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Cyprus News Agency: News in English, 08-11-07

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From: The Cyprus News Agency at <>




    Cyprus economy is one of the bright exceptions, considering the impact of the international financial crisis on the real economy of the European Union, Cyprus President Demetris Christofias has said.

    President Christofias participated Friday in the extraordinary meeting of EU Heads of State and Government, convened by the French presidency of the Union, ahead of the international summit on the financial crisis scheduled for 15 November in Washington.

    Speaking after the meeting, President Christofias stated that the EU sought and wants to be united in Washington. It wishes to promote new reforms of the entire financial system, he said, adding that there is a basic agreement on the common lines the French presidency has proposed.

    Christofias noted that the EU leaders dealt with the impact of the financial crisis on the real economy. On that, a serious decision has been reached, which empowers the Commission to present a proposal so that the impact on the real economy and the possible measures that have to be adopted collectively by EU partners are discussed, he pointed out.

    Replying to a question, President Christofias noted that the impact was expected. However, there are concerns that the financial crisis has not yet decelerated. The signs on the real economy are already evident, with layoffs, unemployment, closures of businesses in several countries, even in countries with strong economies. Thankfully, Cyprus is one of the bright exceptions, President Christofias concluded.

    Regarding the outcome of the extraordinary meeting, the EU Heads of State and Government agreed on a common language the EU will use in the International Summit on 15 November in Washington. They also agreed on common principles upon which to build a new international financial system.

    Those principles are as follows: (i) no financial institution, no market segment and no jurisdiction must escape proportionate and adequate regulation or at least oversight, (ii) the new international financial system must be based on principles of accountability and transparency, (iii) the new international financial system must allow risks to be assessed so as to prevent crises, and (iv) give the International Monetary Fund (IMF) a central role in a more efficient financial architecture.


    The Cyprus problem was among the issues discussed during a meeting held Friday in London between British Foreign Secretary David Miliband and Turkish Foreign Minister Ali Babacan.

    In statements after the two hour long meeting, Miliband said they expressed their common interest in finding a solution to the Cyprus problem.

    He added that during the meeting they expressed the hope that this prospect would be achieved next year during the ongoing negotiations between the leaders of the two communities in Cyprus, President of Cyprus Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat.


    The Russian Federation is probably the most important economic and commercial partner of the Republic of Cyprus, Minister of Finance Charilaos Stavrakis has said.

    The Cypriot Minister, who co-chaired with Russian Deputy Minister of Economic Development Stanislav Voskresensky over the 5th meeting of the Cyprus Russia intergovernmental committee, said there are prospects to further enhance bilateral relations.

    Referring to Cypriot President Demetris Christofias official visit to Moscow mid November, Stavrakis expressed the conviction that President Christofias meetings with Russian President Dmitry Medvedev and Prime Minister Vladimir Putin will further enhance cooperation between the two states.


    The penultimate round of the 2008 FIA Middle East Rally Championship got underway in Geroskipou Friday with the ceremonial start of the 2008 Troodos Rally.

    According to a press release, this years Troodos Rally promises to be the most exciting ever. Rally fans from across Cyprus and beyond descended upon Geroskipou, near Paphos, this evening to catch their first glimpse of the crews who will be competing here over the weekend.

    Qatars Nasser Al-Attiyah has dominated the Troodos Rally in recent years, winning the last 5 consecutive events. He will be hoping his run of success continues. If Al-Attiyah and his Ulster co-driver Chris Patterson can steer their Subaru Impreza to a top-two finish, they will secure the 2008 Middle East Championship title. Plus, victory here would also see Al-Attiyah enter the record books as the first driver ever to win 3 FIA Championships in the same year following his victories in the FIA Cup for Cross Country Baja, and the FIA World Cup for Cross Country Rallies.

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