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Cyprus News Agency: News in English, 10-06-16

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

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


CONTENTS

  • [01] COMMISSION - CYPRUS - DEFICIT
  • [02] EUROSTAT - INFLATION
  • [03] IFALPA - LARNACA
  • [04] CYPRIOT - ISSF - GOLD

  • [01] COMMISSION - CYPRUS - DEFICIT

    The European Commission concluded on Tuesday on the existence of excessive deficits in Cyprus, Denmark and Finland and recommended deadlines for their correction to the Council.

    In a press release, the Commission notes that, according to data notified by the Cypriot authorities in April 2010, the general government deficit in Cyprus reached 6.1% of GDP in 2009, while the government debt is expected to reach 62% of GDP in 2010, thus breaching the 60% reference value of the Treaty.

    While the deficit can be qualified as exceptional, as it results from a severe economic downturn, the excess over the reference value can neither be qualified as close to 3% of GDP or temporary, it says.

    The Commission recommends to the Council to set a deadline of 2012 for correction. In particular, Cyprus should reduce the 2010 deficit to below 6.0% of GDP and ensure an annual structural adjustment of 1.75% of GDP over the period 2010-2012.

    These steps, taken under Article 126(5-7) of the Treaty, represent the follow-up of the reports under Article 126(3) that the Commission presented on 12 May.

    Commissioner for Economic and Monetary Affairs Olli Rehn said ``the entry into the excessive deficit procedure of these countries, which until recently had surpluses, shows the severity of the economic and financial crisis we have gone through.``

    ``Part of the deterioration comes as a consequence of the stimulus measures taken under the European Economic Recovery Plan, which has been instrumental in containing the crisis. But now it is time to focus on returning to sound public finances. The need for fiscal consolidation varies per country, however, and the deadlines and fiscal efforts we recommend today reflect these differences,`` he added.

    [02] EUROSTAT - INFLATION

    A significant drop in annual harmonised inflation was recorded in Cyprus in May, according to data released on Wednesday by Eurostat. In Cyprus, inflation dropped from 2.5% in April to 1.8% in May.

    In the Euro area, annual inflation was 1.6% in May 2010, up from 1.5% in April. A year earlier the rate was 0.0%. Monthly inflation was 0.1% in May 2010.

    EU annual inflation was 2.0% in May 2010, unchanged compared with April. A year earlier the rate was 0.8%. Monthly inflation was 0.2% in May 2010.

    In May 2010, the lowest annual rates were observed in Latvia (-2.4%), Ireland (-1.9%) and the Netherlands (0.4%), and the highest in Greece (5.3%), Hungary (4.9%) and Romania (4.4%). Compared with April 2010, annual inflation fell in ten member states, remained stable in five and rose in twelve.

    [03] IFALPA - LARNACA

    An International Federation of Airline Pilots Associations (IFALPA) meeting wrapped up on Wednesday in Larnaca.

    The meeting was organised by Cyprus pilots` trade union (PASYPI) and was attended by members of two of IFALPAs committees.

    A PASYPI press release said that participants were informed by Civil Aviation Department representative Nicos Nicolaou about the interventions by the illegal airport of Tymbou, in Cyprus Turkish occupied area, the problems created as regards flights security and the ways in which the Civil Aviation Department handles the situation, aiming at securing a high level of the flights safety.

    The meeting decided to reissue a directive for all pilots associations, which are members of the IFALPA, to implement specific procedures when flying over Cyprus Turkish occupied areas and enter the southern part of the Turkish airspace.

    [04] CYPRIOT - ISSF - GOLD

    Cypriot champion George Achilleos secured the gold medal at the ISSF World Cup Shotgun, in Lonato, Italy.

    The 29-year old shooter, who had won also the previous World Cup Stage held in Dorset (UK), secured the gold medal with a total score of 148+10 targets, outdoing Greeces Nikolaos Mavromatis in a shoot-off.

    Cyprus Achielleos finished in first beating Greeces Mavrommatis in a shoot-off for Gold. Following them, the 2008 Olympic Champion Hancock secured Bronze outdoing Denmarks Golding after 38 shoot-off targets

    Achilleos said that ``to win two World Cup Gold medals back to back is a dream which comes true!


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