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Wednesday, 24 April 2024
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Cyprus News Agency: News in English, 13-06-07Cyprus News Agency: News in English Directory - Previous Article - Next ArticleFrom: The Cyprus News Agency at <http://www.cyna.org.cy>CONTENTS
official [01] Minister stresses importance of energy infrastructureMinister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis has stressed the importance energy infrastructure has. Lakkotrypis, who was addressing an EU Council of Energy, in Luxemburg, on Friday, welcomed the adoption of the Council conclusions, in which concerns expressed by Cyprus were taken into consideration.He further highlighted the importance of necessary energy infrastructure. On the sidelines of the Council, he met with European Commissioner for energy Günther Oettinger, whom he briefed on the new appraisal process, conducted by Noble Energy within Cyprus' Exclusive Economic Zone, as well as on the project for an LNG plant. [02] -------Lack of timely measures led Cyprus to ESM, says FinMin officialCyprus was forced to apply to the European Stability Mechanism due to the lack of timely adoption of measures which would have dealt with the consequences of the crisis, Ministry of Finance Economic Research and EU Affairs Director Andreas Charalambous has said.Charalambous, who was speaking during a hearing of the Investigation Committee for the economy, said that from February 2010 onwards he warned by way of official memos about the economy and proposed that measures are taken to deal with fiscal and structural problems as well as problems faced by the banking sector. Unfortunately, he added, the measures were not adopted by the political leadership due to the political cost they would have entailed. [03] Supreme Court rejects appeals against haircut on bank depositsThe Supreme Court rejected on Friday appeals against a government decision to impose a haircut on uninsured banking deposits in the context of a €10 billion bailout.The Court plenary ruled by majority vote that the haircut does not constitute a public act but a private act and as such it can be examined in civil lawsuits against the banks and possibly the government. Under the bailout agreement, uninsured deposits (over €100,000) in the island's largest bank, Bank of Cyprus, will take losses up to 60% whereas Cyprus Popular Bank, Cyprus' second largest lender, will be liquidated with its uninsured deposits estimated to lose up to 80% in a bid to cover the banks' capital needs, amounting to €10.6 billion. Following the decision, approximately 5,000 depositors appealed to the Supreme Court, requesting that the decision be revoked. Cyprus News Agency: News in English Directory - Previous Article - Next Article |
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