You are here

Press: Changes in public sector

30/09/2014 07:17
The major issues in today’s financial press are the changes for the employees in the public sector in the next quarter, the reduction of ELA of Bank of Cyprus to €2 billion until 2017 and the views of the Fiscal Council for the budget 2015.

The newspaper “Phileleftheros” refers to the changes that must be introduced in the public sector in 2015. The Director of the administration and personnel department informed the Parliament yesterday, on the basis of the preliminary investigation of experts appointed by the government and the troika, that there is a need to introduce changes concerning the payroll, the rewards, the working hours etc. As noted, the parties and the trade unions reacted strongly, seeking deliberations.

The ‘Economy” inset of the newspaper refers to the reduction of the ELA of Bank of Cyprus to €2 billion until 2017. The first action was made with the payment of €800 million via the capital increase of €1 billion. According to sources, in Frankfurt the Central Bank Governor presented the plan and the ways of payment of ELA by Bank of Cyprus. Ms. Georghadji gave a detailed reference for the payment plan, which will be based on the payment of amounts by the government, the issue of covered bonds from the bank and the inflow of deposits.

Other headlines:

-Hourican: No worries about the stress test

-Zero growth for 2015 – Fiscal Council

-EU directive will cost Cyprus €100m

-Slight deterioration of the economic climate

The newspaper “Politis” reports that the investigating authorities in Aristo case will make new moves against the four suspects. According to sources, they promote the freezing of their assets to prevent any action that could affect the case.

The “Economy” inset of newspaper “Simerini” refers to the taxes that the Cypriots will be called to pay in two months. As noted, in the next two months we will be called to pay property taxes, both of the sate and the local administration, drainage fees, garbage collection and other taxes.

The newspaper also reports that the applications for the minimum guaranteed income exceeded 62 thousand.

Other headlines:

-“Red” loans in the red – Financing Organization and Land Development Organization try to restrict them

-No worries for stress tests – John Hourican

-What does the Fiscal Council highlight?

-Imposition of VAT on goods and services in the EEZ

The newspaper “Haravgi” refers to the changes for the employees in the public sector in the next quarter. Among others, the changes that will be implemented concern the payroll system, increases and surcharges, changes in the system of appointment and promotion etc. At yesterday's session of the House Labour Committee, the Director of Administration and Personnel Department, Kypros Kyprianou, analyzed the findings and recommendations of the experts on the structural changes that will occur.

The “Economy” inset of the newspaper refers to the interview of Bank of Cyprus CEO, John Hourican to the Financial Times. In his interview, Mr. Hourican said that the participation of foreign investors in the share capital imcrease of Bank of Cyprus is a real vote of confidence not only to the banks but also on the Cyprus economy in general.

Other headlines:

-Imposition of VAT on goods and services within the EEZ

-EC: Deterioration of the economy

-EKSYSY intervention to Zeta

The newspaper “Alithia” refers to the changes in the regime of the public employees by the first quarter of 2015. Among others, the evaluation system for appointments and promotions will change. Especially in promotions, what will be taken into account will be the performance, the value and the productivity rather than the antiquity. A study has been conducted by experts of the World Bank and the troika on the issue, which was analyzed yesterday at the House LABOUR Committee by the Director of the administration and personnel department, Kypros Kyprianou.

The “Economy” inset of the newspaper refers to the views of the fiscal council for the budget of 2015. The fiscal council believes that the provisions used by the Finance Ministry for the preparation of the budget 2015 is within acceptable limits. The Ministry estimates that the economy will grow by 0.4% against 3% contraction in 2014. According to the fiscal council, the rate of change of GDP for 2015 is expected to be around 0%, with small chances of GDP growth.

Other headlines:

-€100m minus with the change of VAT law

-No worries for stress tests – BOCY

-Greece: Negotiations with the troika start today