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Cyprus News Agency: News in English, 13-08-28

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

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


CONTENTS

  • [01] House Finance Committee discusses bills to be put in vote next week
  • [02] Cyprus and Austria sign agreement for facilities during crises
  • [03] President tells Commission he prefers to be useful rather than

    likeable

  • [04] Rehn: Bail-in of uninsured deposits a unilateral commitment of Cyprus
  • [05] President Anastasiades: A gun was put to our head to accept haircut

  • [01] House Finance Committee discusses bills to be put in vote next week

    Several bills that are expected to be put in vote before the House plenary next week were discussed on Tuesday at the Finance Committee.

    The bills are expected to be approved by the Cabinet tomorrow and they are linked to obligations stemming from Cyprus' bailout agreement.

    The approval of the bills by the Plenary on September 5th is a precondition for the release of the second tranche of financial assistance.

    [02] Cyprus and Austria sign agreement for facilities during crises

    Cyprus and Austria signed an agreement on Tuesday for the provision of facilities, in case Austrian citizens need to be evacuated from third countries through the territory of the Republic of Cyprus.

    According to a press release, Cyprus and Austria are enhancing their cooperation in issues of safety and crisis management.

    Furthermore, it added the agreement is tangible proof of the stabilising role of the Republic of Cyprus in the broader region of the southeastern Mediterranean and the Middle East.

    [03] President tells Commission he prefers to be useful rather than likeable

    President of the Republic of Cyprus Nicos Anastasiades, referring to his decision to accept the Eurogroup agreement of March 15, told the Commission of Inquiry into how Cyprus' economy and banking sector nearly collapsed that, faced with the choice of being likeable or useful, he opted to be useful.

    He said any proposal for a haircut on deposits was a Eurogroup initiative adopted by the majority of the member states, which was also his answer to the German position that the proposal for a haircut of deposits under €100,000 was a Cypriot proposal.

    The President noted that the decision for a bail-in was a decision that began from the G20 meetings and, due to the absence of timely measures, "they considered it was the right time to implement it."

    [04] Rehn: Bail-in of uninsured deposits a unilateral commitment of Cyprus

    The bail-in of uninsured deposits in the two major banks in Cyprus, constitutes a unilateral commitment of the Cypriot authorities that does not form part of the MoU that was subsequently concluded, Commissioner Olli Rehn has said.

    In an answer to Cypriot MEP Antigoni Papadopoulou sent on Monday, EU Commissioner notes that the financial sector policies in Cyprus "have been geared toward restoring confidence in the banking system" and that "the authorities have taken difficult but necessary steps to fully recapitalize Bank of Cyprus, thus allowing it to exit resolution and return to normal operations".

    Papadopoulou stated a parliamentary question on the strong concerns about a number of issues regarding the provisions of the memorandum of understanding (MoU) between Cyprus and the Troika.

    [05] President Anastasiades: A gun was put to our head to accept haircut

    President of the Republic Nicos Anastasiades has said a gun was put to our head to accept the haircut of deposits in accepting the terms for a bailout to save the Cyprus economy.

    Testifying before the Commission of Inquiry, which convened in its last session, Anastasiades said that he argued before the Eurogroup meeting of 15th March that Cyprus had suffered heavy income losses following the Turkish invasion of 1974 and has since been divided as Turkish troops occupy 37 percent of its territory.

    However, this argument was toppled by the excellent results which the government controlled areas of the Republic exhibited, thus making the country eligible for accession to the European Union and the Eurozone.


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