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Cyprus News Agency: News in English, 13-04-30

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

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


CONTENTS

  • [01] British MP calls for more trade with Cyprus London
  • [02] Exit from euro area entails political and financial risks, says

    government


  • [01] British MP calls for more trade with Cyprus London

    British MP Mike Freer has written to a government Minister asking that more effort is made to support Cyprus through bilateral trade with the UK. The letter, sent to Business Minister Lord Green, has called for action in conjunction with the National Federation of Cypriots.

    Speaking from the House of Commons, Mike Freer said that "it's vital that the UK Government does everything it can to support Cyprus with its economic challenges. Working to increase trade between our islands will benefit both economies and so needs to be a Government priority. " UK Trade & Investment currently works with British organisations to facilitate trade with foreign companies.

    A meeting is being planned between senior representatives of UKTI, the Department of Business, Innovation and Skills and Mike Freer MP with other politicians to agree a plan of action.

    [02] Exit from euro area entails political and financial risks, says government

    A potential exit of Cyprus from the euro zone would entail both political and economic dangers for the country, Government Spokesman Christos Stylianides has warned.

    The warning, included in a written statement issued on Monday, came on the eve of a House debate on a memorandum of understanding the government has concluded with its international lenders and amid calls from some political parties to exit the euro zone.

    The Spokesman pointed out that for small economies which are non - export oriented any kind of currency devaluation would not offer any advantages which it might have offered under different circumstances.

    This is the reason that the Republic of Cyprus never devalued the Cyprus pound apart from a specific time during the 70s when the currency was connected to the British pound and the devaluation was imposed by necessity, the Cypriot Spokesman explained.

    Exiting the euro area, under the current circumstances, and the adoption of an obviously weaker currency would create greater problems in the financial sector, he noted. Inevitably, he continued, this would lead to uncontrollable capital outflows at a moment when the banking sector's stabilization is a key objective.

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