Cyprus-Forum.com

by **Lit** » Wed Mar 20, 2013 6:05 pm

Cypriot Church puts all its assets at disposal of state
SOURCE: BETA, TANJUG
NICOSIA -- The head of the Cypriot Orthodox Church has offered to help rescue the Cypriot economy by putting all Church property at the disposal of the government.

http://www.b92.net/eng/news/world-artic ... v_id=85262

"The entire Church property has been made available to this country in order to prevent the collapse of the economy," said Archbishop Chrysostomos II after a meeting with Cypriot President Nicos Anastasiades, hours after the country's parliament rejected the conditions set for a European aid package.

According to the archbishop, the Church has offered to to mortgage its property for the purchase of government bonds. He, however, declined to comment on what the amount that could be collected in this way.

The Church is the largest land owner in Cyprus and has shares in various companies, including in Hellenic Bank.

Cyprus must present a plan to collect EUR 5.8 billion, after it on Wednesday rejected a proposal to introduce a tax of up to 10 percent on bank deposits, which was set as a requirement for international loans.

In the meantime, Cypriot Finance Minister Michalis Sarris is visiting Moscow. He said that there was still no agreement on a Russian loan to Cyprus, the Russian media reported today.

"The talks were very good, constructive and fair," Sarris said after a meeting with Russian Finance Minister Anton Siluanov.

The Cypriot minister announced the resumption of negotiations in order to find a "solution that will enable the support of Russia", and added: "We'll be here until we reach an agreement."

Siluanov said in early February that Russia was ready to restructure the debt and to possibly mitigate repayment terms for previously approved loans.

The Cypriot parliament yesterday rejected a draft law on the basis of which bank clients would have up to 10 percent of their savings taken from their accounts.

Cyprus requested EUR 15.8 billion to rescue its banks, put in order its finances and avoid the possibility of leaving the eurozone.

The EU countries and the International Monetary Fund (IMF) responded by setting taxation of savings deposits in Cypriot banks as a condition.

The agreement between the government of Cyprus and international lenders - which the Cypriot parliament on Wednesday rejected - caused a rush to banks and withdrawal of money to avoid taxation.

In response to this situation, banks were closed, and will not open until tomorrow.

by **Lit** » Wed Mar 20, 2013 6:13 pm

...in a surprise twist, the head of the Church of Cyprus went on television to propose putting all of its properties up as collateral so that the state could issue a new round of sovereign bonds to raise money. The church is one of the largest and most influential investors on this Mediterranean island, with vast holdings in banks, real estate and other interests.

Archbishop Chrysostomos II suggested that all of the Church’s dioceses, parishes and monasteries — which are also big investors — could then buy a portion of the bonds to help the country at a time of need.

Describing the church’s holdings as “huge,” the archbishop said it would “put all its property is in the country’s disposal in order to support the people, avoid the banking collapse and help the country stand on its own feet.”

He said Parliament made the right decision in rejecting the bailout terms, “and sent a clear message to Europeans that they should learn to respect smaller countries.”

Source: NY Times

by **Lit** » Wed Mar 20, 2013 6:27 pm

by **CBBB** » Wed Mar 20, 2013 7:03 pm

The fat bugger must smell a profit in it or he wouldn't have done it!

by **bill cobbett** » Wed Mar 20, 2013 7:23 pm

CBBB wrote:The fat bugger must smell a profit in it or he wouldn't have done it!

OMG...!!! he's gonna sell the Keo Brewery to the Russian Church...!!!

What's happening with Laiki... ??? Stories today that it's been sold for mega Billions...??? Anyone hear anything...???

(... which would be a bit un-nice cos i bought it for 10GBP off an over-weight Turkish-looking chap in a pub in Richmond, Surrey last week, ugly bleeder he was. ... gave me the kochans though)

by **Cap** » Wed Mar 20, 2013 7:28 pm

Hasn't the state rubbished that rumor Bill?

by **bill cobbett** » Wed Mar 20, 2013 7:32 pm

Cap wrote:Hasn't the state rubbished that rumor Bill?

Yes, just saw the Fam Gaz ... yep it's been denied.

Phew.... Re Cap kalos file, do you want to buy Laiki off me...???

by **Lit** » Wed Mar 20, 2013 7:36 pm

Archbishop Chrysostomos, the island’s influential spiritual leader, said after a breakfast meeting on Wednesday with Mr Anastasiades that the vote had been “a success”.

“They [the EU] must learn to respect a small partner,” he said.

The Orthodox Church of Cyprus would support the bond issue and would also put its real estate holdings at the disposal of the state to be used as collateral. The church is the island’s largest single landholder.

“Every bishopric and parish church will buy this bond,” Archbishop Chrysostomos said.

Source: Financial Times