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Cyprus News Agency: News in English, 12-05-25

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

From: The Cyprus News Agency at <>


  • [01] Spokesman: Turkey is to blame for the "isolation" of Turkish Cypriots
  • [02] EU bailout cannot be excluded, Cyprus CB Governor says
  • [03] Government regrets developments in the issue of missing persons
  • [04] Cyprus Airways Board promotes rescue plan

  • [01] Spokesman: Turkey is to blame for the "isolation" of Turkish Cypriots

    Turkey is responsible for creating conditions of "isolation" for the Turkish Cypriots, Government Spokesman Stephanos Stephanou said on Friday, in a response to statements by the Turkish Cypriot leader Dervis Eroglu.

    Moreover, Stephanou criticized the Turkish Cypriot side for being obstructive in the negotiations between the two sides for the solution of the Cyprus problem.

    Speaking to the press at the Presidential Palace, following a Cabinet's meeting, Stephanou noted that Turkey is illegally occupying the northern part of Cyprus since the Turkish invasion of 1974 and is violating the human rights and freedoms of the people of Cyprus, both Greek Cypriots and Turkish Cypriots.

    He criticized Turkey's behavior against the Turkish Cypriots, saying that it is slighting their dignity and treating them as "slaves".

    "This is the exact reason why the Turkish Cypriots have protested against Turkey's illegal presence on the island", he noted.

    In 1985, the illegal regime, only recognised by Ankara, declared independence, forming the so called Turkish Republic of Northern Cyprus, a moved which has been described by the UN Security Council as "legally invalid". The illegal regime has since blamed the Republic of Cyprus for the so called isolation of the Turkish Cypriots.

    Government Spokesman dismissed Eroglu's allegation that the Greek Cypriots are impeding the negotiation process, stressing that he is the one who is hindering the process by abrogating his commitments and annulling the convergences that have been reached during the direct talks.

    He also rejected his statements on "two people and two states in Cyprus" accusing the Turkish Cypriot leader for trying to annul the agreed basis of the solution that provides for a bicommunal, bizonal federation with political equality as it is described in the UN resolutions and for one state with one sovereignty , one citizenship and one international personality.

    Cyprus has been divided since 1974 when Turkey invaded and occupied its northern third. The leaders of the two communities, President of the Republic Demetris Christofias and Turkish Cypriot leader Dervis Eroglu have been engaged in UN-backed negotiations with the aim to reunite the island.

    [02] EU bailout cannot be excluded, Cyprus CB Governor says

    New Cyprus Central Bank Governor Panicos Demetriades did not exclude the possibility for Cyprus to seek entry to the European bailout mechanism (European Financial Stability Facility - EFSF), in a bid to support the recapitalization efforts by Cyprus Popular Bank (CPB) following the Greek sovereign debt haircut.

    Heavily exposed to Greek sovereign debt CPB, which posted record losses in 2011 following the write down of Greek bonds, needs to secure 1.97 billion euro to increase its Core Tier 1 capital to 9% as set out by the European Banking Authority. The Cypriot government decided to underwrite a 1.8 billion euro capital increase by CPB, a decision causing concern whether the island should seek entry in the EU bailout mechanism as Cyprus is excluded from international lending markets.

    ``We should not exclude anything,`` Demetriades said on Friday responding to a question following a meeting with main opposition party Democratic Rally President Nicos Anastasiades.

    ``Whatever happens it should be done for the benefit of the economy and for the benefit of the banking system,`` he added.

    Noting he understands concerns that an entry to the EU bailout mechanism could lead to the alteration of Cyprus` tax regime, considered as one of the lowest in the EU, Demetriades pointed out that EU member-states such as Ireland received support from the EFSF without changing its tax regime.

    [03] Government regrets developments in the issue of missing persons

    The government has expressed regret that the process of identifying remains of missing persons in Cyprus will no longer take place on the island.

    The process of exhumation, identification and return of remains of missing persons will no longer be carried out in Cyprus since the Institute of Neurology and Genetics has refused to sign a contract with the UN, Government Spokesman Stefanos Stefanou said here today.

    In statements after a Cabinet meeting, Stefanou explained that the identification programme has been a matter between the Committee on Missing Persons and the Institute.

    Stefanou assured that the government had made tireless efforts towards various directions to ensure that the programme remains in Cyprus.

    [04] Cyprus Airways Board promotes rescue plan

    Discussions with Cyprus Airways trade unions need to conclude by the end of next week, in order for the Cypriot Parliament to proceed with a draft bill providing for the company's share capital increase by 45 mln euro, CA Executive Chairman George Mavrocostas said today.

    The government, who owns the majority of the company's shares, announced that it will raise Cyprus Airways' share capital and look for a potential buyer, due to the carrier's continuing financial losses.

    Speaking to the Press here today, Mavrocostas noted that the company is important for the Cypriot economy and added that "we will do all that is necessary to maintain its operation", since "there is no alternative solution".

    Shutting down Cyprus Airways, he noted, would result to 180 mln losses for the state, with further repercussions for the economy, while it would influence the transportation of estimated arrivals of 400 thousand tourists this year.

    The company recently proposed a rescue plan, which foresees for wage cuts and redundancy lay offs, aiming at 17 mln euros in savings.

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