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Press: Scenarios for BOCY

05/09/2012 07:31
The major issues in today’s financial press are the new increase in the price of fuel, the scenarios for Bank of Cyprus and Moscow’s conditions for the allocation of a new loan of €5 billion.

The newspaper “Phileleftheros” refers to the new hikes in the price of fuel. Specifically, the hike is of three cents per litre for the unleaded and two cents per litre for diesel. Compared to 2011, we pay €10 more for 60 litres of fuel.

The “Economy” inset of the newspaper refers to the European Central Bank figures on interest rates in July. According to them, lending rates for new loans in Cyprus stand at 5.36% - 7.37%. The annual charge on consumer loans reached 7.54% from 7.52% in June.

Other headlines:

- CPB: 80 managers withdraw

- Price hikes of 6.9% amid deep recession

- CAIR: Four trade unions requested implementation of existing plan

- New criticisms for the economy

The “Economy” inset of newspaper “Politis” refers to the conditions set by Moscow in order to allocate a new loan of €5 billion to Cyprus. According to the report, Moscow wants the loan to be granted in consultation with the IMF, however, the government is not satisfied by this arrangement, since it wants an interstate loan in order to moderate the demands of troika.

“Politis” also refers to the House Institution Committee’s session on capital securities. According to the report, the investigations on the conditions under which the capital securities were sold to the depositors – investors will be concluded in September.

Other headlines:

- They know – Averof Neophytou

- Daily gains of 3.35% in the CSE due to banks

- Return to gains – ASE at +1.46%

The “Economy” inset of newspaper “Simerini” reports that the government denied allegations that the Russian loan of €5 billion has been approved. According to the report, the Russian Finance Ministry says that no decision has been taken yet and is not aware of whether reports according to which the loan has been approved on a political level are true.

The newspaper also highlights that Cyprus Popular Bank, in an announcement released yesterday, said that there is nothing to announce on the withdrawal of its CEO, Panayiotis Kounnis.

Other headlines:

- House Audit Committee: After investigation for banks, they discussed the capital securities

- Deliberations in the euro area – Meetings for ECB plan

- CCCI: Economy needs liquidity

- CSE recovered

The “Economy” inset of newspaper “Haravgi” highlights that the CB report on the methods adopted by banks for the promotion of capital securities will be ready in late September.

“Haravgi” also reports that Government Spokesman, Stephanos Stephanou denied allegations that the Russian government approved Cyprus’s request for an interstate loan of €5 billion.

Other headlines:

- DISY desperate attempts to stop investigations

- P. Kounnis resigned from CPB

- Significant gains in the CSE

The “Economy” inset of newspaper “Alithia” refers to the scenarios concerning Bank of Cyprus. According to the report, scenarios talks about an increase in the participation of Dmitry Rybolovlev via a new share capital issue instead of nationalization.

Elsewhere the newspaper reports that in an announcement released yesterday, the CCCI stressed the serious problems that Cypriot businesses face.

Other headlines:

- Nothing new on Russian loan

- News on capital securities of the banks in October

- Dismay for unemployment among the young

- Significant gains in the CSE due to banks