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Cyprus News Agency: News in English, 10-07-05

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

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


CONTENTS

  • [01] HOUSE PRESIDENT CYPRUS ISSUE
  • [02] IMF CYPRUS ECONOMY - PROJECTIONS
  • [03] MOODYS CySEC OPERATING LICENSE
  • [04] BUILDING PERMITS INCREASE

  • [01] HOUSE PRESIDENT CYPRUS ISSUE

    The Turkish sides proposals submitted in the framework of the direct negotiations currently under way with the aim to solve the Cyprus problem are not compliant with the parameters of the UN resolutions and the EU principles and values House President Marios Garoyian said. He furthermore stressed that these proposals lead to a confederation and two states and not to a settlement providing for a federation.

    Speaking during a meeting he had on Monday with a delegation of the All-China Journalists Association (ACJA) which is paying a visit to Cyprus, at the invitation of the Union of Cyprus Journalists, Garoyian said that the results of the talks held between Cyprus President Demetris Christofias and Turkish Cypriot leader Dervis Eroglou, as well as the latters predecessor Mehmet Ali Talat are poor due to the intransigent stance of the Turkish side.

    Garoyian said that the Greek Cypriot side wants a settlement of a bizonal, bicommunal federation the soonest possible, without arbitration and tight deadlines, a settlement that will be functional and viable and will safeguard the human rights and fundamental freedoms of all the people of Cyprus.

    He thanked China for its support to the struggle of the people of Cyprus for their homelands reunification, on the basis of the international law and the relevant UN decisions.

    He also praised the excellent level of bilateral relations between the two countries, which as he said, are based on common principles and values and the international law and assured the Chinese delegation that Cyprus will continue to support Chinas positions at international forums and especially the EU.

    Head of the Chinese delegation Guanxi, Zhou Wenli underlined that the delegation will convey to the people of China and its leadership its experiences in Cyprus and particularly the problems that emerge from the division of the island.

    He added that Chinese media maintain the same position of principles towards Cyprus and its people as the government of the country.

    Negotiations aiming to solve the problem of Cyprus divided since 1974, when Turkish troops invaded and occupied 37% of its territory, began in September 2008.

    [02] IMF CYPRUS ECONOMY - PROJECTIONS

    The International Monetary Fund said on Monday that the Cypriot economy will return to ``modest growth`` in 2011, warning however that without ``strong action`` on the government wage bill Cyprus` objective for the reduction of the fiscal deficit to 3% by 2013 will not be achieved.

    The IMF delegation completed its contacts on the island and will prepare a staff report which is expected to be finalised on the coming October. According to a report given to the press on the completion of the IFM visit, economic conditions have started to stabilize after the economic downturn and the Cypriot economy is poised to return to modest growth in 2011.

    ``We see growth-resuming starting in 2011. Probably at the levels that are not going to match what Cyprus was able to achieve in the years from 2004, 2005, 2006 and 2008, but growth will be back``, said Bernard Laurens, head of the IMF delegation. He added however, ``we see the need for Cyprus to work forcefully and with a greater sense of urgency to reverse the high fiscal deficit that we have witnessed this past couple of years.``

    Describing the government`s fiscal consolidation plan which aims to reduce Cyprus` fiscal deficit below 3% by 2013 as ``ambitious but feasible``, Laurens added `this consolidation effort has to be based broadly on expenditure control and in particular the wage bill and what goes with it.`` Branding the need for the control of the government wage bill as ``the most pressing immediate challenge,`` Laurens warned that ``unless very strong action on the expenditure wage bill we don`t see how the objective of the government to reduce deficit below 3% by 2013 can be achieved.``

    [03] MOODYS CySEC OPERATING LICENSE

    Cyprus Securities and Exchange Commission (CySEC) expects that the parent company of Moody`s Investors Service, which is already registered in Cyprus, will shortly submit an application to acquire an operating license as a Credit Rating Agency (CRA) according to the new European Regulations.

    CySEC Chairman George Charalambous told the House Finance Committee on Monday that Cyprus has a huge responsibility towards the EU to participate to the licensing and supervision of Moodys and noted that the Commission will have to submit reports on a regular basis to the European Securities and Markets Authority (ESMA) with regard to its monitoring of Moodys functioning.

    [04] BUILDING PERMITS INCREASE

    The number of building permits issued in Cyprus recorded an increase of 6.9% during the first four months of 2010.

    According to Cyprus Statistical Service (CyStat), during the period JanuaryApril 2010, a total of 3.066 building permits were issued in Cyprus, registering an increase of 6.9% compared to the corresponding period of the previous year.

    The total value of these permits increased by 10.2% and the total area recorded an increase of 8.0%. The number of dwelling units recorded an increase of 1.9%.

    The Statistical Service announced that the number of building permits authorized by the municipal authorities and the district administration offices during April 2010 stood at 668. The total value of these permits reached 211.3 million Euro and the total area 244.4 thousand square metres. These building permits provide for the construction of 1.176 dwelling units.


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