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Cyprus News Agency: News in English, 10-06-25

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From: The Cyprus News Agency at <>




    Minister of Finance Charilaos Stavrakis has pointed out that consolidation of public finances was necessary in order to achieve growth and prosperity, adding that the Government`s package of measures was balanced and the public sector would be shouldering the greatest burden of efforts to reduce expenditure.

    Stavrakis was speaking on Thursday at Larnaca Airport on his return from Ukraine, where he held a series of meetings in an effort to settle pending taxation issues and examine practical ways to increase investments and trade between the two countries.

    ``We analysed and stressed the many advantages of Cyprus as a country through which they can invest in Europe, and I believe a very positive climate is emerging. The economy of Ukraine, which was heavily impacted by the global financial crisis last year, is now slowly recovering,`` he said, adding that ``there are many opportunities for further investments by Ukraine in Cyprus.``

    Referring to the package of measures the Government has submitted to the political parties and the House of Representatives, Stavrakis said operational expenditure for 2010 would be by at least 80 million euros less than that budgeted, and that money would also be saved by the continuous reduction of staff in the broader public sector.

    Stavrakis said the private sector would also be participating in this effort and that ``everyone will contribute according to their potential.``

    Commenting on reactions by political parties to taxes, Stavrakis said that the Government would be handling the situation in a responsible manner, and had already submitted a balanced and socially fair package of measures to the House and the parties.

    ``If the measures are not approved by the House, the Government will proceed and continue to handle public finances in the same serious and responsible manner. If the measures are not approved, they cannot be implemented. If we do not achieve the consolidation of public finances, we run the risk of following the path of Greece, Italy, Portugal and Spain, where the poor public finances have brought on huge financial problems,`` he said.

    Stavrakis added that he was optimistic that the House would act in a responsible manner and assured that the Government would follow a responsible and serious fiscal policy, in order to bring Cyprus out of recession.


    The Plenary of the House of Representatives ratified unanimously on Thursday the agreement regarding the participation of Cyprus in the European Financial Stability Facility (EFSF). According to figures given to the Parliamentary Committee of Financial Affairs, the Euro area Summit in May 2010 agreed to establish a European framework of financial stability, aiming at preserving financial stability in Europe.

    On May 9, the ECOFIN meeting decided to establish a European Financial Stability Mechanism with funds of 60 billion euro. Euro area Finance Ministers also agreed on May 17 to establish a special purpose vehicle called the ``European Financial Stability Facility``. The EFSF is a limited liability company under Luxembourg law with an approved capital of 30 billion euro. The objective of the EFSF is to collect funds and provide loans in conjunction with the IMF to cover the financing needs of euro area member-states in difficulty, subject to strict policy conditionality.

    Euro area Member States will provide guarantees for EFSF issuance up to a total of 440 billion euro on a pro rata basis. While the EFSF has been incorporated with Luxembourg as its sole shareholder to expedite its creation, all Member States of the euro area reconfirm their commitment to enter the capital of the EFSF as soon as possible. The shareholding of each Member State in the EFSF will correspond to its respective share in the paid-up capital of the ECB. The EFSF will expire after three years.


    Cyprus Commerce, Industry and Tourism Minister Antonis Paschalides and Chinese Deputy Minister of Commerce Zhon Shan reviewed here on Thursday bilateral trade relations between Cyprus and China and looked into ways of increasing exports of Cypriot products to China. Delegations of the two countries under the two officials held talks regarding issues which concern the two Ministries. A trade agreement was also signed between Cypriot company Medochemie and Chinese company MEHECO for the export of pharmaceutical products to China.

    Paschalides said that the two sides believe that prospects to improve and enhance trade, financial and investment relations between the two countries are very good. On his part the Chinese Deputy Minister expressed his satisfaction for visiting Cyprus and noted that they had a sincere and constructive exchange of views regarding the further enhancement of the trade and financial relations between China and Cyprus.

    He noted that both ministries are committed to strengthening the cooperation between the two countries in the fields of trade, investments and tourism, for which, as he underlined, there are huge prospects. Furthermore he said that the government of China is encouraging investments of Chinese companies to Cyprus.

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