Greece is relying on Iran for most of its oil as traders pull the plug on supplies and banks refuse to provide financing for fear that Athens will default on its debt. Traders said Greece has turned to Iran as the supplier of last resort despite rising pressure from Washington and Brussels to stifle trade
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. The Cyprus Stock Exchange’s Emerging Companies Market (ECM) recorded a new milestone in its history following the debut of bonds on the Exchange in addition to the recent listing by Wargaming of 3.4 mln shares, which brought the number of companies having listed shares on the ECM to nine with combined market cap of
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. GEORGE MOUSKIDES The economic crisis in Cyprus has significantly affected property values downwards over the last three years. What can we expect for prices from here? If someone wants to buy a home or acquire a property for investment when should he proceed? This is very difficult to answer right now as the factors
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. Cyprus is about to get on a runaway train headed for tax rises that could not have come at a worse time – as Europe and the euro zone tries to set itself on a path towards growth once again, we will be ridiculed as nearly unreliable as Greece when it comes to reforms
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– Papademos faces serious challenges on implementing reforms Greeks lauded the nomination of new prime minister Lucas Papademos on Friday and expressed hope his government could put the economy back on track and calm political turmoil that has threatened to force Athens out of the euro zone. But Papademos, a former vice president of the
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Italy's Senate on Friday began debating economic reforms demanded by the European Union at the start of a rapid process that will end the Berlusconi era and clear the way for an emergency government within days. The upper house began debating the package at 0930 GMT and is likely to pass it later in the
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Finance Minister Kikis Kazamias has expressed discontent over the way a number credit rating agencies operate, creating concerns in markets and turning to become “part of the problem”. Asked, after a meeting with President of the Republic Demetris Christofias, what is the situation of the economy, following the latest downgrading by Moody’s of the long-term
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Cyprus is amongst a group of three Eurozone countries, along with Malta and Belgium, and two non-Eurozone members, Poland and Hungary, which European Commission Vice President for Economic and Monetary Affairs Olli Rehn has called today to present specific measures to the European Commission by the end of December, in order to ensure their budget
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New measures aiming to constrain public expenditure and consolidate public finances are expected to be discussed at a Cyprus Cabinet convention schedule to take place Friday afternoon. The Ministerial Council is also expected to take decisions regarding social benefits. President of the Republic, Demetris Christofias said on Wednesday that the Cabinet will be called upon
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Greece's prime minister designate will name a new crisis cabinet on Friday to roll out painful austerity measures and calm the political turmoil that has threatened to bankrupt Athens and force it out of the euro zone. Greece's two main parties agreed to make Lucas Papademos head of a new unity government on Thursday, ending
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