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Cyprus News Agency: News in English, 13-07-22

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

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] Eurostat: Cyprus' public debt reached 86.9% in Q1 2013
  • [02] O'Connor: Troika reviews implementation of Cyprus' programme
  • [03] Central government debt up in 2nd quarter of 2013
  • [04] Cyprus aims at strengthening bilateral ties with Japan
  • [05] Price of construction materials records increase in May

  • [01] Eurostat: Cyprus' public debt reached 86.9% in Q1 2013

    Cyprus' public debt in the first quarter of 2013 accelerated to 86.9% of GDP, marking an increase of 12.6% year on year, according to figures released on Monday by the European Union Statistical Service (Eurostat).

    From 85.8% of GDP in the fourth quarter of 2012, Cyprus' public debt increased to 86.9% of GDP in the first quarter of 2013. Compared to the Q1 of 2012 (74.3%), the Cypriot debt accelerated by 12.6%.

    Cyprus received a €10 billion bailout from the European Union, the European Central Bank and the International Monetary Fund. Cyprus applied for financial assistance after its two largest banks sought state support, following massive write-downs of the Greek bond holdings amounting to €4.5 billion.

    [02] O'Connor: Troika reviews implementation of Cyprus' programme

    The Troika's mission to Cyprus reviews the implementation of the economic adjustment programme, Simon O' Connor, the Spokesman of EU Commissioner for Economic and Financial Affairs, Olli Rehn, told CNA.

    Asked about the first EC-IMF-ECB review mission to Nicosia, which began on 17 July, O' Connor said that "the mission will review the implementation of the economic adjustment programme, which was approved by both the Eurogroup and the Cypriot authorities in April, and to update the memorandum of understanding".

    "The mission will particularly focus on progress with the resolution and restructuring process in the financial sector," he told CNA.

    [03] Central government debt up in 2nd quarter of 2013

    The public debt of the Central Government appears increased by about two billion euros from 31 March 2013 to 1 July 2013, a period during which the short term securities remained the only new market issuance activity, according to the quarterly bulletin issued by the Public Debt Management Office of the Ministry of Finance for the 2nd quarter of 2013.

    The total issuance volume including all rollovers was €1,985 million. The weighted average cost of borrowing in short term securities remained at very high levels albeit a small reduction from 5.22% in Q1 to 5.15% in Q2. The weighted average cost of borrowing in Treasury Bills narrowed from 5.22% in Q1 to 5.06% in Q2.

    Due to the significance and volume of transactions of 1 July 2013, the quarterly bulletin exceptionally includes all data as at 1 July 2013 instead as at the quarter end on 30 June 2013.

    [04] Cyprus aims at strengthening bilateral ties with Japan

    Cyprus aims at strengthening bilateral ties with Japan, new Ambassador to Tokyo Ioanna Mallioti assured the Emperor Akihito, while presenting her credentials.

    During an official ceremony at the Imperial Palace, in Tokyo, on July 17, the Emperor referred to hydrocarbon discoveries in Cyprus' exclusive economic zone, saying this is good news for the country, and asked if Nicosia also uses nuclear energy.

    According to an official announcement, he also spoke about the friendly ties between the two countries and conveyed his wishes to the President of the Republic Nicos Anastasiades and the people of Cyprus.

    [05] Price of construction materials records increase in May

    The Price Index of Construction Materials for June 2013 reached 125.71 units (base year 2005=100.00), recording an increase of 0.82% compared to May 2013.

    According to the Statistical Service, for the period January-June 2013, the index recorded a decrease of 1.27% compared to the same period of 2012.


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