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Cyprus News Agency: News in English, 12-06-06

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

From: The Cyprus News Agency at <>


  • [01] Possibility to turn to EFSF "serious", says government
  • [02] Government ready to discuss Famagusta
  • [03] President to pay working visit to Malta
  • [04] FM to visit Malta and Community of Sant' Egidio

  • [01] Possibility to turn to EFSF "serious", says government

    There is a serious possibility the Cyprus government might have to turn to the European Financial Stability Facility (EFSF) in order to get support for its banking system, Acting Government Spokesman Christos Christofides said.

    Speaking to the press, Christofides clarified that if this happens, it will be solely to support the banks and not because of Cyprus' budget deficit which is expected to be 2,5 or close to 3%.

    "Cyprus will not turn to the EFSF because its deficit will be 2,5 or 3%, which falls under the Maastricht criteria, but because we must support our banking system", he said.

    He also said that the government is doing its best in order to cope with the very difficult situation the exposure to Greek bonds has created and in doing so, it needs the support and the cooperation of each and everyone, he stressed.

    Asked if the government can secure funds the banking system needs from other sources, without having to turning to the EFSF, he said that "we are making a lot of effort, however the possibility to turn to EFSF is a serious one".

    He noted that with the support of the banking system and the constraint of the deficit under 3%, the government will be able to be convincing in the eyes of the international markets and will be able to rebound.

    The Acting Spokesman reiterated that the government's aim is for the deficit to be 2,5%. However he noted that in the midst of the global financial crisis, if this record ultimately falls under 3%, within the Maastricht criteria, but not exactly 2,5%, "nobody can argue that this is a catastrophe for our economy".

    As regards new measures by the government, he said that they will socially balanced and will aim to boost growth.

    "These measures will not follow the logic of continuous and austere cuts which will lead us to a vicious circle of economic depression like it happened in Greece", he added.

    [02] Government ready to discuss Famagusta

    The government is ready to enter into discussions regarding the Turkish occupied town of Famagusta, only on the basis of the proposal put forward by President Demetris Christofias, Acting Government Spokesman Christos Christofides said.

    Invited to comment on statements by the Turkish Cypriot leader Dervis Eroglu on the matter, Christofides recalled the President's proposal which provides for the return of the fenced area of Famagusta, known as Varosha, to its legal inhabitants and the opening of the Famagusta port under the aegis of the EU.

    At the same time, he noted, the government has made it clear that it will move forward with the opening of a number of chapters in Turkey's negotiating process.

    Christofides said the government is confident that such actions as regards the fenced off area of Famagusta "will not only save the occupied town and give the legal inhabitants the chance to return, but they will also contribute to the creation of a great momentum for the solution of the Cyprus problem."

    [03] President to pay working visit to Malta

    President of the Republic Demetris Christofias will pay a two-day working visit to Valletta, Malta, on the 7th and 8th of June.

    According to an official announcement issued here today, President Christofias is scheduled to depart for Malta tomorrow at noon accompanied by Foreign Minister Erato Kozakou Marcoullis, Minister of Finance Vassos Shiarly and Deputy Minister to the President for European Affairs, Andreas Mavroyiannis.

    In the afternoon of the same day, he will meet with the President of the country George Abela and in the evening he will attend a dinner hosted in his honor by President Abela.

    On June 8, President Christofias will meet with Prime Minister of Malta Lawrence Gonzi with whom he will hold talks.

    The preparations of Cyprus for assuming the Presidency of the Council of the EU as well as the priorities of the Cyprus Presidency, Cyprus problem, bilateral relations and the European Neighbourhood Policy in the southern Mediterranean will be among the issues to be discussed at the talks.

    [04] FM to visit Malta and Community of Sant' Egidio

    The Minister of Foreign Affairs, Erato Kozakou-Marcoullis, is in Rome, on an official visit to the Sovereign Military Order of Malta (S.M.O.M.) and to the Community of Sant' Egidio, between 6th and 7th June.

    The Foreign Minister will sign a Protocol on the Establishment of Diplomatic Relations between the Republic of Cyprus and the Sovereign Military Order of Malta. She will also attend a lunch hosted in her honour by the Grand Chancellor and Foreign Minister of the S.M.O.M, Mr Jean-Pierre Mazery, in the presence of high-ranking officials of the S.M.O.M. Government and of the Holy See.

    In the afternoon, Marcoullis will sign a Memorandum of Understanding between the Government of the Republic of Cyprus and the Community of Sant' Egidio on the establishment of headquarters in the Republic of Cyprus. The Minister will also attend a dinner hosted in her honour by the President of the Community of Sant' Egidio, Prof. Marco Impagliazzo, in the presence of the founder of the Community and Minister for International Cooperation and Integration Policies of Italy, Prof. Andrea Riccardi, and other high-ranking members of the Community, as well as high-ranking officials of the Holy See.

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