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Cypriot report
by Euro Reporter
2014-06-17 11:16:26
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Eurozone official says Eurogroup will approve Cyprus' next tranche

A high-ranking Eurozone official on Monday said that Eurogroup will approve next tranche for Cyprus, which will be disbursed in July, during its meeting Thursday in Luxembourg. The official noted that Cyprus` rescue program fourth assessment was pretty `clear`, the program is on track and the implementation is `very, very good`. He noted however that there are still challenges, namely non performing loans.

The Eurogroup, he added, is expected to approve next tranche of 600 mln euro beginning of July and another 100 mln will be paid out by IMF, which will follow its own procedures.

He also said that all capital restrictions have been lifted in Cyprus, despite press reviews that this would have taken some time. Cyprus received a 10-billion-euro bailout from lenders in March 2013 and is following a three-year economic adjustment programme.


Cyprus could supply natural gas to Bulgaria

Bulgaria’s foreign minister said Cyprus could supply his country and other Central European nations with natural gas to lessen the region’s heavy dependence on Russian deliveries. Kristian Vigenin said after talks with his Cypriot counterpart Ioannis Kasoulides (photo) on Monday that Cyprus could play “an important role” in an envisioned “north-south corridor” supplying gas to Central Europe via Greece.

Vigenin said Bulgaria can’t fully replace Russian gas, but the option exists for Cyprus to become a future supplier over the medium term.

He said much work is needed to flesh out the idea. Cyprus has discovered one field off its southern coast estimated to hold 3.6 trillion to 6 trillion cubic feet of gas and is speeding up a search for additional deposits.


International jet set choose Cyprus

The island of Cyprus has turned out to be the new hot spot of the international jet set, as rich buyers from around the world are interested in the new Limassol Marina, which is considered to be one of the best tourist resorts in the Mediterranean. Limassol Marina is among the most important and most luxurious marinas in the wider Mediterranean region and the Middle East. It has been described as the “Monte Carlo of Cyprus” and is comparable to Marina Grande in Capri and the Dubai Marina.

The Limassol Marina opened its gates to the public a few days ago, while the official opening will be held on Thursday, June 19 by the President of the Republic of Cyprus, Nikos Anastasiades. With a budget of over 350 million euros, Limassol Marina is a luxury resort with anchoring facilities, houses and an impressive shopping mall. According to famous French architect, Xavier Bohl, the motto of the project is “Living in the Sea.” As he said the marina plan was based on the Marina of Monte Carlo in Monaco model and Port Grimaud in St Tropez.

The project includes port facilities that can accommodate up to 650 luxury yachts, 74 villas, 162 apartments, 14 restaurants, coffee shops and nightclubs, as well as 40 stores, spa centres, a cultural centre and parking lots. The first investors have already made their appearance as the luxury houses that exceeded 130 million euros have been sold to buyers from Cyprus, Russia, Lebanon and Israel.


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