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Cyprus News Agency: News in English, 08-09-22

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

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


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.


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