Cyprus-Forum.com

[Svetlana]

I'll ask my gardener what the Government should do next...

[GreekIslandGirl]

Spread some more manure.

[johnny1]

is here any politician that is not a multi millionaire?

[cyprusgrump]

Cyprus by numbers

As we look forward to the eurozone finance ministers' meeting in Dublin, where it's hoped the refinancing of Cyprus can be agreed, here's a quick reminder of what money the country needs.

According to Reuters, Cyprus needs €23bn from the second quarter of 2013 to the first quarter of 2016.

The eurozone bailout fund will give €9bn, the IMF €1bn and Cyprus must find €13bn.

The €10bn international bailout will go on:

€2.5bn on recapitalising the remains of the banking sector
€4.1bn on redeeming maturing government debt
€3.4bn to cover fiscal needs of Cypriot government

And Cyprus will make up its contribution from:

Up to €10.6bn from resolution on Laiki bank, losses imposed on junior shareholders and deposit for equity swap of uninsured depositors at Bank of Cyprus
Up to €600m from corporate tax rise to 12.5% from 10% and doubling capital gains tax to 30%
Around €400m from gold sales
Up to €1bn from debt rollover
€1.4bn from privatisation
€100m from a reduction in interest rates on its Russian loans

[kurupetos]

is here any politician that is not a multi millionaire?

Yes, Christakis.

[B25]

is here any politician that is not a multi millionaire?

Don't ask stupid questions please

They only do it to become millionaires!

Any wonder Laiki sunk 9Bn, where do you think that went??

[johnny1]

Στη λίστα των 6.000 καταθετών που έβγαλαν 4 περίπου δισεκατομμύρια ευρώ στο εξωτερικό φαίνεται να περιλαμβάνεται η κόρη του Κύπριου Προέδρου, Έλσα Αναστασιάδη αλλά και ο πρώην υπουργός οικονομικών που εξαναγκάστηκε σε παραίτηση Μιχάλης Σαρρής. Η έντονη φημολογία έρχεται να φέρει σε ακόμη δυσκολότερη θέση την προεδρική οικογένεια μετά την διαρροή της εταιρείας A.Loutsios and Sons συμφερόντων του γραμπρού του πρέδρου, Γιάννη Λούτσιου. Σύμφωνα με πληροφορίες η Έλσα Αναστασιάδη αναμένεται να υποστηρίξει ότι όλα έγιναν νομότυπα ενώ για την προέλευση των χρημάτων θα αναφέρει ότι πρόκειται για χρήματα πελατών της, που διαχειριζόταν ή ίδια ως δικηγόρος. Η πρώτη αντίδραση προς το παρών έρχεται απο τον Μιχάλη Σαρρή που είπε πως «αυτό που μπορώ να πω είναι ότι δεν έχω τέτοια λεφτά για βγάλω και εκτός Κύπρου».

[CBBB]

Στη λίστα των 6.000 καταθετών που έβγαλαν 4 περίπου δισεκατομμύρια ευρώ στο εξωτερικό φαίνεται να περιλαμβάνεται η κόρη του Κύπριου Προέδρου, Έλσα Αναστασιάδη αλλά και ο πρώην υπουργός οικονομικών που εξαναγκάστηκε σε παραίτηση Μιχάλης Σαρρής. Η έντονη φημολογία έρχεται να φέρει σε ακόμη δυσκολότερη θέση την προεδρική οικογένεια μετά την διαρροή της εταιρείας A.Loutsios and Sons συμφερόντων του γραμπρού του πρέδρου, Γιάννη Λούτσιου. Σύμφωνα με πληροφορίες η Έλσα Αναστασιάδη αναμένεται να υποστηρίξει ότι όλα έγιναν νομότυπα ενώ για την προέλευση των χρημάτων θα αναφέρει ότι πρόκειται για χρήματα πελατών της, που διαχειριζόταν ή ίδια ως δικηγόρος. Η πρώτη αντίδραση προς το παρών έρχεται απο τον Μιχάλη Σαρρή που είπε πως «αυτό που μπορώ να πω είναι ότι δεν έχω τέτοια λεφτά για βγάλω και εκτός Κύπρου».

You have been reading Harvghi again!

[johnny1]

“Cyprus Survive” is absolutely correct and one would expect Mr Draghi's office to have done better homework before taking a position and writing letters to a democratically elected President and mentioning the international courts because by reading the law of Cyprus (if anyone even respects it anymore), the appointment of the Deputy Governor was unconstitutional to start off with and clearly a political move at the time by the AKEL Government which knew that under all scenarios, it would be ousted (Note that Mr. Anastasiades was voted in office with the highest percentage of the electorate since elections have been taking place in Cyprus post 1974). There was public outcry at the time the Deputy Governor was appointed and opposition by all political parties (except AKEL) shoukd Mr Draghi's office and Bloomberg care to check the record. But more importantly, the former President and his "chosen" Governor Mr. Demetriades, did nothing for over a year as they "negotiated" with the Troika; in fact, they stalled the process knowing every day that went by, the banking sector was bleeding more, and the Cyprus taxpayer as well as the German saver, were going to be worse off. Is that what a prudent Banking Supervisor does? If anything, his record from over the last year shows that Mr Demetriades is in fact not fit for office as foremost, he is the one who failed to "supervise" or “resolve” at least that late in the process the banking sector’s problem, and above all, to safeguard financial stability both at the national and European level as he presumably presides a Eurosystem bank (if one considers contagion). From day one he assumed office he should have positioned himself and taken action for the orderly resolution of one bank, or a separation of its bad assets at minimum, not sit inactive and bring his supervised constituents and the whole country, as well as the Eurogroup, to the edge of a cliff, as it happened in March. The Cyprus government has now set up an Investigation Committee with respected figures from the legal sector to carry out an independent assessment of what happened with the banks. As the banking crisis lessons from other countries show, it was not just failure at banks that caused the problem, it was also failure from the supervisory authorities to identify problems and to act.. Given the latter, Mr Demetriades should take personal stock of his responsibility then and hold himself accountable to the Cypriot people and the Eurosystem and have the decency perhaps to resign himself, thereby allowing the Investigation Committee to do its work swiftly, just like Mr. Sarris resigned. How can the man who failed in his duties for over a year now, stay in office during this new era of the ‘correction’ period? Moral hazard anyone? Unless Mr Demetriades of course wants über-alles to live out his dream of presiding over the fragments of a prolonged nationalised banking sector, just like he advocated in his academic publishings. Mr Draghi and his likes, should also be bolder if their vision is for a true Union and a credible Euro: get rid of the national central banks in their current form altogether. And let us not forget that if Mr Anastasiades had been successful to pass through those bail-out terms as first agreed and guaranteed deposits had been bailed-in with the original blessing given by Troika, Mr. Demetriades and the 'independence' of the Cyprus Central Bank would today have been the least of the worries of Mr. Draghi and many others.

[CBBB]

“Cyprus Survive” is absolutely correct and one would expect Mr Draghi's office to have done better homework before taking a position and writing letters to a democratically elected President and mentioning the international courts because by reading the law of Cyprus (if anyone even respects it anymore), the appointment of the Deputy Governor was unconstitutional to start off with and clearly a political move at the time by the AKEL Government which knew that under all scenarios, it would be ousted (Note that Mr. Anastasiades was voted in office with the highest percentage of the electorate since elections have been taking place in Cyprus post 1974). There was public outcry at the time the Deputy Governor was appointed and opposition by all political parties (except AKEL) shoukd Mr Draghi's office and Bloomberg care to check the record. But more importantly, the former President and his "chosen" Governor Mr. Demetriades, did nothing for over a year as they "negotiated" with the Troika; in fact, they stalled the process knowing every day that went by, the banking sector was bleeding more, and the Cyprus taxpayer as well as the German saver, were going to be worse off. Is that what a prudent Banking Supervisor does? If anything, his record from over the last year shows that Mr Demetriades is in fact not fit for office as foremost, he is the one who failed to "supervise" or “resolve” at least that late in the process the banking sector’s problem, and above all, to safeguard financial stability both at the national and European level as he presumably presides a Eurosystem bank (if one considers contagion). From day one he assumed office he should have positioned himself and taken action for the orderly resolution of one bank, or a separation of its bad assets at minimum, not sit inactive and bring his supervised constituents and the whole country, as well as the Eurogroup, to the edge of a cliff, as it happened in March. The Cyprus government has now set up an Investigation Committee with respected figures from the legal sector to carry out an independent assessment of what happened with the banks. As the banking crisis lessons from other countries show, it was not just failure at banks that caused the problem, it was also failure from the supervisory authorities to identify problems and to act.. Given the latter, Mr Demetriades should take personal stock of his responsibility then and hold himself accountable to the Cypriot people and the Eurosystem and have the decency perhaps to resign himself, thereby allowing the Investigation Committee to do its work swiftly, just like Mr. Sarris resigned. How can the man who failed in his duties for over a year now, stay in office during this new era of the ‘correction’ period? Moral hazard anyone? Unless Mr Demetriades of course wants über-alles to live out his dream of presiding over the fragments of a prolonged nationalised banking sector, just like he advocated in his academic publishings. Mr Draghi and his likes, should also be bolder if their vision is for a true Union and a credible Euro: get rid of the national central banks in their current form altogether. And let us not forget that if Mr Anastasiades had been successful to pass through those bail-out terms as first agreed and guaranteed deposits had been bailed-in with the original blessing given by Troika, Mr. Demetriades and the 'independence' of the Cyprus Central Bank would today have been the least of the worries of Mr. Draghi and many others.

That is hell a of a stutter, why don't you see a speech therapist?