Latest News

Cyprus’s Marfin Bank appoints ex-finmin chairman

By legalwise_admin - 16th December 2011

Dec 12 (Reuters) – Cyprus-based lender Marfin Popular has appointed former Cypriot financeminister Michael Sarris as non-executive chairman with effect from Jan. 1, it said on Monday. Sarris, a former senior economist at the World Bank, is to replace Constantinos Mylonas, appointed in the wake of the departure of non executive chairman Andreas Vgenopoulos in early November after five years at the helm. The bank is the heaviest exposed among Cypriot commercial banks to Greek debt and needs to raise 1.97...

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Greeks flock to Cyprus as unemployment pushed up by young jobless

By legalwise_admin - 16th December 2011

Large numbers of Greek citizens are moving to Cyprus in search of work according to Stelios Stylianou, the head of the Educational Service Commission (ESC). According to estimates from the Greek embassy in Nicosia, there are around 32,000 Greek citizens living in Cyprus. In the last two years, almost 1,500 Greek businesses have upped sticks to the island as a direct consequence of the economic crisis. Just last week the government unveiled plans to contain rapidly rising unemployment and stimulate...

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Presidents siblings oppose austerity; Cyprus hikes VAT to 17%

By legalwise_admin - 16th December 2011

The Cyprus president’s siblings, Christina and Christos Christofias, were caught on camera by the daily Phileleftheros (far right and far left of photo) as leading the demonstration in front of parliament on Tuesday opposing the austerity measures tabled by their father, Demetris Christofias. The two main unions, communist Peo and centre-right Sek, as well as the civil servants’ trade union Pasydy, oppose government efforts to freeze wages in the public sector, which puts the communist-led administration in an awkward position amid the...

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Bank of Cyprus issues 1 bln in covered bonds

By legalwise_admin - 16th December 2011

Bank of Cyprus said on Monday it had completed the issue of 1 bln euros in three-year covered bonds paying an interest of 3 month Euribor plus 1.25%. The bonds were launched off a covered bond programme worth up to 5 bln euros, the bank said in a statement. The three-year duration can be extended by one year and are secured by mortgages in Cyprus and other assets of the bank, it said. Source

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Cyprus between Europe and the Middle East

By legalwise_admin - 16th December 2011

THERE IS little doubt that Cyprus occupies a geo-strategic position at the crossroads of Europe, Asia and Africa. Whether this position is a blessing or a curse is a matter for debate, as the University of Cyprus’ Department of Social and Political Sciences prepares to present the forum: Cyprus between Europe and the Middle East. Cyprus’ history spans nine millennia. In the second millennium BC, the Achaean Greeks established city-kingdoms based on the Mycenaean model, introducing Greek language and culture,...

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Capita Symonds begins work on Cyprus’ Riviera project

By legalwise_admin - 16th December 2011

The multi-use project will be developed on a 17-hectare area. The development will include almost 200 new contemporary residences in its first phase. Among its other features include offices, shops, retail units, community and leisure amenities, as well as a landscaped park. The facility will comprise two segments including a residential zone and a commercial area spanning 18,000 square metres. There will be 5000 square metres of water features, 3km of dedicated cycle and pedestrian paths, and 23,000 square metres...

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Cypriots protest against austerity plan

By legalwise_admin - 16th December 2011

Greek Cypriot civil servants held an unannounced 12-hour strike on Thursday to protest against an austerity budget that includes an unprecedented two-year pay freeze for public sector workers. The strike shut down the Larnaca and Paphos international airports and also disrupted administrative preparations for local government elections due to take place on Sunday, according to a government official. Cyprus faces the possibility of becoming the next eurozone member to seek an international bail-out, with a widening budget deficit and sizeable exposure of...

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Cyprus and Bulgaria sign MOU on the guiding principles for the exchange of personnel between the two foreign ministries

By legalwise_admin - 16th December 2011

“The partnership between Bulgaria and Cyprus has traditionally been very good, relations between our peoples are friendly and the business contacts between the two countries are increasingly intense.” This was said by Bulgarian Foreign Minister Nickolay Mladenov at a joint news conference with the Foreign Minister of the Republic of Cyprus, Dr Erato Kozakou-Marcoullis. The two ministers signed a Memorandum of Understanding on the guiding principles for the exchange of personnel between the two foreign ministries, as a basis for...

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Foreign banks warn of pullout if taxes hiked

By legalwise_admin - 2nd December 2011

BIG FOREIGN banks have warned they may leave Cyprus if there are further hikes on what they say are the already-high taxes they have to pay, the House finance committee was told yesterday. The spokesman for the Association of International Banks, Marios Paraskevas which represents 27 foreign banks, called for its members to be exempt from any new measures the government may be examining to increase the state’s revenue and boost the economy. The spokesman was invited to attend yesterday’s...

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Cyprus does not seek EU help

By legalwise_admin - 2nd December 2011

Cyprus hopes to cope with the economic crisis on their own and avoid seeking economic support from the European Union said the President of Cyprus Demetris Christofias. According to him, if the country falls into the EU’s credit mechanism the situation will only worsen. Cyprus is faced with economic difficulties due to the recession in the EU and the large amounts of debt to Greek Cypriot banks as well as the explosion at a military base in July which destroyed...

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