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Cyprus report Cyprus report
by Euro Reporter
2011-01-14 09:34:59
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Cyprus has no imminent plans for borrowing

Cyprus has no imminent plans to borrow from international markets because it has covered its financing needs for coming months, the Finance Ministry said on Thursday.
The island was responding to a warning from Moody's that it could downgrade its Aa3 rating for Cyprus government debt, citing fiscal deterioration and the banking sector's high exposure to debt-ridden Greece.

The conditions in financial markets were "exceptionally difficult" at present, the finance ministry said in a statement.

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Merkel: Turkey needs to step up efforts on Cyprus issue


German Chancellor Angela Merkel voiced support for the Cyprus peace negotiations during a historic visit to Nicosia on Tuesday (January 11th), saying her country is ready to share its experience of reunification once the talks mature. The Mediterranean island has been split along ethnic lines since 1974, when Turkey invaded its northern third following an Athens-backed coup aimed at uniting Cyprus with Greece. In 2004, the internationally recognised Greek Cypriot part joined the EU, representing the entire island, and excluding the breakaway Turkish Republic of Northern Cyprus, which Ankara alone recognises.

The latest UN-mediated reunification talks between leaders of the two ethnic communities were launched in September 2008. More than 28 months later, an agreement remains elusive. Speaking at a joint news conference with Cypriot President Dimitris Christofias during her five-hour visit to Nicosia, Merkel praised the Greek Cypriot side's efforts and appeared to criticise Turkish Cypriots for not doing enough to reach an agreement.

"We see that you are taking many steps and we also see that the Turkish side is not responding accordingly to these steps," she said following talks with the Cypriot president. "Your steps show that you are prepared to come to a compromise." A reunification deal would bring to an end the international isolation of the Turkish Cypriot community, remove a key obstacle to closer EU-NATO co-operation, and give new impetus to Turkey's EU membership negotiations. Several months before the launch of its membership talks, Ankara signed a protocol extending its customs agreement with the EU to all its members, including Cyprus, but has so far not followed through. "As long as Turkey is not implementing the Ankara Protocol, no negotiating chapters can be closed or have been closed," Merkel said in Nicosia on Tuesday.

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Cyprus Air to get payment for Turkish ban


Cyprus’s government will compensate state-controlled Cyprus Airways for extra costs caused by Turkey’s ban on Cypriot air traffic using its air space, provided the carrier agrees to reorganize, the Cyprus Mail said.

The government will pay the airline 20 million Euros ($26 million) for the increased costs of some flights, especially to and from Russia, if it agrees to pay-cuts and redundancies that would save 12 million Euros, the newspaper said, citing Nicos Tampas, who represents the Cyprus Workers’ Confederation.


        
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