Greek conservative leader Antonis Samaras has sent a letter to the European Union and IMF committing himself to implementing a new austerity package, his party said on Wednesday, as Athens rushed to salvage the deal. The Eurogroup of euro zone finance ministers had demanded a commitment from Greece's main political leaders as a condition for
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**But GDP down 0.5% over year earlier ** Cyprus just missed recording official recession in the fourth quarter of 2011, as GDP growth in seasonally adjusted terms stagnated compared with the previous quarter, after a decline of 0.8% q/q in the third quarter. A recession is recorded when there are two consecutive quarters of quarter
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The Cypriot economy has a lot of prospects to recover, especially after the findings of hydrocarbon reserves in the island’s Exclusive Economic Zone (EEZ), Cypriot Nobel Prize winner, Christopher Pissarides has said. Addressing Wednesday an event organised in his honor by the House of Representatives, Pissarides said that Cyprus has every reason to hope for
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Italian prosecutors on Wednesday asked a court to sentence former prime minister Silvio Berlusconi to five years in prison on charges of paying British lawyer David Mills a $600,000 bribe to lie about Berlusconi's business interests. Mills, husband of former British cabinet minister Tessa Jowell, has had a 4-1/2-year jail sentence for taking the bribe
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Europe's left is torn between outrage and anxiety over drastic cuts in living standards and working conditions being imposed on Greeks by the European Union and the International Monetary Fund. Indignation at sweeping pay and pension reductions and public sector job cuts dictated by official creditors in return for a second bailout of the debt-ridden
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Swapping your soda for water — or at least diet soda — really can help you shed a few pounds, a new clinical trial finds. A common piece of advice in the battle of the bulge is to replace sugar-sweetened drinks with water or other calorie-free thirst quenchers. But while that advice is logical, there
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China will continue to invest in euro zone government debt and it remains confident in the euro, the country's central bank governor said on Wednesday, while calling on Europeans to produce more attractive investment products for China. Zhou Xiaochuan admitted that China and other emerging nations like Brazil, Russia or India were waiting for the
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Markets rose on Wednesday as investors hoped Greece would deliver on a commitment to enact harsh reforms, while comments from China's central bank governor saying Beijing would continue to invest in euro zone government debt aided sentiment. European shares were expected to follow Asia higher, with financial spreadbetters expecting Britain's FTSE 100, Germany's DAX and
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APOEL FC was defeated on Tuesday by French Olympique Lyonnais in their first match for the Champions League knockout stage. Lyon overcame APOEL’s tight defence with a second-half goal by Alexandre Lacazette giving the French side a narrow 1-0 advantage after the first leg of their Champions League round of 16 match. APOEL’s Portuguese midfielder
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The Council of Ministers on Tuesday approved a new package of measures aiming at boosting economic growth, supporting employment, productivity and competitiveness of the Cyprus economy. Speaking to the press after the Cabinet meeting, Government Spokesman Stephanos Stephanou said that the measures do not include the construction of casinos. Spokesman noted that achieving a successful
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