Greece's government and international lenders have briefly suspended talks on austerity cuts as both sides confer with their leaders on the thorny issue of automatic wage increases, Greek officials said on Tuesday. Officials acknowledge the two sides remain at loggerheads over many issues but played down speculation that talks between the labour minister and lenders
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The Cyprus EU Presidency called on Tuesday for a new way for tackling the financial crisis with a more fair burden-sharing. Cyprus call was made during a meeting of the European Economic and Social Committee in Nicosia titled "restoring stability, trust and confidence in Europe; civil society for a new form of governance." ECSC President
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The five year collaboration between Cyprus Tourism Organisation (CTO), Cyprus Sustainable Tourism Initiative (CSTI) and The Travel Foundation of UK, is a step towards ensuring Cyprus’ tourism sustainability. The CTO and The Travel Foundation signed a Memorandum of Understanding on June 16th 2010. The agreement between the parties marks the beginning of a 5-year collaboration
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The need to pursue growth in Europe in the framework of efforts to address the financial crisis was highlighted during the last day of the 48th Conference of Parliamentary Committees for Union Affairs of Parliaments of the EU Member States (COSAC), which wrapped up here Tuesday. The Conference was organized by the House of Representatives,
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There is a need for a real economic and monetary union in the European Union that should be based on four pillars, the banking union, the fiscal union, the economic union and the political union, Deputy Minister to the President for European Affairs Andreas Mavroyiannis has said. Mavroyiannis also said that this four pillar Union
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Annual harmonised inflation in Cyprus dropped significantly in September 2012, from 4.5% in August to 3.6%, according to figures released by Eurostat. Euro area annual inflation was 2.6% in September 2012, unchanged compared with August. A year earlier the rate was 3.0%. Monthly inflation was 0.7% in September 2012. EU annual inflation was 2.7% in
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Germany's finance minister called on Tuesday for the creation of a 'currency commissioner' for the euro zone with wide-ranging powers over national budgets as part of an overhaul of the EU treaty to deepen integration and end the bloc's debt crisis. Wolfgang Schaeuble also backed reform of the European Parliament to ensure that only lawmakers
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The outlook for Poland's banking system remains negative for the second consecutive year, Moody's Investors Service said in a new Banking System Outlook, based on the slowdown in economic growth; the consequent asset-quality deterioration and constrained ability to grow and diversify revenues; and banks' potential exposure to a significant asset-liability mismatch risk, particularly in foreign
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Portugal's centre-right government on Monday announced sweeping tax rises and spending cuts in its 2013 budget, which promises a third year of recession and hardship under the strict conditions of a 78-billion-euro ($100 billion) bailout. Finance Minister Vitor Gaspar warned that failure to continue on the path of austerity could be catastrophic as about 2,000
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The European Union could be destroyed by the "nightmare" euro crisis, and Germany needs to take the responsibility to save the common currency, billionaire fund manager George Soros said on Monday Soros, who made his mark as an investor on a big bet against the British pound in 1992, said the other alternative is for
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