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President vows wide reforms for financially-hit Cyprus

Agence France-PresseApril 29, 2013 15:30
Cyprus President Nicos Anastasiades said on Monday that he planned sweeping reforms in a bid to modernise the economically-battered island, including lifting immunity from prosecution for the president and other politicians. The move by the president, which comes on the back-end of a crippling 10-billion-euro EU-IMF bailout, aims to "assure the citizens of my determination and that of my government to meet the expectations of the society for a new bold start".

Cyprus parliament to vote on 23 billion-euro financial rescue deal, expected to pass

The Canadian PressApril 29, 2013 08:44
NICOSIA, Cyprus - NICOSIA, Cyprus (AP) — Cyprus' lawmakers are voting Tuesday on a multi-billion bailout agreement aimed at preventing the country from going bankrupt. The 56-seat parliament is expected to narrowly approve the 23 billion-euro ($30 billion) deal that the country struck with its euro partners and the International Monetary Fund last month. The government has warned the agreement's rejection will mean the country's economic collapse and possible exit from the euro, used by 17 European Union countries.

Cyprus a 'guinea pig' for EU haircut experiment

Agence France-PresseApril 22, 2013 14:34
Cyprus was a "guinea pig" for an EU-imposed experiment that saw bank depositors slapped with a levy on their savings, President Nicos Anastasiades told a meeting of EU parliament speakers on Monday. The eurozone last week formally approved a bailout for Cyprus, which will have to stump up 13 billion euros ($17 billion) of its own to secure 10 billion euros from the European Union and International Monetary Fund.

EU to explore "frontloading" structural payments to Cyprus

April 16, 2013 04:15
BRUSSELS (Reuters) - The European Commission will propose "frontloading" payments to Cyprus from the EU budget so that allocations for the next seven years are paid early to give the battered economy a boost, European Commission President Jose Manuel Barroso said. In a letter to Cypriot President Nicos Anastasiades, Barroso said the Commission would also offer Nicosia higher pre-financing rates and explore the possibility of increasing the size of the funds already agreed for Cyprus in the EU's 2014-2020 budget.

Cyprus passports offered to big foreign losers in EU bailout

April 14, 2013 14:46
President Nicos Anastasiades said Sunday that foreigners with bank deposits in Cyprus who lost at least 3 million euros ($3.9 million) under an EU bailout for the island would be given passports. "Non-resident investors who held deposits prior" to the bailout and lost "at least 3 million euros will be eligible to apply for Cypriot citizenship," he told a Russian business conference in the coastal resort of Limassol.

Euro ministers back 10 billion euro Cyprus bailout, Nicosia mulls use of EU structural funds

April 12, 2013 06:30
By Jan Strupczewski and Annika Breidthardt DUBLIN (Reuters) - Euro zone finance ministers backed a 10 billion euro bailout for Cyprus on Friday and the European Commission said it would try to help the island's economy grow again with better use of EU structural funds. The ministerial support opens the way for several euro zone countries, including Germany and Finland to seek approval for the three-year bailout in national parliaments, so that loan agreement with Nicosia can be signed by April 24.

Cyprus president to ask EU for 'extra assistance'

April 12, 2013 05:15
Cypriot President Nicos Anastasiades said on Friday he will appeal to EU chiefs for extra assistance for the island as it faces ever more crippling terms for a eurozone debt bailout. Anastasiades said he had already spoken to European Union Economy and Euro Commissioner Olli Rehn ahead of a key meeting of eurozone finance ministers in Dublin later Friday that is due to finalise the bailout terms. He said he would also write to European Commission chief Jose Manuel Barroso and to EU President Herman Van Rompuy.

Cyprus president to ask EU for 'extra assistance'

April 12, 2013 05:00
Cypriot President Nicos Anastasiades said on Friday he will appeal to EU chiefs for extra assistance for the island as it faces ever more crippling terms for a eurozone debt bailout. Anastasiades said he had already spoken to European Union Economy and Euro Commissioner Olli Rehn ahead of a key meeting of eurozone finance ministers in Dublin later Friday that is due to finalise the bailout terms. He said he would also write to European Commission chief Jose Manuel Barroso and to EU President Herman Van Rompuy.

Only Cypriot president, parliament speaker can fly business class - MoU

April 2, 2013 15:31
BRUSSELS (Reuters) - Only Cypriot President Nicos Anastasiades and parliamentary speaker Yiannakis Omirou of all government officials will now be entitled to fly business class, as part of the austerity Cyprus agreed to with international lenders in exchange for a bailout. The ban on business class travel for government employees will not apply to transatlantic flights, said a memorandum of understanding between Cyprus and the euro zone, under which the Mediterranean island is to get 10 billion euros (8.4 billion pounds) in loans.

Cyprus's new cabinet

April 2, 2013 11:17
Cypriot President Nicos Anastasiades made two changes to his cabinet after Finance Minister Michalis Sarris resigned on Tuesday. Sarris' portfolio will be taken up on Wednesday by Labour and Social Insurance Minister Haris Georgiades, who will be replaced by Zeta Emilianidou, permanent secretary at the commerce ministry. Here is the new line-up: - Foreign Minister: Ioannis Kasoulides (Disy) - Finance Minister: Haris Georgiades (Disy) - Interior Minister: Socrates Hasikos (Disy) - Justice and Public Order Minister: Ionas Nicolaou (Disy)
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