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Cyprus News Agency: News in English, 12-05-13

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

From: The Cyprus News Agency at <>


  • [01] President Christofias optimistic that Cyprus will avoid ESM
  • [02] Central Bank Governor stresses the need for growth measures
  • [03] Omirou: Turkish aggression towards Cyprus' sovereign rights should

    be denounced

  • [04] Strong interest in 2nd licensing round

  • [01] President Christofias optimistic that Cyprus will avoid ESM

    President of the Republic of Cyprus Demetris Christofias has said Sunday he was optimistic that the country would avoid entering the European Stability Mechanism (ESM).

    Asked whether Cyprus is expected to avoid the ESM, the President answered: "Of course. We are working hard to this direction. "

    Asked whether he will be a candidate in next year`s presidential elections and if he will announce his decision before the AKEL Central Committee meeting on Monday the President replied ``you`ll hear (it)very soon.``

    [02] Central Bank Governor stresses the need for growth measures

    Newly appointed Governor of the Central Bank of Cyprus Panicos Demetriades has said that austerity policy by itself is not enough to bring the finances of any country back to a healthy basis.

    Addressing Saturday the conference of Cyprus`s bank workers union ETYK, he called for policies that promote growth and expand employment.

    `` The fiscal compact agreed by the leaders of the euro zone is a significant step towards achieving fiscal balances, but further recession created by austerity measures unfortunately strengthens the vicious cycle between reduced economic activity and widening budget gaps,`` he said.

    The Governor opted for enrichment of the fiscal compact with a strong framework of measures to stimulate growth. He added that a strong safety net over employment and living standards of citizens, putting an end to a further decline in state revenues and widening of deficit, is also required.

    [03] Omirou: Turkish aggression towards Cyprus' sovereign rights should be denounced

    House President Yiannakis Omirou has said that Turkish aggression towards Cyprus' sovereign rights in its Exclusive Economic Zone (EEZ), should quickly and efficiently be denounced with political and diplomatic efforts and representations to the Security Council of the UN.

    "Turkish provocations in terms of challenging the sovereignty of the Republic of Cyprus within its EEZ have reached their peak with the publication in the Official Gazette of the Turkish Government that maritime plots of Cyprus belong to Turkey, in complete and flagrant violation of the Marine Law, as enshrined in the UN Convention of 1982", he said speaking during the conference of Cyprus`s Bank Workers' Union ETYK.

    Omirou added that the discovery of significant gas reserves in Cyprus' EEZ is a development with many significant dimensions.

    `` This fact apart from its big economic importance, creates big opportunities for an active geopolitical upgrading of Cyprus's strategic position and its role in the field of energy, `` he added.

    Pointing out that Cyprus, for the first time in its history can take advantage of its significant and competitive geographical position, he said that this will strengthen the struggle of people of Cyprus for freedom and justice.

    [04] Strong interest in 2nd licensing round

    Fifteen bids from five companies and 10 from joint ventures have been submitted for the second licensing round concerning the Republic of Cyprus' offshore hydrocarbon reserves.

    Bids were submitted for 9 of the 12 offshore blocks, comprising the Cypriot Exclusive Economic Zone (EEZ).

    Announcing the end of the bidding process, at 14.00 local time (110 GMT), Minister of Commerce, Industry and Tourism Neoclis Sylikiotis said Cyprus received bids from 29 companies, which placed their offers either individually or as part of a consortium.

    Companies expressing interest in the second licensing round originate from 15 countries, including Cyprus. The rest of the countries are the UK, France, USA, Israel, Holland, Korea, Russia, Malaysia, Italy, Australia, Norway, Indonesia and Lebanon. Offshore blocks receiving the greatest interest are block number 9 and block number 2.

    According to the Minister, bids will be evaluated by an advisory committee, which will submit its recommendations to him. The final decision will be taken by the Cabinet within six months.

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