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Cyprus News Agency: News in English, 11-12-23

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

From: The Cyprus News Agency at <>


  • [01] FinMin: Cyprus to receive a 600 mln euro tranche of Russian loan
  • [02] OSCE sends experts for the destruction of obsolete ammunition
  • [03] Chairman of CRTA concerned over quality of Greek TV programs in


  • [01] FinMin: Cyprus to receive a 600 mln euro tranche of Russian loan

    Cyprus will receive before December 31 a 600-million-euro installment as part of the 2.5 billion loan agreement it signed with Russia on Friday, Minister of Finance Kikis Kazamias told CNA.

    The 2.5 loan agreement, valid for 4.5 years, with a nominal annual yield of 4.5% was signed today in Moscow by Kazamias and Deputy Finance Minister of the Russian Federation Sergey Storchak.

    ``The climate was particularly friendly at our meeting with our Russian colleagues and I believe this agreement will assist Cyprus to face some of the consequences of the European and global financial crisis,`` Kazamias said.

    Without elaborating, he added that those who questioned Cyprus` move to secure a loan from the Russian Federation are now appealing to Moscow for financial assistance.

    ITAR-TASS news agency reported that the loan will be allocated in three installments of which the second will be disbursed in February 2012.

    Given the slow economic growth and the Cypriot banking sector`s exposure to Greek sovereign debt, which in turn triggered a series of downgrades by rating agencies, Cypriot authorities are reluctant to tap international markets to refinance its maturing debt, as yields on Cypriot bonds on secondary markets have surged in recent months.

    Amid the continuing financial crisis and the weak growth of the Cypriot economy, projected at a mere 0.2% GDP in 2012, the government introduced a series of austerity measures that would enable Cyprus to meet its medium term commitments to the EU and particularly for a budget deficit of 2.8 GDP in 2012 and a zero deficit by 2014.

    The House of Representatives approved on December 14, a new set of austerity measures, aiming at further fiscal consolidation.

    On December 16, the House approved, by majority vote, the state budget for 2012. According to preliminary estimates by the MPs, the total amount of savings -including savings of 148 million euro agreed with the Ministry of Finance from cuts on the Cost-of-living adjustment (COLA) - are estimated to reach 260 million euro. Operating expenses, which are decreased by 8%, reach 1.6 billion euro.

    [02] OSCE sends experts for the destruction of obsolete ammunition

    Experts from the Organisation for the Cooperation and Security in Europe (OSCE) for the destruction of obsolete ammunitions arrived in Cyprus on December 20 following an official invitation of the Ministry of Defense to OSCE.

    A press release issued by the Defense Ministry notes that nine experts from the UK, USA, Italy, Spain, Slovenia and from the Conflict Prevention Centre along with Cypriot colleagues have already inspected the National Guard`s obsolete ammunition, as well as the sites used for their destruction.

    They also attended a meeting with National Guard officers where a programme for the destruction of obsolete ammunition was jointly drafted. The implementation of the programme will commence early 2012 with the participation of seven OSCE member-states.

    The Ministry expressed satisfaction over the rapid response of Cyprus` partners in the OSCE for the effective solution of a long-pending problem.

    [03] Chairman of CRTA concerned over quality of Greek TV programs in Cyprus

    Executive Chairman of the Cyprus Radio Television Authority (CRTA) Andreas Petrides, expressed his strong concern about the quality of television programs produced in Greece and distributed in Cypriot channels.

    In an interview to CNA, Petrides said he fears that Cyprus could become a TV ``garbage dump`` of Greek channels.

    This danger exists because the main source of television programs for channels in Cyprus is Greece and unfortunately because of the situation of the television landscape in Greece and the economic crisis, there s a real risk that trash TV from Greece will be distributed to Cyprus at very attractive prices he said.

    Petrides also talked about the new legislation promoted by the Authority, explaining that the main objective is to have more equitable monitoring and control of Cyprus Broadcasting Corporation (CYBC), with other private channels.

    He also referred to the changes in the broadcast licensing due to the new legislation, European directives and the transition to the digital era.

    Petrides explained that there are two TV Licence types issued by CRTA, namely for general and thematic TV channels. A thematic TV channel devotes at least 80% of its program on a specific topic, such as sports, music etc. A general TV channel should have news, cultural programs, etc, he explained.

    As he noted, the most basic precondition for licensing, is the nominal value of the shareholding not to exceed 25%. Provisions requiring the production of domestic television programs are abolished, since under the community law, domestic and European productions cannot be distinguished.

    European directives determine what we call European productions. So, whether the program was produced in Cyprus or in Greece or in France is a European production. Therefore we can not distinguish a Cypriot and a non Cypriot program, he told CNA.

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