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Cyprus News Agency: News in English, 07-12-06

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

From: The Cyprus News Agency at <>


  • [03] EURO - CYPRUS - BANKS


    Foreign Minister Erato Kozakou Marcoullis has called on the UN to put a halt on attempts to make an issue out of a non-issue, namely the so-called isolation of the Turkish Cypriot community.

    Speaking on her return from Israel after a three day working visit, Marcoullis said that if Turkish Cypriots feel some kind of isolation, this is a direct consequence of the continuing Turkish military occupation of the northern part of Cyprus and the secessionist policies of the illegal Turkish Cypriot regime.

    UN Secretary-General has said in his report on UNFICYP that it is regrettable that the ongoing debate on the lifting of the isolation of the Turkish Cypriots has become one about recognition, stressing that recognition or assisting secession would be contrary to the resolutions of the Security Council.

    Efforts by the UN Secretariat to make an issue out of something which does not exist - the myth about a so-called isolation of the Turkish Cypriots - must finally come to an end, she said, commenting on the report.

    Marcoullis recalled efforts by the illegal regime, in Turkish occupied Cyprus, to prevent Turkish Cypriots from purchasing goods from the southern government controlled part of the country.

    This is what I would call isolation imposed by the Turkish Cypriot leadership on our Turkish Cypriot compatriots, Marcoullis stressed.

    The Cypriot Minister welcomed the reference to the need for compliance with Security Council resolutions that call on all states not to recognise any other government in Cyprus than the legal government of the Republic and not to facilitate in any way the self-styled Turkish Cypriot regime.

    This is a safeguard for us, we have never said we oppose the economic development of our Turkish Cypriot compatriots but everything should be done in line with legality, Marcoullis added.

    Asked if she raised the issue of financial activities by Israelis in the occupied north of Cyprus, Marcoullis said, after many representations by the Cypriot government, the Israeli government has issued a travel advice and warning to its citizens to be careful when they purchase property in Cyprus.

    She conveyed the request of the government that the travel advice becomes more detailed. Our request met with the understanding of the Israeli government and I believe we will have further cooperation with them.

    Marcoullis also said she was satisfied with the statements made after yesterdays talks in Athens between the Foreign Ministers of Greece and Turkey.

    The Cypriot FM described her visit to Israel as very satisfying and successful adding that it is part of a tour of Middle East countries.


    President of the House of Representatives Demetris Christofias has described his meetings in Brussels as very useful, noting that they provided ``a very good opportunity to reaffirm our positions regarding the Cyprus problem and our will for a solution, to stress that unfortunately Turkey did not want the 8 July 2006 agreement and is creating problems in its implementation, and of course our will to work hard towards the implementation of the agreement.``

    Speaking at a press conference at the European Parliament, Christofias said he explained to all the officials he met that an agreement between the two communities should be sought.

    ``We must tell Turkey, which has no place in Cyprus, that this is our agreement, we must tell the guarantor powers, the motherlands and nannies that Cyprus belongs to the Cypriots. This is the agreement we have achieved, a bizonal bicommunal federation, which will guarantee the human rights and fundamental freedoms of all Cypriots and you must accept it,`` he added.

    During his stay in Brussels, Christofias also met with President of the European Parliament Hans Gert Pottering, President of the European Commission Jose Manuel Barroso, Chairman of the Socialist Group Martin Schulz, Chairman of the Group of the Alliance of Liberals and Democrats for Europe Graham Watson, and Co-President of the Union for Europe of the Nations Group Brian Crowley.

    [03] EURO - CYPRUS - BANKS

    The accession of the Republic of Cyprus to the European Union is a three-year-old reality and the country is preparing to make the next most important step in its recent history and adopt the euro on January 1, 2008. The Cyprus pound will be replaced and the country will become a member of the Economic and Monetary Union (EMU). The countdown to the conversion from the pound to the euro has already begun and the authorities are busy with the necessary preparations. The Central Bank of Cyprus (CB) has already begun supplying the commercial banks with coins and bank notes, while in cooperation with the Ministry of Finance intensifies the information campaign.

    The aim of the campaign is twofold, to increase to the maximum level public awareness of the ways transactions will be made and to allay the publics concerns about any possible negative impact on everyday life, mainly fears about a hike of prices following the transition. The Central Bank stresses in an information bulletin that the euro will not affect the way transactions are made, nor will it influence the way of life. The euro, the Bank points out, will not alter the values of assets or receivables or increase liabilities (real assets, cash, bank deposits, loans, pensions, etc) and that applies to values and liabilities of residents and non residents. What will change is the expression of these values, which as of January 1st will be translated in euro instead of the existing legal tender, the Cyprus pound.

    According to the CB, instead of a negative effect the introduction of the euro will bring about significant benefits to the economy as a whole, such as low inflation, low interest rates, sound public finances and the protection against the negative effects of international economic fluctuations, something that is particularly important for a small open economy like Cyprus. The Bank says that another important aspect of the introduction of the euro relates to the transparency of prices in the single EU market, which will make the comparison of prices easier, promote competition and lead to lower prices for the local consumer, either Cypriots or visitors.


    Well-known Cypriot businessman George Paraskevaides died Wednesday in The London Clinic. He was 91. Paraskevaides was one of the owners of one of the biggest development companies in the world, Joannou and Paraskevaides, and continuously demonstrated his care for his fellow citizens through financial support for medical treatment. He also helped promote Cypriot culture.

    Cyprus President Tassos Papadopoulos expressed in a written statement his profound and sincere grief for Paraskevaides death, noting that Cyprus owes a lot to him.

    He was a model of humanity, dignity and kindness. He offered a lot in a selfless way to those who needed help and was a benefactor for Cyprus, serving his country with patriotism, the statement said. He leaves behind him charity work for which he will be dearly remembered as a man of high moral standards, he added.

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