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Cyprus News Agency: News in English, 08-01-29

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

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


CONTENTS

  • [01] CYPRIOT FM - ENLARGEMENT COMMISSIONER
  • [02] CYPRIOT ECONOMY - SUBPRIME CRISIS

  • [01] CYPRIOT FM - ENLARGEMENT COMMISSIONER

    The Cyprus problem, the funding regulation for the Turkish Cypriots and Kosovo were the main issues discussed during a meeting in Brussels between Cypriot Minister of Foreign Affairs Erato Kozakou Marcoullis and Enlargement Commissioner Olli Rehn.

    During the meeting, Marcoullis expressed Cyprus` readiness to begin implementing the 8 July 2006 agreement, after the presidential elections on the island.

    She noted that the 8 July agreement and the Gambari process had already been adopted by the UN Security Council, the European Council of December 2007 and the General Affairs Council on Monday, in the framework of adopting the reviewed partnership agreement between EU and Turkey.

    Marcoullis said Turkey should be influenced towards implementing the agreement and the process, adding that the EU`s role was important in order to secure that what is agreed on would be in line with the acquis communautaire and EU principles.

    According to Marcoullis, Rehn expressed the Commission`s readiness to contribute towards the commencement of the process after the presidential elections, the first round of which will be held on February 17 and the second on February 24.

    He pointed out the importance of the agreement to be based on EU principles, adding that the Commission was ready to play a part in the process, although the Cyprus problem should remain within the UN framework.

    [02] CYPRIOT ECONOMY - SUBPRIME CRISIS

    Cyprus Central Bank Governor Athanasios Orphanides said on Tuesday that the subprime crisis in the US market is not expected to have any serious impact on the Cypriot economy, while Finance Minister Michalis Sarris reiterated that he expects economic growth around 4.0% for 2008, compared to 4.4% for 2007.

    ``We expect a slowdown in the Euroarea, compared to our forecasts,`` Orphanides said, adding, ``at the moment we do not have particular concerns regarding our growth.``

    He clarified that a slowdown after very good forecasts for the Euroarea is not something which should concern Cyprus,`` adding however ``the main concern is the inflation tendencies, largely due to the oil prices and particularly whether these inflation tendencies will be consolidated this year.``

    Regarding the crisis in the stock markets, Orphanides said, Given the situation we do not predict any serious impact on the Cypriot market.``

    On his part, Sarris referred to the growth rate of 4.4% achieved by Cyprus in 2007 whereas in 2006 the growth rate reached 4%.

    ``And even if, as the Governor pointed out, (the economy) is affected in 2008, we have strengthened the economy so that it will remain at these level,`` he added.


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