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Cyprus News Agency: News in English, 12-03-09

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

From: The Cyprus News Agency at <>


  • [01] Cyprus economy enters into recession
  • [02] Cyprus’ SME credit guarantee fund to operate next autumn, EIB says
  • [03] PACE Committee adopts resolution with references on Cyprus

  • [01] Cyprus economy enters into recession

    Cyprus economy has entered into recession in the last quarter of 2011, with the country’s GDP recording a decline 0.7%, the Statistical Service of the Republic of Cyprus announced.

    Growth rate is estimated at -0.7% in the last quarter of 2011, compared to the corresponding period in 2010.

    Construction, manufacturing and electricity also declined during the same period, along with trade and transport, while tourism, banks and services presented a positive outlook.

    The Statistical Service corrected its February estimate on GDP decline in the last quarter of 2011 from 0.5% to 0.7%.

    The economy’s contraction was also corrected to 0.3%, from 0.5% in the February estimate.

    Moreover, the economy shrank in the last quarter of 2011 by 0.1%, compared to the third quarter of 2011, while the initial estimate said it expected zero growth.

    GDP in current market prices is estimated at 4.44 bln euros for the last quarter of 2011 and at 17.76 bln euros for 2011.

    [02] Cyprus’ SME credit guarantee fund to operate next autumn, EIB says

    European Investment Bank Vice President Plutarchos Sakellaris said he intended to make every effort in order have an SME credit guarantee fund up and running in Cyprus by next autumn.

    Sakellaris, who is currently in Cyprus, visited on Friday afternoon President Christofias at the Presidential Palace, in the presence of Finance Minister Kikis Kazamias and informed him on the efforts to establish the fund, as well as on other EIB financing schemes.

    In statements after the meeting, Sakellaris said they discussed the EIB’s planning to assist the Cypriot government in establishing the fund, with an initial capital of 25 to 50 mln euros.

    The fund will be initially bequeathed with a capital loan by the EIB and will be later financed with equal funds from the state budget, Sakellaris pointed out, noting that the aim is to provide guarantees for covering part of the banks’ risks when lending money to SMEs.

    From his part, Kazamias said that the fund will be boosted after receiving its initial capital and noted that the fund will operate on very specific terms to serve the purpose of its establishment.

    The purpose of the fund is to provide state guarantees for the repayment of loans received by financial institutions, like banks or credit cooperatives, the Minster went on, adding that SMEs will have to fulfill their repayment obligations.

    [03] PACE Committee adopts resolution with references on Cyprus

    The problem of enforced disappearances and missing persons is far from resolved in Cyprus, the Western Balkans, North and South Caucasus and the Russian Federation, a resolution adopted unanimously on Friday by the Council of Europe Parliamentary Assembly (PACE) Committee on Legal Affairs and Human Rights said.

    The resolution was adopted on the basis of a report on “The International Convention for the Protection of all Persons from Enforced Disappearance” written by rapporteur and former Cypriot MP Christos Pourgourides on behalf of the Committee, Head of Cyprus delegation at PACE Stella Kyriakidou attended today’s meeting. According to the resolution, the continuing suffering of relatives and friends of missing persons remains a formidable obstacle to lasting peace and reconciliation.

    The resolution calls the sides involved to fully cooperate and allow the search for burial sites by duly mandated experts everywhere, even in military or otherwise restricted areas, on the basis of reasonable indications.

    Moreover, it calls on the competent authorities of the member States of the Council of Europe to fully and expeditiously investigate all cases in which there is a reasonable suspicion that an enforced disappearance may have occurred within their jurisdiction, and to avail themselves of all legal means at their disposal to take jurisdiction over cases that occurred in other countries whose authorities have failed to take appropriate action.

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