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Press: Cyprus’ living standard lower than EU average

17/04/2003 09:06
The major issues in today’s financial press are the Cyprus’ purchasing power and living standard compared to the EU average, the development policy of the Finance Ministry and the crisis in labour relations of the tourist sector.

The “Economy” inset of newspaper “Phileleftheros” under the title “Lower prices and living standard” mentions that prices in Cyprus are lower than EUR 15. Although Cyprus is cheaper, its purchasing power, i.e the gross domestic product per capita translated into purchasing parity is even lower. According to Eurostat data for 2001, Cyprus was more expensive than the other candidate countries, with its level price corresponding to 84%.

Elsewhere the newspaper points out that most stock exchanges of the “10” candidates countries ignored their countries’ accession in the European Union and ended up with losses.

The “Economy” inset if newspaper “Simerini” under the title “Peace in hotels suffers” reports that the labour relations between the trade unions and the employers have been deteriorated as the Pancyprian Federation of Labour (PEO) has warned the Hotel Owners Association (PASIXE) to proceed to the renewal of union contracts.

Elsewhere the inset mentions that former Works Minister, Averof Neophytou has accused current government for leading CYTA into stagnation.

The “Economic” inset of newspaper “Alithia” under the title “Cuts concern expenditure” highlights that the issue of suspension of the development programs for 2004 “will be examined only if necessary”.

Elsewhere “Alithia” reports that the Securities and Exchange Commission has granted 17 KEPEY licenses (financial service provider).