20/06/2014 07:02
The major issues in today’s financial press are the issue of the 5-year bond of €750 million, the summer forecasts of EY for Cyprus and the approval of the next tranche by the Eurogroup.
The “Economy’ inset of newspaper “Phileleftheros” refers to the issue of the 5-year bond of €750 million by foreign funds with an interest rate of 4.75%. According to the report, Fitch stressed that this is an important step but also the problems remain and it cannot be considered that Cyprus’s access to the markets will be permanent. Meanwhile, significant benefits will result from this new borrowing for banks, especially for Bank of Cyprus, as a large part of the €750 million will be used to buy back debt from Laiki Bank.
Elsewhere the newspaper reports that the European Stability Mechanism believes that a possible settlement of the Cyprus issue is a positive possibility, which could lead to powerful effect in Cyprus.
Other headlines:
-Green light for tranche and return to markets
-Fitch: Positive development but it is still early
-EY: The worse of the financial crisis passed
-Seizure of assets for taxes
The newspaper “Politis” refers to the explanations that the Finance Minister requested by the Chairman of Cyprus Airways for allegations that he charged his personal expenses to the company and took decisions in relation to the supply of materials and services.
The “Economy” inset of the newspaper reports that the Finance Ministers of the euro are approved the disbursement of the tranche of €600 million. As noted, the decision was taken as the fourth assessment of the troika was positive for Cyprus and the amount will be disbursed in early July. Meanwhile, the Annual Report of the ESM contained positive references for the course of the Cyprus economy but stressed the existing risks, especially the large number of NPLs.
Other headlines:
-Fitch sees positives and negatives in the bond issue
-Loans restrict prospects - EY forecasts for Cyprus
-Limit of €3.000 for seizure of bank accounts
-EEE to the Parliament
The “Economy’ inset of newspaper “Simerini” refers to the law prepared in Brussels for the management of the non-performing loans by the banks. DISY President, Aveof Neophytou said yesterday that is criminal negligence of the banking system to restructure viable loans.
The newspaper also reports that the European Stability Mechanism, in its report, said that the course of the Cyprus economy is positive, however, there are still risks for the stabilization of the economy.
Other headlines:
-Euro area growth expected
-Fitch: Positive return to the markets, risks remain
-MPs voted for five bills – to receive tranche of €600m
-Eurogroup approved tranche of €600m
The “Economy” inset of newspaper ‘Haravgi” reports that despite the increase in tourist arrivals, the salaries slump. As noted, although arrivals increased last year – this year is expected an increase too – the hoteliers do not appoint employees from the Ministry’s programs, since they can find very cheap labour.
“Haravgi” also reports that the price of consumer goods in Cyprus were below the EU average in 2013.
Other headlines:
-Next tranche approved
-Daily flights from Gulf Air
-CTO: Positive prospects for conference tourism
The “Economy” inset of newspaper “Alithia” refers to the summer EY forecasts for Cyprus. According to them, the GDP is expected to drop by 4.3% in 2014, while economy will return to recovery from 2016 (0/9%) with its growth rate increasing to 2% by 2018.
Elsewhere the newspaper reports that DISY President, Averof Neophytou criticized yesterday the negligence of the banking system to restructure even viable loans.
Other headlines:
-Disputes in Parliament for salaries of Committees
-Temporary solutions for Larnaca port and marinas
-Chinese company wants share of Aphrodite
The “Economy’ inset of newspaper “Phileleftheros” refers to the issue of the 5-year bond of €750 million by foreign funds with an interest rate of 4.75%. According to the report, Fitch stressed that this is an important step but also the problems remain and it cannot be considered that Cyprus’s access to the markets will be permanent. Meanwhile, significant benefits will result from this new borrowing for banks, especially for Bank of Cyprus, as a large part of the €750 million will be used to buy back debt from Laiki Bank.
Elsewhere the newspaper reports that the European Stability Mechanism believes that a possible settlement of the Cyprus issue is a positive possibility, which could lead to powerful effect in Cyprus.
Other headlines:
-Green light for tranche and return to markets
-Fitch: Positive development but it is still early
-EY: The worse of the financial crisis passed
-Seizure of assets for taxes
The newspaper “Politis” refers to the explanations that the Finance Minister requested by the Chairman of Cyprus Airways for allegations that he charged his personal expenses to the company and took decisions in relation to the supply of materials and services.
The “Economy” inset of the newspaper reports that the Finance Ministers of the euro are approved the disbursement of the tranche of €600 million. As noted, the decision was taken as the fourth assessment of the troika was positive for Cyprus and the amount will be disbursed in early July. Meanwhile, the Annual Report of the ESM contained positive references for the course of the Cyprus economy but stressed the existing risks, especially the large number of NPLs.
Other headlines:
-Fitch sees positives and negatives in the bond issue
-Loans restrict prospects - EY forecasts for Cyprus
-Limit of €3.000 for seizure of bank accounts
-EEE to the Parliament
The “Economy’ inset of newspaper “Simerini” refers to the law prepared in Brussels for the management of the non-performing loans by the banks. DISY President, Aveof Neophytou said yesterday that is criminal negligence of the banking system to restructure viable loans.
The newspaper also reports that the European Stability Mechanism, in its report, said that the course of the Cyprus economy is positive, however, there are still risks for the stabilization of the economy.
Other headlines:
-Euro area growth expected
-Fitch: Positive return to the markets, risks remain
-MPs voted for five bills – to receive tranche of €600m
-Eurogroup approved tranche of €600m
The “Economy” inset of newspaper ‘Haravgi” reports that despite the increase in tourist arrivals, the salaries slump. As noted, although arrivals increased last year – this year is expected an increase too – the hoteliers do not appoint employees from the Ministry’s programs, since they can find very cheap labour.
“Haravgi” also reports that the price of consumer goods in Cyprus were below the EU average in 2013.
Other headlines:
-Next tranche approved
-Daily flights from Gulf Air
-CTO: Positive prospects for conference tourism
The “Economy” inset of newspaper “Alithia” refers to the summer EY forecasts for Cyprus. According to them, the GDP is expected to drop by 4.3% in 2014, while economy will return to recovery from 2016 (0/9%) with its growth rate increasing to 2% by 2018.
Elsewhere the newspaper reports that DISY President, Averof Neophytou criticized yesterday the negligence of the banking system to restructure even viable loans.
Other headlines:
-Disputes in Parliament for salaries of Committees
-Temporary solutions for Larnaca port and marinas
-Chinese company wants share of Aphrodite
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