of whether the national legislation is compliant or not. This lack of awareness or understanding of the rules is a major source of discrimination based on nationality, it notes.

    Furthermore, it underlines that people consider that they do not know where to turn to in the host Member State when faced with problems concerning their rights to free movement. The proposal aims to overcome these obstacles and to help to prevent discrimination against workers on the basis of nationality by proposing practical solutions


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