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Cyprus News Agency: News in English, 13-12-07

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

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


CONTENTS

  • [01] Eurozone, except Cyprus, to have positive economic growth in 2014
  • [02] Minister: Important milestones achieved at Energy Charter Conference
  • [03] EU Council agrees on cross-border debt recovery
  • [04] Fitch maintains BoC's covered bonds on Rating Watch Negative

  • [01] Eurozone, except Cyprus, to have positive economic growth in 2014

    European Central Bank Governing Council member Ewald Nowotny said Friday that in 2014, all Eurozone member countries, except Cyprus, will have positive economic growth, adding that the Eurozone has exited recession.

    Speaking at an event hosted by the Austrian Central Bank, which he also heads, Nowotny said his country was proof that "moderate fiscal consolidation" beats harsh spending cuts and tax hikes in the race to recover from the global economic crisis.

    "The recession is over in the Eurozone, but it must be added that growth is very weak," he asserted. "I urge both Brussels and Frankfurt to be very cautious not to strangle growth. Both in terms of fiscal and monetary policies, growth should be given a chance to prevail."

    [02] Minister: Important milestones achieved at Energy Charter Conference

    Investments in energy are becoming increasingly important for Cyprus, as the country remains an isolated energy market at the heart of the South Eastern Mediterranean, Energy Minister Giorgos Lakkotrypis said.

    Speaking after the conclusion of the 24th Energy Charter Conference, in Nicosia, in the presence of the Charter's Secretary General Urban Rusnák and third Vice President Jambulat Sarsenov, Lakkotrypis said that European targets for completing the internal energy market and ending energy isolation pave the way for energy interconnections with Europe and neighboring countries.

    He added that recent discoveries in Cyprus' exclusive economic zone necessitate both binding agreements with neighboring countries, based on international law, as well as a number of different investments in large scale oil and gas infrastructure.

    [03] EU Council agrees on cross-border debt recovery

    EU Ministers of Justice and Home Affairs reached, on Friday, a political agreement which will make cross-border debt recovery easier.

    The agreement provides for the establishment of a European account preservation order, through which creditors will be able to block the account of their debtor.

    This order could play a deciding role in the process of cross-border debt recovery, given that it would prevent debtors from transferring or hiding their assets for the time needed to issue and implement a decision.

    [04] Fitch maintains BoC's covered bonds on Rating Watch Negative

    Fitch Ratings said on Friday it is maintaining Bank of Cyprus covered bonds - rated `B` - on Rating Watch Negative (RWN).

    "The covered bonds remain on RWN pending Fitch`s review of the impact of the current economic environment on the performance of the residential mortgage portfolio", the rating agency said in a statement on Friday.

    Furthermore, Fitch said is still assessing the impact of the recapitalisation plan on the bank`s rating.


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