You are here

Press: Foreclosures and Capital Intelligence

01/09/2014 07:20
The major issues in today’s financial press are tomorrow’s session of the House Finance and Interior Committees on the foreclosures bill and the forecasts of Capital Intelligence on the Cyprus economy.

The “Economy” inset of newspaper “Phileleftheros” refers to the session of the House Interior and Finance Committees tomorrow on the foreclosures bill. As noted, the Parliament will deal with three scenarios. The first has to do with the acceptance of the 13 common points by the troika, the second with a consensus for part of the common points (the parties will submit more amendments) and the third with the plenary session on Friday, when there will be no room for escape by anyone.

Elsewhere the newspaper reports that Archbishop Chrysostomos confirmed reports about the withdrawal of Makis Keravnos from Hellenic Bank.

Other headlines:

-New appeal of the Archbishop for the protection of the poor from foreclosures

-Alliance: No amendments of decorative character

-AKEL insists on change of philosophy

-EU summit to boost economy

The newspaper “Politis” refers to the government’s difficulties in replacing Irena Georgiadou. According to sources, two former general managers, one from the public service and one from a semi-governmental organization, were negative in the government’s proposal, which may attempt a reform without commissioner, based on the competent bi-ministerial committee that has executive powers.

The “Economy” inset of the newspaper refers to the forecasts of Capital Intelligence on the Cyprus economy. The agency confirmed on Friday the long-term and short-term assessment o f Cyprus in foreign currency on B- and B respectively, while it kept the outlook of the economy stable. However, the firm sees risks in terms of the potential for delay in the implementation of the program which may block the disbursement of future tranches, making reference to the foreclosures bill.

Other headlines:

-Pressures for new actions – To the ECB

-IMF backs Christine Langarde

-Export of money to EU costs

-Italian list of growth

The newspaper “Simerini” refers to the continuation of deliberations between the government and the parties to reach common acceptable amendments for the foreclosures bill. According to the report, the borrowers stay firm to their red lines. One of the issues that may cause friction is the common position between the government and the parties on the start of the effectiveness of the legislation together with the insolvency framework next January.

The newspaper also refers to the withdrawal of Makis Keravnos from the position of CEO of Hellenic Bank.

The newspaper “Haravgi” refers to the House Finance and Interior Committee’s session tomorrow to discuss the amendments on the foreclosures bill. As noted, the stance of the two Ministers will be decisive.

The “Economy” inset of newspaper “Alithia” refers to the investments of Islamic type expected in the CSE within the framework of the efforts for its upgrading. CSE General Manger, Nontas Metaxas, explained that it is traditionally a very significant sector in the financial environment of the Islamic countries, providing through them funding in significant projects of economic growth, as well as alternative options and tools for investments.