14/08/2003 08:39
The major issues in today’s financial press are the Finance Minister’s memo to the social partners, the Standard and Poor’s report downgrade and the civil servants union's reaction on the freezing of salaries.
The “Economy” inset of newspaper “Phileleftheros” under the title “Standard & Poor’s downgrade Cyprus economy” refers to the report of the international credit rating agency on the island’s economy and the reaction of the Finance Ministry, which is currently preparing a fiscal consolidation program “based on the improvement of efficiency, the fight against tax evasion and the restraint of tax avoidance”.
Elsewhere “Phileleftheros” reports that properties of CYP 188 million “have changed hands” for the first quarter of 2003.
The “Economy’ inset of newspaper “Simerini” under the title “Red alert on budget deficit” highlights that the Finance Minister has sent a memo to the social partners, reporting that the public finances remain the most important structural problem of the Cyprus economy. The Ministry has proposed a number of measures, such as the restraint of pay rise, the restraint of demands to the government and the strengthening of state revenues.
Elsewhere the newspaper reports that the unreported gains from the CSE transactions in 1999 amount to CYP 400 million.
The “Economic” inset of newspaper “Alithia” under the title “Hands off from the civil servants’ salaries” refers to the statements of PASYDY General Secretary (Pancyprian Public Employees Trade Union), Glafcos Hadjipetrou, according to which the salaries of the civil servants in relation to the earnings and benefits of other employees are reasonable. Mr. Hadjipetrou said that any change in payrolls would have to be subject to the Staff Committee.
Elsewhere the inset reports that EAC and Hellas Sat will meet in late August to reach a final agreement.
The “Economy” inset of newspaper “Phileleftheros” under the title “Standard & Poor’s downgrade Cyprus economy” refers to the report of the international credit rating agency on the island’s economy and the reaction of the Finance Ministry, which is currently preparing a fiscal consolidation program “based on the improvement of efficiency, the fight against tax evasion and the restraint of tax avoidance”.
Elsewhere “Phileleftheros” reports that properties of CYP 188 million “have changed hands” for the first quarter of 2003.
The “Economy’ inset of newspaper “Simerini” under the title “Red alert on budget deficit” highlights that the Finance Minister has sent a memo to the social partners, reporting that the public finances remain the most important structural problem of the Cyprus economy. The Ministry has proposed a number of measures, such as the restraint of pay rise, the restraint of demands to the government and the strengthening of state revenues.
Elsewhere the newspaper reports that the unreported gains from the CSE transactions in 1999 amount to CYP 400 million.
The “Economic” inset of newspaper “Alithia” under the title “Hands off from the civil servants’ salaries” refers to the statements of PASYDY General Secretary (Pancyprian Public Employees Trade Union), Glafcos Hadjipetrou, according to which the salaries of the civil servants in relation to the earnings and benefits of other employees are reasonable. Mr. Hadjipetrou said that any change in payrolls would have to be subject to the Staff Committee.
Elsewhere the inset reports that EAC and Hellas Sat will meet in late August to reach a final agreement.
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