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Cyprus News Agency: News in English, 09-02-13

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

From: The Cyprus News Agency at <>




    Cypriot Foreign Minister Markos Kyprianou has said that in the event Turkey raises any objections to Cyprus storing the cargo of the Cypriot flagged ship Monchegorsk it will have to come to a conflict with the Security Council, adding that Cyprus has fulfilled its obligations towards the United Nations.

    According to allegations, the Cypriot-flagged ship, which originated from Iran, was carrying arms and was forced by a US military vessel to anchor near Limassol port to have its cargo inspected, in order to establish whether there has been a breach of UN Security Council sanctions.

    Monchegorsk had been anchored near the port for the past two weeks. On Friday, the Cyprus government announced that it had decided to unload and store the ships cargo. A number of the ships containers, escorted by police, have already been transported to warehouses of the Cyprus National Guard, the Republics armed forces.


    Cyprus will issue possibly within the fist half of 2009 one billion euro bond on international markets, Finance Minister Charilaos Stavrakis has said.

    ``We are at the final stage of preparations for a one billion euro bond issue abroad which will be addressed to foreign investors,`` he told reporters with regard to a working lunch he had with Central Bank Governor Athanasios Orphanides.

    This bond, he added, ``will help in the better planning of the financing needs of the government over the next five years.`` Replying to a question, Stavrakis acknowledged that ``this is the worst possible period for a government to raise capital in this unprecedented climate of uncertainty,`` adding ``we feel that Cyprus has excellent financial indices both regarding public debt and growth rate.``


    Cyprus recorded during the fourth quarter of 2008 the biggest growth rate among the EU member-states (countries for which Eurostat has available data), according to a flash estimate released by Eurostat, the EU`s statistical service.

    In a time of economic slowdown amid the global financial crisis, the Cypriot GDP grew by 0.6%, followed by Greece with 0.3% and Finland with a borderline 0.1% growth rate. The Euro area GDP declined by 1.5% in 2008 Q4 compared with Q3, with Germany recording the biggest decline by 2.1% followed by Portugal with 2% and Italy with 1.8%.

    Meanwhile, Cyprus GDP growth rate for 2008 is estimated at 3.7%, according to a flash estimate released today by Cyprus Statistical Service. The fourth quarter`s growth rate is estimated at 3% compared with the fourth quarter of 2007. However, Cyprus` GDP presents a gradual yet slow decline since in Q1 2008 was 4.3%, in Q2 3.9% and in Q3 3.5%, compared to the corresponding periods of 2007.

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