. * BOC is stuck between a rock (capital controls) and a hard place (limited ELA) ANALYSIS By Fiona Mullen, Director, Sapienta Economics The European Central Bank (ECB) faces the growing risk of losing EUR 11 bln over Bank of Cyprus (BOC), and thereby suffering the eurozone’s first ever “official-sector” loss. To explain why this
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. By George Theocharides Cyprus International Institute of Management After the tragic events of March and the Eurogroup’s decisions on the fate of the Cyprus economy, we finally signed the Memorandum of Understanding with the Troika. It calls for drastic changes in our economy that involves structural, fiscal, and banking reforms. The road ahead for
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. Before the elections, there was a growing tendency in support of Nicos Anastasiades, hoping that a new, pro-business president would get us out of the black hole created by the previous administration. Little did we know the real mess that the new government would be forced to handle. Six months prior to the elections,
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. By Rakis Christoforou BBA, CPA/ABV/CFF, CGMA, ACFE The present economic and financial crisis is gravely impacting business volume and causing far-reaching changes in numerous management variables for most companies operating in Cyprus. Under these circumstances companies concentrate on down-sizing staff, cutbacks in strategic plans, and sometimes indiscriminate cost-cutting. Despite the fact that some of
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Following issuances in Turkey and Germany of covered bonds backed by loans to small and medium-sized enterprises (SMEs), growth in SME-backed covered bonds (SME CBs) is gaining traction in Europe, Moody's Investors Service said in a new special comment. Moody's expects that SME CBs will feature in other European markets such as, for instance, Italy,
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* 3rd mobile operator by summer ’14 (or sooner) Cyprus is getting ready for a massive telecommunications upgrade to a high-speed fourth generation (4G) network, as the Ministry of Communications announced that it will auction frequencies available on the spectrum paving the way for a third mobile operator, some time next year. “This will be
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. By Rakis Christoforou BBA, CPA/ABV/CFF, CGMA, ACFE) John F. Kennedy once said, "There are risks and costs to a programme of action, but they are far less than the long-range risks and costs of comfortable inaction". When making any business decision, there are risks that must be measured. Risk management is a key element
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. Stalemate or struggle for regional hegemony? By Dr Andrestinos N. Papadopoulos, Ambassador a.h. Recent developments concerning the Syrian crisis have brought about some changes. After 26 months of diplomatic stalemate, Russia and the United States agreed to convene an international conference to try to stop Syria’s civil war, whereas David Cameron and Vladimir Putin
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. Some of us used to have great esteem for the Troika inspectors and their masters until Eurogroup chief Jeroen Dijsselbloem came along, proving that it’s not too hard to imitate and even match the blunders of the Christofias administration. Since then, it’s been gaffe after gaffe, with our international lenders gradually losing credibility for
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. By Praxoula Antoniadou Kyriacou Demonstrations in Turkey are not necessarily a cause for celebration – and this is especially true for Cyprus. It goes without saying that any measures limiting human freedoms and human rights should be condemned and reactions to such measures by citizens in Turkey seem justified. In any case, respect of
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