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Cyprus News Agency: News in English, 08-09-22
CONTENTS
[01] FINANCE MINISTER - WORLD ECONOMIC CRISIS
[02] CYPRUS - PAKISTAN - TERRORIST ATTACK
[01] FINANCE MINISTER - WORLD ECONOMIC CRISIS
Cyprpus` banking and financial system is sound and robust and faces no
danger from the international financial crisis, Finance Minister
Charilaos Stavrakis has said. Stavrakis chaired a meeting with local
financial regulatory authorities, to assess the size of Cypriot direct
investments in the high-risk investment products, which seem
responsible for the global financial crisis. Speaking to the press
after the meeting, Stavrakis said that Cypriot investments were limited
since banks had invested 15 million euro in high risk investment
products and another 2 million euro were invested by stockbroker
offices.
``There is no danger and no reason for concern as far as our financial
system is concerned, which remains robust and strong and is minimally
affected by the phenomena shaking the world economy,`` Stavrakis added.
The Finance Minister also said that more meetings will follow to assess
whether the international financial crisis will affect Cyprus economy
and namely, the rate of growth, inflation and employment.
The 2009 state budget forecasts growth rate of 3.7% of GDP, inflation
possibly lower than 3%. ``The Cypriot economy continues to show
encouraging signs and our aim is to maintain them in the best possible
way,`` Stavrakis said. Furthermore, Stavrakis said that no assessment
has been made so far regarding investments made by Cypriot pension
funds, which are under the authority of the Ministry of Labour and
Social Insurance.
[02] CYPRUS - PAKISTAN - TERRORIST ATTACK
The Republic of Cyprus has condemned the terrorist attack which took
place 20th of September in Pakistan. According to a press release
issued by the Foreign Ministry, the terrorist act repulses the
international community and aims to undermine the fundamental,
universal principles of respect for human life and coexistence.
The Ministry of Foreign Affairs unreservedly condemns the terrorist
attack which took place on 20 September at the Marriot Hotel, in
Islamabad, the press release adds. It notes that the government and the
people of Cyprus express their deepest and most sincere condolences to
the President, the government and the people of Pakistan for the loss
of so many innocent lives, as a result of the 20 September bomb
attack.
In its press release, the Foreign Ministry expresses Cyprus solidarity
with Pakistans efforts to combat terrorism. In these difficult moments
for Pakistan, Cyprus expresses its solidarity and sympathy to the
leadership of Pakistan in its struggle to eradicate the menace of
terrorism and reiterates the need for a more active involvement of the
international community in the fight against terrorism, the press
release concludes.
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