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Cypriot report Cypriot report
by Euro Reporter
2012-02-08 07:35:58
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Cyprus Government debt reached 67.5%

According to a Euro-stat news release, the Cyprus debt to Gross Domestic Product (GDP) ratio reached 67.5% in the third quarter of 2011, compared with 59.9% in the same quarter of 2010; an increase of 7.6%. Greece’s government debt reached 159.1% of GDP, having increased by 20.3%. Portugal’s government debt went up by 18.9% and reached 110.1% of GDP, while Ireland’s debt reached 104.9%.

The United Kingdom’s government debt was reported to have reached 85.2% of GDPin Q3 2011; an increase of 6.9% compared with the same quarter of 2010. Eurostat figures show that the highest ratios of government debt to GDP at the end of the third quarter of 2011 were recorded in Greece (159.1%), Italy (119.6%), Portugal (110.1%) and Ireland (104.9%). The lowest were recorded in Estonia (6.1%), Bulgaria (15.0%) and Luxembourg (18.5%).

Furthermore, the highest increases in the ratio were recorded in Hungary (+4.8 percentage points – pp), Greece (+4.4 pp) and Portugal (+3.6 pp). The largest decreases in the ratio were recorded in Italy and Malta (both -1.6 pp) and Romania (-1.0 pp). On the other hand, compared with the third quarter of 2010, the highest increases in the ratio were recorded in Greece (+20.3 pp), Portugal (+18.9 pp) and Ireland (+16.5 pp), while largest decreases were recorded in Sweden (-1.6 pp), Luxembourg (-1.4 pp) and Bulgaria (-0.9 pp).


Israel will ask to station IAF jets in Cyprus

Israeli and Cypriot officials are planning to discuss allowing the Israeli Air Force to station jets in the neighbouring island, Chinese news agency Xinua reported Tuesday. The issue will be raised during Prime Minister Benjamin Netanyahu's scheduled visit to Cyprus later this month; Xinua quoted Israeli officials as saying. According to the report, an Israeli embassy official told the Cyprus Mail in January that Netanyahu "will come to Cyprus to emphasize the good relations between the two countries and to strengthen the bilateral relations, which are already good."

Xinua said the Cypriot OnlyCy.com website reported that in September 2011 Israel asked Cyprus to permit stationing its aircraft at the Andreas Papandreou airbase in Paphos.  However, an Israeli official told the Chinese news agency this week that the prospect of stationing planes in Cyprus "is at the exploratory stage - it's not clear if it will or won't happen."
The official was quoted as saying that a potential offshore airbase "is an existing option, and we're investigating the possibility," but cautioned that such an agreement "isn't totally sewn up." In January, Israel and Cyprus signed two defence agreements which Cypriot Minister of Defence Demetris Eliades said "set the basis for the further development of relations in the area of defence cooperation."


Second round of Cyprus drilling licensing next week

THE second round of licensing for hydrocarbon research within Cyprus’ Exclusive Economic Zone (EEZ) will be announced next Wednesday.  “We are only eight days away from the official announcement for the second round of licensing”, Minister of Commerce, Praxoula Antoniadou told the House Commerce Committee.

On her part, Permanent Secretary of the Ministry, Zeta Emileanidou, said that the Ministry was informed by the Cypriot Permanent Representation to the EU that the official announcement for the second round of licensing will be published in the EU gazette on February 13. On December 12 last year Houston –based Noble Energy announced that the results from drilling in block 12 of Cyprus’ EEZ, formation logs and initial evaluation work ''indicate an estimated gross resource range(1) of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf.”

Cyprus President Demetris Christofias announced that the results of the exploratory drilling in block 12 are positive, describing the discovery of hydrocarbons as historic for the island.  Noble Energy, which did the drilling, discovered 310 feet of net natural gas pay. The drilling reached a depth of 19,225 feet in water depth of about 5,540 feet.

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