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June 25, 2012

Cyprus seeks EU bailout

Cyprus seeks EU bailout – Wikinews, the free news source

Cyprus seeks EU bailout

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Monday, June 25, 2012

Cyprus
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Location of Cyprus

A map showing the location of Cyprus

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Cyprus today became the fifth member state to seek access to funds from the European Union’s bailout fund. The Cypriots join Spain, Ireland, Portugal, and neighbours Greece.

The move was triggered after the Cyprus Popular Bank, the nation’s second-largest bank, asked the government for recapitalisation. The bank has been hit hard, as has the wider Cypriot banking sector, by exposure to Greek economics. A Greek restructure of 200 billion in debt has caused the bank a €3.65 billion loss, and money is being lost on loans domestically and to Greek customers.

Christofias meeting with Dmitry Medvedev of Russia in 2008. Russia has lent Cyprus money before and may do so again to alleviate the island nation’s problems.

Cyprus Popular Bank chairman Michalis Sarris today revealed talks are also underway with China about a possible loan. Low taxes and regulation have attracted large amounts of foreign money to Cyprus, including much Russian money, producing a banking sector far larger than most nations that size. Russia and China are both viewed by officials as possibilities to seek loans from, and Russia last year agreed to a €2.5 billion loan to allow Cypriot financial restructuring.

The bailout request comes within days of Cypriot president Demetris Christofias giving an interview to Greek newspaper To Vima in which the EU’s only communist leader criticised international bailout policies. He complained the European Commission, European Central Bank, and International Monetary Fund acted like a “colonial force” by forcing nations receiving bailouts to agree to austerity measures.

Cyprus, due to take over the rotating EU presidency this week, hopes to limit the scope of its bailout to the banking sector. This is similar to Spain, and unlike the other bailed-out nations. Ratings agency Fitch today relegated Cyprus to “junk”, a reflection of how much money may be required.

“The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure in the Greek economy,” read a government statement. Former President George Vasiliou, an economist, recently claimed markets were failing to recognise the differences between Greece and Cyprus: “Cyprus’s problems are the result of a Greek tragedy, and the ratings agencies are not distinguishing between Greek-speaking people, whether we are in Athens or Nicosia“.

Cyprus has recently discovered large natural gas fields, and unemployment at 10% is below the likes of Greece (22%) and Spain (24%). Cypriot officials predict a growth in the economy, although the International Monetary Fund expects a contraction. There are also concerns a Greek withdrawal from the euro would damage confidence in investors, but Vasiliou predicts “if Greece has to exit the euro, it will not be the end of Cyprus.”



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May 14, 2012

Cyprus leader says no to second term

Cyprus leader says no to second term – Wikinews, the free news source

Cyprus leader says no to second term

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Monday, May 14, 2012

Greek Cyprus President Demetris Christofias started his first term in 2008.

Cypriot President Demetris Christofias announced today he will not run for a second term to represent the Republic of Cyprus, which is the Greek portion of the island.

The president cited the lack of progress in talks with the Turks over the Turkish-Greek Cypriot conflict as his main reason for stepping aside. In a televised national address, Christofias said, “A realistic analysis of the facts leads to the conclusion that there are no real hopes for either resolving the Cyprus issue or achieving substantial progress in the remaining months of my presidency.”

The United Nations had recently pulled out of hosting talks between the two parties because of the lack of progress.

Christofias said, “Taking as a fact that the Cyprus problem has not been solved and there does not appear to be definitive progress in the next few months … I will not seek re-election as president of the Republic of Cyprus.”

Christofias is making good on a campaign promise that if he was not able to make progress on resolving the conflict that he would step aside. The issue on UN reunification talks with the Turks divided Christofias and former president Tassos Papadopoulos in the 2008 election.

Every president of the Republic since independence in 1960 has sought a second term of office.

The island of Cyprus has been divided into two sectors since a coup by Greek unionists in 1974 was followed in response by a Turkish military invasion.



Related news

  • Ban Ki-Moon says Cyprus solution “possible”” — Wikinews, February 1, 2010
  • “Papadopoulos eliminated in Cypriot election” — Wikinews, February 17, 2008
  • “Greek-Cypriots vote for President” — Wikinews, February 17, 2008

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February 1, 2010

Ban Ki-Moon says Cyprus solution \”possible\”

Ban Ki-Moon says Cyprus solution “possible”

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Monday, February 1, 2010

File photo of Ban Ki-Moon.
Image: World Economic Forum.

A UN buffer zone separates the two sections.
Image: Jpatokal.

A new set of talks are scheduled to attempt to reunite Cyprus, prompting UN Secretary General Ban Ki-Moon to say that a solution is “possible and within reach” when he arrived in the country yesterday for talks between Greek and Turkish-Cypriot leaders that will take place later today.

Progress have been slow for the peace talks, which started in September 2008, but the UN chief said that a deal would require “courage, flexibility and vision as well as a spirit of compromise”. “I am under no illusion that the Cyprus problem is easy to solve”, he told reporters after he arrived in Larnaca yesterday in preparation for the talks with Greek Cypriot leader Demetris Christofias and Turkish Cypriot Mehmet Ali Talat today.

Ban said that “solving the Cyprus problem will give inspiration to all those around the world trying to solve other seemingly intractable problems and I’m looking forward to having good meetings with the leaders”, with the Greek and Turkish Cypriot leaders saying that they are committed to finding a solution. Monday’s talks will involve Ban holding talks with the two leaders individually, before chairing a meeting between the pair. Any deal that emerges will be a subject of two simultaneous referendums, one for each side of the border. Both sides agree that “nothing is agreed until everything is agreed”.

Jonny Dymond, the BBC Europe correspondent, has expressed fears that time is running out on a solution. There are also worries that the fast approaching northern Cyprus leadership elections will mean that Talat is replaced by nationalist Dervis Eroglu, who is leading in opinion polls. If this were to happen, talks might be shelved.

Cyprus has been divided since 1974, after Turkish forces invaded after a coup led by Greece allegedly aimed to absorb it. Northern Cyprus is only recognised as a state by Turkey.


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February 1, 2009

Cyprus detains weapon-laden ship

Cyprus detains weapon-laden ship – Wikinews, the free news source

Cyprus detains weapon-laden ship

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Sunday, February 1, 2009

Cyprus
Other stories from Cyprus
…More articles here
Location of Cyprus

A map showing the location of Cyprus

To write, edit, start or view other articles on Cyprus, see the Cyprus Portal
Flag of Cyprus.svg

On Friday, authorities in Cyprus said that they had detained a ship carrying the nation’s flag. The ship, which had initially docked at Port Said in Egypt, went to the Cypriot port of Limassol after Egyptian authorities ordered it to leave.

In Limassol, the container ship, the Monchegorsk, was anchored and boarded by Cypriot authorities. It still remains anchored there as of Sunday. The Famagusta Gazette cited well-informed sources as saying the ship contains specialized components for the manufacture of rockets.

According to reports, the ship was initially stopped in the Red Sea by the United States Navy, but it lacked the authority to board the ship or prevent it from continuing its route.

Cyprus state radio reported the vessel was Russian-owned traveling from Iran to Syria with weapons destined for Hamas.

Haaretz reported that Israel believes the weapons were bound for Hezbollah or for Hamas militants in the Gaza Strip.

On Friday, the President of Cyprus said the ship was in violation of United Nations resolutions. However, he did not go into detail.

“We are investigating what it is carrying and for this reason we have to handle things very responsibly and with a great deal of seriousness, without a lot of media noise,” President Dimitris Christofias said.

“It is a problem for us that we are forced to accept a ship under the Cypriot flag which is carrying whatever [it] is carrying, which is contrary or in conflict with Security Council resolutions,” Christofias added.

On Sunday, Cyprus foreign minister Markos Kyprianou said that the government was still investigating whether the ship was in violation of United Nations resolutions.

“Our aim is to resolve the matter in the best possible way without harming the interests of the Republic of Cyprus … The less that is said the better,” said Marios Garoyian, president of the House of Representatives of Cyprus.



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February 17, 2008

Greek-Cypriots vote for President

Greek-Cypriots vote for President – Wikinews, the free news source

Greek-Cypriots vote for President

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Sunday, February 17, 2008

File:Güney Kıbrıs Rum Kesimi haritası.png

Map of divided Cyprus. With green colour, the Republic of Cyprus.
(Image missing from commons: image; log)

Polls have already closed on the Republic of Cyprus in a quite important closely fought presidential election. Official results are expected in a few hours, and two exit polls suggest the three leading candidates, current President Tassos Papadopoulos, Dimitris Christofias, Ioannis Kasoulides are neck-and-neck. An exit poll on state television (RIK) gave each candidate around a third of the vote, with left-wing’s AKEL party leader Dimitris Christofias, marginally ahead. However, another exit poll for the TV channel Mega suggested that president Papadopoulos is ahead of the other two candidates.

Mr.Papadopoulos, a lawyer and convervative politician, became President of the Greek-controlled Republic of Cyprus in 2003. He had expressed his strong opposition to the 2004 UN plan for re-unification of the island and urged Greek Cypriots to vote against the plan in a referendum which took place on March 2004. Cypriot voters are calculated to around 570,000 across the south of the island, most of them voting in four major cities, Nicosia, Limassol, Larnaca and Paphos.

Cyprus is a divided island since 1974, after the Turkish military invasion in the north. Since then, the island remains divided in two parts, the Greek south Republic of Cyprus and the Turkish north (Turkish Republic of Northern Cyprus). The Greek-controlled Republic of Cyprus is a member of the European Union since 2004 and a member of the euro zone since January 1, 2008.



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Papadopoulos eliminated in Cypriot election

Papadopoulos eliminated in Cypriot election

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Sunday, February 17, 2008

Cyprus
Other stories from Cyprus
…More articles here
Location of Cyprus

A map showing the location of Cyprus

To write, edit, start or view other articles on Cyprus, see the Cyprus Portal
Flag of Cyprus.svg

According to exit-polls Cyprus president Tassos Papadopoulos has been defeated in the Cypriot presidential elections. In the closest election in Cyprus ever, Papadopoulos finished third, after right-winger Ioannis Kassoulides and communist Demetris Christofias.

Kasoulides won 33.51% of votes, compared to 33.29% for Christofias and 31.79% for Papadopoulos. The two remaining candidates will compete again in a run-off vote next Sunday. The current election is regarded as extremely important in reuniting the Turkish-controlled northern part of the island with Greece-oriented southern part, after having been divided for decades.

Papadopoulos, member of the Cypriot Democratic Party, has been in office since 2003.



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