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Cyprus News Agency: News in English, 10-01-28

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

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


CONTENTS

  • [01] GOVERNMENT UNSG VISIT
  • [02] UN SECRETARY GENERAL - CYPRUS - VISIT
  • [03] CYPRUS EURO BONDS
  • [04] CYPRUS ESI

  • [01] GOVERNMENT UNSG VISIT

    The government of Cyprus has welcomed UN Secretary Generals decision to visit Cyprus 31 January 2 February, 2010.

    In statements Thursday to the press, Government Spokesman Stephanos Stephanou stressed that the Greek Cypriot side wants and seeks to exploit UNSGs presence here to promote efforts towards a solution.

    President of the Republic of Cyprus Demetris Christofias and the government welcome the UN Secretary General to Cyprus, he said.

    Stephanou reiterated that the solution of the Cyprus problem must be based on the UN relevant resolutions, the principles of international and European law, as well as on the High Level Agreements 1977 and 1979 which provide for a bizonal, bicommunal federation.

    The government, he stressed, wants UN involvement in efforts to reach a solution in Cyprus.

    The ongoing Cyprus negotiations are taking place within the UN framework and on the basis of the UN resolutions, Stephanou said.

    The Spokesman went on to add that the government wants the implementation of the UN resolutions on Cyprus and UN assistance so that a solution is reached on the island.

    Asked whether the government is concerned about the possibility that the UN might exert pressure on the Greek Cypriot side, he replied: we are not concerned, since we have clear positions as regards the procedure and the role undertaken by those involved.

    He pointed out that Cypriots are the ones who decide on the framework of the solution while the UN role is to support those efforts on a correct basis.

    Stephanou noted that Ban Ki moons upcoming visit to Cyprus proves that the achievement of a political solution in Cyprus constitutes a high priority for the UN.

    He also expressed the view that UNSGs visit to Cyprus is taking place at a period of increased international interest in Cyprus, adding that the policy followed by President Christofias on the Cyprus problem has yielded results.

    As a result of the Presidents policy on the Cyprus problem, there is international movement and interest in Cyprus, he concluded.

    Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third.

    President Christofias and Turkish Cypriot leader Mehmet Ali Talat have been engaged in UN-led direct negotiations since September 2008, with an aim to reunify the island.

    [02] UN SECRETARY GENERAL - CYPRUS - VISIT

    UN Secretary General Ban Ki Moon has decided to visit Cyprus from January 31 to February 2 for discussions with the leaders of the two communities and his Special Adviser Alexander Downer, focusing on the state of progress in the talks for a Cyprus settlement.

    In a statement, the UN chief`s Spokesperson said that Ban Ki Moon spoke on Wednesday with Downer ``regarding the intensive talks currently underway between the Greek Cypriot and Turkish Cypriot leaders.``

    [03] CYPRUS EURO BONDS

    Cyprus has successfully concluded its 10-year euro bond issue, raising 1 billion euro, thus covering its financing needs until November 2010. No further issues are expected for this year.

    The issue will expire in February 2020. The bonds will be listed on the London Stock Exchange.

    Finance Minister Charilaos Stavrakis said during a press conference held Thursday in Nicosia, that euro bond is issued at a coupon rate of 4.625% for 10 years, or at 125 basis points spread. The yield for investors reaches 4.683%. Cyprus has the option to turn the rate to convertible at its discretion.

    This is a great success, Stavrakis said pointing out that the tough market conditions and the widening of spreads for Greece should be taken into consideration. Stavrakis also made a comparison with Ireland, which enjoys a better rating than Cyprus, and concluded its 10 year bond issue at a spread of 150 points.

    This is a vote of confidence in Cyprus economy, Stavrakis said.

    [04] CYPRUS ESI

    The economic sentiment in Cyprus for January showed a slight increase, a monthly report released by the European Commission says.

    According to the monthly Economic Sentiment Indicator (ESI), which records the trends in various business sectors, as well as the consumers, the economic sentiment in Cyprus for January rose slightly to 80 units from 79.7 in December.

    Economic sentiment in the Euro area rose to 95.7 units from 94.1 in December whereas the same index for the whole of the European Union (EU27) rose to 97.1 from 95.0 units in December.

    The sentiment in the services sector in Cyprus rose from -10 in December to -8 in January, while retail trade rose from -28 units to -26. A similar improvement was recorded in the consumer sentiment. Expectations in the industrial sector remained unchanged in -13 units.


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