COMMUNITY
Cyprus’ strong GDP growth is credit positive for Cypriot banks because it will strengthen their clients’ capacity to restructure and service their high levels of distressed debt, according to Moody’s credit outlook.
The rating agency says Cyprus’ rising economic output will benefit banks and businesses
Last Tuesday, the Statistical Service of the Republic of Cyprus announced that its flash estimate for the country’s annual GDP growth rate in first-quarter 2017 was 3.3%, the highest in Cyprus since 2008.
Additionally, Moody’s points out that the growth will support real estate collateral values, on which Cypriot banks rely heavily for most lending, and increase new lending opportunities that will support banks’ declining net interest income.
At the same time Moody’s estimates that the acceleration in economic activity will strengthen businesses’ cash flows and improve labour market conditions for households.
“Ultimately, the higher growth will enhance borrowers’ debt affordability and repayment capacity, facilitating loan restructurings, particularly in the small and midsize enterprise sector, which is more vulnerable to economic changes and benefits from an economic recovery, albeit with a lag”, says the report.
Moody’s also expect banks’ asset quality to continue to improve, in line with the accelerating growth trend and banks’ restructuring initiatives.
Bank of Cyprus, is expected to gain the most, given that it has the largest direct exposure to domestic real estate.
Additionally, Moody’s expect Cyprus’ improving economy to create new lending opportunities for banks and ease the decline of interest rates that banks charge on loans.
The report says that if sustained, the country’s performance will exceed the 2.7% real GDP growth forecast for 2017. It adds that notwithstanding the improving economic environment, it will take time for Cypriot banks to rehabilitate their balance sheets because of the long cure periods for restructured loans before they are reclassified as performing, and substantial volumes of distressed debt with system -wide problem loans at 49% of gross loans as of September 2016.
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The National Federation of Cypriots in the UK calls on the Cypriot community to vote and make their voice heard in the General Election on Thursday 8 June.
NFC: Vote for candidates who have demonstrated support for Cyprus
Federation President, Christos Karaolis said: “The UK Cypriot community must make its voice heard during this election campaign. I urge all Cypriots firstly to ask their candidates to pledge their support for Cyprus; secondly to join and engage with the political party that is most aligned with their views; and most importantly to go out and vote for 8th June. I would also like to ask the community to ensure they encourage their friends and family to do the same.”
How you can help:
Vote for candidates who have demonstrated support for Cyprus
There are candidates standing for election who are supporters of Cyprus and our community. We must ensure that these candidates, from all political parties, are elected by casting our votes and having our voice heard. These candidates have asked questions and spoken about Cyprus in Parliament; attended and supported our events; actively shown that they support a free, united Cyprus based upon a just and viable solution to the Cyprus Issue; and have campaigned against the Turkish occupation.
We must also support these candidates, from across the political spectrum, by campaigning for them. There are ongoing campaign events for our parliamentary friends over the coming weeks. If you would like to join any of these campaign events, please email us at enquiries@cypriotfederation.org.uk
We call upon all Cypriots to go out and vote on June 8th to ensure that these candidates are elected. We must make our community’s voice heard and show our support for these candidates with our votes.
Ask candidates to pledge their support for Cyprus
Given the ongoing negotiations in Cyprus, this election we will also be asking parliamentary candidates to sign the Cyprus Pledge Card.
We need your support to collect candidates’ signatures. Please contact your local candidates and ask them to sign the pledge card by emailing their support enquiries@cypriotfederation.org.uk and/or tweeting their support to @UKCypriotFed using #Vote4Cyprus. Draft emails and a picture of the Cyprus Pledge Card can be found on our Facebook page: www.facebook.com/UKCypriotFed and on our website: www.cypriotfederation.org.uk
We will be updating our Facebook page as well as our Twitter page (@UKCypriotFed) with the names of candidates that have signed the pledge card on an ongoing basis. We will also publish the full list of signatures in community media closer to the election.
Write to your local candidates about Cyprus
We are also asking the community to write to local parliamentary candidates about the Cyprus issue and engage with them directly on the Cyprus issue. Draft letters can be found on our website.
Voting Information
To vote in the upcoming election you must be registered to vote. Registering to vote is a simple and easy process – more information can be found below. You must be registered by Monday 22 May and you can register to vote by visiting the following website: https://www.gov.uk/register-to-vote
If you are unsure about which constituency you are in, the BBC has a useful webpage that allows you to enter your postcode and shows you your constituency, current MP and the results from the previous election: http://www.bbc.co.uk/news/politics/constituencies
For information on alternative ways to vote please visit the websites below:
Postal vote: https://www.yourvotematters.co.uk/how-do-i-vote/voting-by-post
Proxy vote: https://www.gov.uk/voting-in-the-uk/voting-by-proxy
EVERY CYPRIOT VOTE COUNTS – OUR VOTE IS OUR VOICE
Article written by LGR/NFC
Greek Cypriot Roula Violaris and members of her Think Zumba class managed to raise £4000 for cancer patients after completing last Sunday a 8.5 mile sponsored walk.
Roula Violaris in the middle with her Zumba group and her mother LGR presenter Soula Violaris (Front-Left)
The Think Zumba group covered the distance by passing through parks from East Finchley to Westminster as part of a North London Hospise Fun Walk.
The Think Zumba group was established six years ago in Barnet by Roula Violaris, daughter of LGR’s long-established presenter Soula Violaris.
“Unfortunately we have all lost someone close to us from cancer and we saw the North London Hospice as an appropriate charity to raise funds for, to help patients become more comfortable whilst having terminal cancer.” Roula Violaris told the Hendon and Finchley Times.
Article written by lgr.co.uk
Cyprus President Nicos Anastasiades has said that the Greek Cypriot and the Turkish Cypriot side have agreed on a definition as regards the issue of the legal domicile and exercising the four EU fundamental freedoms by the citizens of a future federal Cyprus.
Today’s meeting was creative, but there are still a lot of things to do, President Anastasiades said
In statements to the press after his four-hour long meeting on Tuesday with the Turkish Cypriot leader Mustafa Akinci, in the framework of the UN-led negotiations on the Cyprus problem, Anastasiades said that they also discussed issues concerning the effective participation of Turkish Cypriots, adding that differences still remain on this issue.
There has been however an agreement on a definition as regards the legal domicile and the safeguarding of the four freedoms, “however some issues remain pending as certain details have to be clarified,” he added.
“There is a problem as they raise an issue relating to the regulation of the right to property acquisition,” the President said, recalling that this issue was first raised in Geneva. He said that the discussion will continue to find ways to overcome this problem. “I hope that we will reach a conclusion on this, if the other side has a constructive approach,” he added.
Anastasiades said that even though the right of abode has been determined – the right to work, the right to settlement, the right to property acquisition etc – “nevertheless there are certain differences, also concerning the issue of those who will be entitled to be considered citizens with legal domicile.”
The President said that they also agreed that during the EBRD 2017 Annual Meeting and Business Forum that will take place here, several international organizations will discuss issues concerning the post-solution economy.
He also noted that on May 10 the two leaders will meet with the head of European Commission President Jean Claude Juncker`s office to review the progress achieved at the Ad hoc Committee dealing with the Turkish Cypriots` harmonization.
Anastasiades said that this issue very important in that it will show whether the Turkish Cypriots will be able to harmonise fully in case of a political settlement, to allow the acquis communautaire to apply from day one of a solution.
Asked if the issue of the four freedoms has to do with the Turkish citizens, Anastasiades replied negatively, noting that it concerns the citizens of a future federal Republic of Cyprus.
Responding to other questions, Anastasiades said that the percentage of 20% concerning the political rights has been agreed, adding that “what we have said is that the right to free movement, settlement, work and acquiring property does not automatically entitle someone to have the right to legal domicile.”
“Someone will have to decide that he will stay somewhere legally. Their number may rise to 20% (Greek Cypriots in the Turkish Cypriot constituent state and Turkish Cypriots in the Greek Cypriot constituent state) or if it exceeds this percentage then weighted voting will apply at local elections,” he added.
Invited to say if he believes that the Geneva Conference on Cyprus may proceed after today`s meeting, President Anastasiades said that “there are still many issues to be examined, and I have made it clear that it is not enough to have an agreement on the definition of the right to exercise the four freedoms.”
Anastasiades said that he suggested that all limits should be exhausted by the end of May-mid June where this is deemed necessary, and if the necessary progress is achieved, then they shall proceed with a Conference in Geneva.
He noted that the Greek Cypriot side is not against such a Conference since it is Turkey which will have to outline its positions on the issues of guarantees, security and all relevant issues.
“Today’s meeting was creative, but there are still a lot of things to do,” he added.
Responding to another question, Anastasiades underlined that he will not discuss the continuation of the Geneva Conference in combination with the suspension of the Republic of Cyprus sovereign rights, noting that this is out of question and was not discussed at the negotiating table.
Moreover he said that the issue of the four freedoms for Turkish citizens was not discussed during today`s meeting.
Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37% of its territory. UN-led talks between Anastasiades and Akinci have been underway since May 2015 with a view to reunite the island under a federal roof.
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The agenda of the next meeting between the two leaders, Cyprus President Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci, has been agreed between the two negotiators Andreas Mavroyiannis and Ozdil Nami at a meeting they had on Thursday.
The agenda of their next meeting has been agreed
The discussion during the meeting between Mavroyiannis and Nami which took place in the presence of UN SG`s Special Adviser on Cyprus Espen Barth Eide was “very productive,” CNA sources have said.
The same sources added that the agenda of the meeting between the two leaders next Tuesday has been agreed.
This was the last meeting between the two negotiators before the leaders` meeting.
Article written by CNA
Demands by the Turkish side at the Geneva Conference on the Cyprus problem last January and onwards have led to difficulties in the UN-led peace talks, Deputy Government Spokesman Victoras Papadopoulos has said.
Deputy Government Spokesman Victoras Papadopoulos
He pointed out however that the Greek Cypriot side will continue to show political will and will keep trying with all means available for progress in the negotiations for the reunification of Cyprus.
Papadopoulos was talking to the press after today’s meeting of the National Council, the top advisory body to the President on the Cyprus issue. The political leaders were briefed by President Nicos Anastasiades on the talks, which resumed last week following a two month suspension because the Turkish Cypriot leader Mustafa Akinci walked out condemning a decision taken by the Cyprus House on the 1950 enosis (union) referendum.
He said that the National Council also exchanged views on the situation in Turkey following the referendum on April 16 for constitutional reforms as well as Ankara`s provocations in Cyprus` exclusive economic zone ( EEZ). Turkey has issued a navigational warning (NAVTEX) and has reserved an area within the territorial sea, continental shelf and exclusive economic zone of Cyprus off the coast of Famagusta for the conduct of seismic surveys, between 21 April and 30 June 2017, by the survey vessel “BARBAROS HAYREDDIN PAŞA” and support vessel “BRAVO SUPPORTER”.
Papadopoulos described the meeting as fruitful, saying that the exchange of ideas took place in a very good atmosphere.
Invited to comment on statements about a stalemate in the talks, he said that convergences and progress were made in the past, but now “we are faced with some difficulties and our side is showing good will to help overcome them.”
He added that the Greek Cypriot side will not abandon the negotiating table and the efforts to solve the Cyprus problem, and will intensify these efforts for progress to take place.
Papadopoulos also said that soon there will be another meeting of the National Council.
Replying to a question on possible efforts made by some to attribute responsibilities to the President, as well as to the Turkish Cypriot leader Mustafa Akinci, Papadopoulos said that he is not aware of who is trying to attribute such responsibilities.
He underlined that the Greek Cypriot side is showing real political will and the President himself has taken bold decisions in the past in order for the dialogue to move forward. He also said that at this point it is not wise to get involved in a blame game and should remain focused on the aim to reunify our country.
Asked what steps have been taken to address the Turkish provocations in Cyprus` EEZ, he said that too many things have been done with respect to developments at any given time. Papadopoulos said that that patience and unity should prevail.
Cyprus has been divided since 1974, when Turkish troops invaded and occupied its northern third. UN-backed talks aim to reunite the island under a federal roof.
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The Cyprus House plenary passed on Friday, by 30 votes in favour and 20 against, a bill tabled by the ruling Democratic Rally (DISY) party for a legislative amendment to shift decision-making power on school celebrations from the Parliament to the Ministry of Education.
Thirty MPs vote in favour and twenty against DISY’s bill
The bill was tabled by three DISY MPs Kyriakos Hadjiyiannis, Georgios Karoullas and Annita Demetriou, in the aftermath of a dispute caused by the introduction of a brief annual commemoration of the 1950 Enosis (union with Greece) referendum in state schools, prompting Turkish Cypriot leader Mustafa Akinci to withdraw from the reunification talks until the decision was rescinded.
The UN announced on Tuesday that talks for a Cyprus solution will resume on April 11.
Article written by CNA
Talks for a Cyprus solution will resume on April 11, the Special Adviser of the UN Secretary-General on Cyprus, Espen Barth Eide, announced on Tuesday.
Archive photo: President Anastasiades (L) – T/C Leader Mustafa Akinci (R)
According to a press release issued by the Secretary-General`s Good Offices Mission in Cyprus “Cyprus talks will resume following consultations with both sides and today’s meeting between the Secretary-General and the Turkish Cypriot Leader, Mr. Mustafa Akinci in Brussels”.
It adds that leaders will resume negotiations on Tuesday 11 April, at 10am local time (07.00 GMT) and the meeting will be held under the auspices of Eide.
The resumption of talks was announced earlier by Espen Barth Eide, who posted on his twitter account that “After consultations with @AnastasiadesCY & @MustafaAkinci_1 following Sunday`s dinner, we have agreed that #CyptusTalks resume 11 April”.
Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. UN-backed efforts to reunify the island under a federal roof were suspended when Mustafa Akinci walked out of a meeting in mid February, claiming that a House decision to commemorate, briefly, in school a 1950 referendum advocating union with Greece was in fact a shift in the long standing position of the Greek Cypriot side for a bicommunal, bizonal federal solution in Cyprus.
President Anastasiades has described the decision “wrong”, saying the timing was not right. Akinci said he would not return to the negotiations unless the decision is revoked. The House is set to vote on an amendment on the bill, which essentially annuls the earlier House decision, on Friday 7 April.
The UN Secretary General Special Adviser Espen Barth Eide hosted a dinner last Sunday for President Nicos Anastasiades and the Turkish Cypriot leader Mustafa Akinci. In an announcement, issued after the dinner, the UN noted that the two leaders reconfirmed their joint commitment to finding a solution in the best interest of all Cypriots and exchanged ideas about the way ahead.
Furthermore, the announcement said that Espen Barth Eide would continue his interaction with them in order to lay the groundwork for the resumption of the negotiations as soon as possible.
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Following an explosion that has taken place today in the St. Petersburg metro, Cyprus Ministry of Foreign Affairs announces that on the basis of currently available information, it appears that no Cypriot citizen has come of harm.
Entrance of Cyprus Ministry of Foreign Affairs in Nicosia
It also notes that it is following closely the situation, in coordination with Cyprus` Embassy in Moscow and Consulate General in St. Petersburg. The Ministry says that will continue to monitor the situation closely.
For more information, Cypriot citizens can contact the Consulate General in St. Petersburg or the Ministry’s Crisis Management Centre, as follows:
Consulate General in St. Petersburg
Contact information during office hours (9:00 – 16:30, Monday – Friday)
Address
Furshtatskaya Ulitsa 27
191123 St. Petersburg
Tel.: + 7 812 456 22 55
Tel. from Cyprus: + 357 22 65 1517
Fax: + 7 812 456 22 66
Email: info@cyprus-spb.ru
Web: www.cyprus-spb.ru
Contact information during out of office hours
Tel: +7 921 751 40 84
+7 921 186 62 76
Ministry Crisis Management Centre
Tel.: +35722801000
+35797775998
Email: cycc@mfa.gov.cy
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The funeral of singer George Michael took place today during a private ceremony with his family and close friends.
A statement released on behalf of the family today read:
‘We can confirm that the funeral of the singer George Michael took place today. Family and close friends gathered for the small, private ceremony to say goodbye to their beloved Son, Brother and Friend.
‘George Michael’s family would like to thank his fans across the world for their many messages of love and support. We ask that the family’s wish for privacy be respected so that they can continue to live their lives privately, away from any media intrusion.
‘No further details will be released.’
Michael’s funeral had been delayed while his family waited for a coroner’s report to determine his cause of death. It was confirmed on March 7 that George died of ‘natural causes’.
George Michael died in December last year at the age of 53.
Article written by London Greek Radio
