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Cyprus News Agency: News in English, 10-04-28

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From: The Cyprus News Agency at <>




    The government is not in favor of Greek Cypriots resorting to the self - styled, so-called immovable property commission (IPC), set up in the Turkish occupied areas of Cyprus, which calls on Greek Cypriots to address themselves to this commission if they want to claim their occupied properties.

    This was stated Wednesday by Government Spokesman Stephanos Stephanou after the conclusion of the third day of the National Councils meeting, which was informed by Attorney General Petros Clerides about the recent European Court of Human Rights (ECHR)ruling that the IPC constitutes an effective domestic remedy.

    The members of the National Council, top advisory body to the Cypriot President in the handling of the Cyprus issue, expressed their views and asked more clarifications from Clerides on the issue.

    The dialogue followed at the National Council was very constructive, according to Stephanou.

    The government does not favor the resort to the so called commission, especially now during the negotiations process, he stressed.

    The Spokesman said that the property issue will not be solved in the courts, it will be solved on the negotiating table for a Cyprus solution.

    The ECHR decision, he went on to add, does not influence the political and legal arguments, which support the positions of the government submitted on the negotiating table regarding the properties issue.

    According to the decision of the Courts Grand Chamber on the 5th of March 2010, Greek Cypriots must first exhaust domestic remedies before resorting to the ECHR in cases regarding violation of their human rights by Turkey, which, since 1974, occupies 37% of Cyprus territory.

    The Courts decision on the application Demopoulos vs Turkey and 7 others is final and not subject to any appeal to either the Court or any other body.

    In its first reaction after the Court`s ruling, the government of Cyprus described this decision as wrong.


    The attraction of Foreign Direct Investments (FDI) could tackle the growth weaknesses of the economy, Cyprus President Demetris Christofias said on Wednesday.

    ``The attraction of foreign corporate capital, mainly for direct investments could play an important role in the effort to face the growth weaknesses of the economy and the restructuring of the productivity so that (the economy) it would become more competitive to the ever changing international economic conditions,`` President Christofias said addressing the Cyprus Investment Promotion Agency (CIPA) General Assembly.

    Cyprus saw its economy contract by 1.7 in 2009 per cent due to the global financial crisis. For 2010, the Cypriot Stability Plan projects a 0.5% growth rate and a gradual recovery to 3% by 2013.

    ``We will do our utmost to make sure that the current crisis will affect us to the smallest possible extent,`` the President noted, assuring that ``the government is at constant vigilance, primarily as far the public finances are concerned.``


    Cypriot Minister of Finance Charilaos Stavrakis has said that Cyprus is ready to offer financial aid to Greece, of around 60 million euro.

    In statements Wednesday, the Minister said that Cyprus is ready to offer the above amount in the framework of the economic aid plan of the EU and the International Monetary Fund, for Greece.

    ``At this stage, it seems that the amount which corresponds to Cyprus is 60 million euro as a three year loan with an interest of 5%``, Stavrakis said.

    He clarified that this loan does not seem to have any influence on Cyprus fiscal deficit, adding that it will just affect public debt, which is estimated to be increased through this loan by approximately 0,4%. Stavrakis said that it is Cyprus duty to help Greece during this difficult time.

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