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Cyprus News Agency: News in English, 10-06-22

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From: The Cyprus News Agency at <>




    The Cyprus problem was on the agenda of a meeting UN Secretary General Ban Ki moon had with Greek Prime Minister George Papandreou, who stressed that putting ``mechanistic datelines, does not often help us find a solution.``

    In statements after the meeting, Papandreou said ``we do believe that there should be a Cypriot solution, that is the two communities on their own, without outside interference and intervention be able to find a solution and of course without a mechanistic approach to timetables, a solution based on UN resolutions and of course based on the European acquis, where Cyprus is of course a member.``

    Invited to comment on reports in the Greek Cypriot press that the Government of Cyprus was complaining because the UN was kind of imposing time-limit on them for a solution Papandreou said they did not talk about time-limits with the Secretary-General.

    He added that ``we need to find a solution and the sooner the better. But to put mechanistic datelines, does not often help us find a solution. So I think what we need to do is to focus, use this opportunity to focus on the solution for Cyprus.``

    Asked about his forthcoming visit to Turkey, Papandreou said he has been invited to go there. ``There is the Southern-Eastern Cooperation Initiative and the Balkan meeting of leaders of the region which is taking place in Istanbul in Turkey on Wednesday, I will be there and I think its both a message to our region of the need and the desire for closer cooperation but also again I will stress the will on our part and I believe this is the will also of the Turkish people but I am sure also that Prime Minister Erdogan is very much in favour of breaking through in some of the difficult issues that they have dogged us over the years and so we can move forward.``

    He added that ``there are so much that we can do together. The last meeting that Prime Minister Erdogan and I had in Athens we signed 22 agreements. That just shows that we have the capability to move forward. Lets deal with the difficult issues and solve them and move forward. Whether helping on the Cyprus issue, whether its the continental shelf we can solve these problems,`` Papandreou noted.

    Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37% of its territory. The Greek-Cypriot and the Turkish Cypriot side have been engaged in direct negotiations with a view to solve the problem.


    The European Commission is predicting an increase in unemployment in Cyprus during 2010, a report entitled Monthly Labour Market Monitor June 2010 of the Employment, Social Affairs and Equal Opportunities Department of the European Commission says.

    According to the report, economic activity in Cyprus should contract by 0.4 % in 2010, before recovering to 1.3 % growth in 2011. The weak economic outlook is expected to weigh on the labour market in 2010 (with an expected decline in employment of 0.7 %), particularly in labour-intensive sectors such as construction and tourism.

    The measures announced by the Cypriot government which will be taken in order to reduce the public deficit (estimated at 6.1 % of GDP in 2009), notably a freeze on new recruitment in the public sector and cuts in the budgets of the ministries, may also affect the labour market, it notes.

    As employment declines, the unemployment rate is expected to rise to historically high levels, reaching about 7 % in 2011 (after 6.7 % in 2010), the report adds.


    The Cyprus Stock Exchange (CSE) and MICEX Group Moscow have signed a Memorandum of Understanding, aiming at promoting the cooperation between the two bourses.

    A press release issued by CSE notes the Memorandum was signed on June 15, during a two-day visit by a Cypriot delegation consisting of officials from Cypriot Commerce Ministry, the Cypriot Chamber of Commerce and Industry, the Cyprus Tourism Organisation and the CSE.

    The MoU was signed by Konstantin Korischenko, Chairman, on behalf of MICEX and by Nontas Metaxas, General Manager, on behalf of the CSE.

    The two stock exchanges intend to develop a beneficial cooperation on trading and clearing of transactions issues and the promotion of regulations to serve investors from Russia and worldwide. They agreed that the efforts will be intensified in the near future.

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