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Cyprus News Agency: News in English, 12-03-07

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

From: The Cyprus News Agency at <>


  • [01] National Council concludes discussion on Cyprus question
  • [02] Flights resume after four-hour strike
  • [03] Government anticipates new discoveries of hydrocarbons
  • [04] Three Cypriot banks announce participation in Greek bond swap

  • [01] National Council concludes discussion on Cyprus question

    The National Council, the top advisory body to the President on the handling of the Cyprus problem, convenes again today in an all-day session to discuss all issues related to the course of the ongoing talks aiming at reaching a solution of the Cyprus problem.

    The two sessions follow the previous two all-day sessions of the National Council, which took place on February 15 and 17 respectively.

    Today’s session began in the morning and following a brief recess at noon, a second part will follow in the afternoon.

    The discussion at the National Council on all issues of the Cyprus problem and the ongoing Cyprus negotiations is expected to be concluded today.

    According to reliable sources, President of the Republic of Cyprus Demetris Christofias is expected, during today’s meeting, to summarize political parties’ positions, as expressed during Tuesday’s session. In addition, President Christofias is expected to express the government’s position on the course of the UN led direct Cyprus talks.

    Cyprus has been divided since 1974, when Turkish troops invaded and occupied its northern third.

    Peace talks are currently underway to find a negotiated settlement that will reunite the country, under a federal roof.

    [02] Flights resume after four-hour strike

    The flight schedule at Cyprus` two international airports, Larnaca and Pafos, have resumed normally as a four-hour strike by air traffic controllers ended at 16:00 local time (1400 GMT).

    Speaking to CNA, airport Spokesman Adamos Aspris said ``normality has been fully restored at both airports``, adding that all flights have been rescheduled and are expected to be carried out during the day.

    He confirmed that shortly after the work stoppage there was some congestion of flights as 19 flights had to be executed.

    All airport services and departments did their utmost and managed to serve all flights without any delays, he concluded.

    [03] Government anticipates new discoveries of hydrocarbons

    Ôhe government is looking forward to new discoveries of hydrocarbon reserves in its Exclusive Economic Zone (EEZ) during the second hydrocarbons licensing round, a senior government official has said.

    Speaking at a press conference for the upcoming SAVENERGY 2012 Forum to take place 16 - 18 March, Ioannis Chrysis, of the Energy Department at the Ministry of Commerce, noted that the granting of licences to ``technically advanced and financially dominant gas companies`` will place Cyprus on the “energy map” of Europe.

    Last December’s announcements on the discovery of hydrocarbons in Cyprus’ Block 12 were extremely significant for the economic development of the country, he said. He stressed that securing the Republic’s energy supply and maintaining Cyprus’ strategic role in the region are among the top priorities for the Ministry.

    He also referred to government plans for the construction of a gas terminal in the Vasiliko area, on the southern coast.

    [04] Three Cypriot banks announce participation in Greek bond swap

    Three Cypriot banks, Bank of Cyprus, Marfin Popular Bank and Hellenic Bank, announced Wednesday they will participate in the in voluntary exchange of Greek Government Bonds in accordance with the terms of the Private Sector Involvement (PSI) in the Greek bailout plan, agreed by the European Union, as deadline for the participation to the Greek Bond swap is scheduled to conclude on Thursday 20:00 GMT.

    Bank of Cyprus announced that Greek government bonds (GGB) impairment amounts to EUR 1.32 billion, whereas Marfin, the most exposed Cypriot bank to Greek bonds, announced that GGB`s impairment following a 60% haircut amounts to EUR 1.96 billion. Hellenic Bank`s impairment reaches EUR 77 million. As a result all three banks announced losses in 2011.

    Cypriot banks` exposure to Greek debt was cited as the main reason for repeated downgrades of the Cypriot economy by rating agencies.

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