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Cyprus News Agency: News in English (PM), 97-12-30

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

From: The Cyprus News Agency at <>


  • [01] Cyprus Stock Exchange
  • [02] EU course catalyst for solution, Kasoulides says

  • 1550:CYPPRESS:01

    [01] Cyprus Stock Exchange

    Nicosia, Dec 30 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
    CSE All Share Index                    76.82 (+0.46)
    Highest: 82.46 (2/1/97)
    Lowest : 73.90 (30/1/97)
    Sectural Indices
    Banks                                  87.61 (+0.48)
    Approved Investment Companies          59.25 (+0.05)
    Insurance Companies                    58.42 (+1.02)
    Industrial Companies                   74.93 (+0.19)
    Tourist Industries                     61.44 (-0.07)
    Commercial Companies                   41.66 (+1.66)
    Other Companies                        65.42 (-0.09)
    Trading Volume                         CYP 1062914.475
    * The difference in brackets represents the percentage increase (+) or decrease (-) of the index from the previous stock exchange meeting.
    CNA MCH/1997

    [02] EU course catalyst for solution, Kasoulides says

    Nicosia, Dec 30 (CNA) -- Cyprus' bid to join the European Union is a catalyst for a Cyprus settlement and the only real pressure lever on Turkey to change its policy on Cyprus, Foreign Minister Ioannis Kasoulides said today.

    The Minister also pointed out that nobody could offer a solution to Cyprus but many can contribute towards a mutually acceptable resolution of the protracted Cyprus question.

    "Turkey's reaction to our accession course is proof that this course will, at the end of the day, be the catalyst of a solution and the only substantive pressure lever which can realistically be expected to exert pressure on the Turkish side to change its position," Kasoulides told the press.

    The Turkish response, he pointed out, aims to halt the start of membership talks because such a development would bring Turkey before a serious dilemma.

    "It will either have to accept a bicommunal, bizonal federation in Cyprus, (as agreed by the Greek and Turkish Cypriot sides) or run the risk of seeing Cyprus part of Europe prior to a solution," the Minister explained.

    He warned that Turkey would find itself occupying part of the EU, if there is no solution in Cyprus prior to accession.

    Commenting on Turkey's threats to integrate Cyprus' northern areas, which it occupies since its troops invaded the island, Kasoulides noted that these relate to "mainly economic links between the Turkish occupied areas and Turkey comparable to links the Republic of Cyprus would establish with the EU."

    "I do not underestimate Turkey's threats but it has been made clear by the EU, the US and the international community that a new illegal move on the part of Turkey will not be tolerated," Kasoulides said.

    Referring to American involvement in the Cyprus peace effort, he said the US has reiterated its support for Turkey but also asked the Turkish government to contribute towards a solution in Cyprus and a resolution of differences with Greece.

    "It is self-evident that Turkey's interests in Europe will be served through a Cyprus settlement. Stability in the Eastern Mediterranean should be sought not only in the Middle East and the Balkans but also in Cyprus," Kasoulides said.

    Pointing out that neither the US, nor the UN, nor the EU or anybody else could offer a solution in Cyprus, Kasoulides said all could contribute towards a settlement.

    "They could lead the Greek and Turkish Cypriot sides to a mutually acceptable solution because anything less than that would not constitute a resolution," he concluded.

    CNA MM/MCH/1997
    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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