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Cyprus News Agency: News in English, 09-05-05

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From: The Cyprus News Agency at <>




    Cyprus Central Bank Governor and ECB member Athanasios Orphanides has warned about a deterioration of financial activity in Cyprus in the second half of 2009. ``We must be prepared for a deterioration of the financial activity in Cyprus in the second half of 2009 since this is shown in the recent forecasts from various organizations,`` Orphanides told a press conference for the Central Bank`s 2009 annual report. He explained that Cyprus was able to face the shocks of the global financial crisis due to 2007 significant fiscal surplus and Cyprus` accession to the Euro area in January 1 2008.

    With regard to the European Commission`s revised forecasts released yesterday, showing Cyprus having below 1% of GDP growth for 2009 and 2010, Orphanides said these forecasts should be seen from a positive view. ``When we compare this (Cyprus` figures) with what is happening around us, what happens in the Euroarea we should feel very well on how firm has the Cypriot economy stood so far.`` The Commission announced its revised forecasts projecting Cyprus as the only member-state with a borderline GDP growth in 2009 (0.3%) as opposed to the 4.0 decline in the Euroarea and as one of the three member-states which will not exceed the 3.0% fiscal deficit limit.

    The CB Governor said that the government, if it is considered necessary ``can take additional well-targeted and always temporary measures to prevent worse development in our economy.`` ``We must be careful so our moves will continue to be prudent regarding fiscal measures, because we must remember that we are facing a dreadful uncertainty in the global economy and we must be ready to face worse developments in our economy,`` Orphanides warned. Ophanides reiterated that Cyprus` banking system remains sound with the banks having adequate liquidity, adding however that this liquidity is not sufficient to justify immediate interest rates cuts. Regarding the Euro area, Orphanides said according to the forecasts he has, recovery in the Euroearea is expected to begin on a quarterly basis in 2010.


    The Chairman of the UN Committee on the Exercise of the Inalienable Rights of the Palestinian People, Paul Badji, has commended Cyprus for being chosen to host the UN International Meeting in Support of Israeli-Palestinian Peace, on 6-7 May. ``Cyprus is not only is an active member of the Committee but contributes significantly to peace in the region, through its good relations with the Arab world, its geographical position and as a member of the European Union,`` he noted. The theme of the meeting is Action by European, Arab and other parliamentarians and their umbrella organizations for Israeli-Palestinian peace.

    Badji was speaking to journalists after a meeting he had with the Chairman of the House Committee on Foreign Affairs Averof Neophytou, accompanied by Permanent Observer of Palestine to the United Nations, Riyad Mansour. Mansour said that after the Gaza war, there is a lot of frustration among the Arab countries for this long-lasting conflict of Israel with Palestine. Both Badji and Mansour stressed that the objective of the International Meeting in Cyprus is to emphasize the important role played by national parliaments and inter-parliamentary organisations in shaping public opinion, formulating policy guidelines and upholding international legitimacy in support of a comprehensive, just and lasting settlement of the question of Palestine.

    Neophytou said the Middle East problem creates not only turmoil in the relations between Israel and Arabs but in the whole region as well. The opening session of the meeting will be held in Nicosia and will be opened by Marios Garoyian, President of the House of Representatives. Presidential Commissioner George Iacovou will also address the opening session on behalf of the Cypriot government. A representative of the UN Secretary General Ban Ki-moon will deliver a message from the SG.


    The European Commission Representation in Cyprus, in cooperation with the European Parliament Office here, the Press and Information Office, Nicosia Municipality and the Police Traffic Department of Nicosia, is planning a series of events to celebrate Europe Day, on Saturday, May 9, in one of the capitals main streets. The celebrations will start at midday. The programme includes live Greek music, jazz music, traditional and contemporary dances.

    EU Health Commissioner Androulla Vassiliou will address the celebrations. On Friday evening, eve of Europe Day, Cyprus President Demetris Christofias, EU Health Commissioner Androulla Vassiliou, the Head of the European Commission Representation in Cyprus Androulla Kaminara, the Head of the European Parliament Office in Cyprus Tasos Georgiou will speak at an official reception about the celebrations for the Europe Day.

    At the reception, two choirs comprising students from a Greek Cypriot and a Turkish Cypriot school will sing in both Greek and Turkish.

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