Greece will unveil a draft budget for 2013 on Monday which will cut deeper into public spending to impress international lenders but also prolong the economic pain of the Greek people. Athens is keen to see its bailout funding resume as its next 31.5 billion euro tranche has been pushed back while inspectors from the
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– Economists still see room for ECB rate cut this year Euro zone inflation accelerated in September as energy costs soared but core prices rose at their slowest pace for a year, likely leaving the European Central Bank on track to cut interest rates in coming months. Consumer prices in the 17 countries sharing the
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Unemployment in Cyprus has the third fastest rise in the EU after Greece and Spain, according to the EU Employment and Social Situation Review. The review notes that unemployment in Cyprus has been on the rise since the start of the crisis, with the seasonally adjusted unemployment rate reaching 10.9 % in July 2012 (10.4
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The European Parliament’s Committee on Regional Development has determined a good use of EU funds in Cyprus for regional policy but notes that expanding funding would depend on the new EU budget. The MEPs met on Friday with the House of Representatives’ Committees on Foreign Affairs, Finance and Internal Affairs, with First Vice-Chairman of the
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Euro area annual inflation is expected to increase to 2.7% in September 2012, from 2.6% in August. According to flash estimates from Eurostat, the statistical office of the European Union, energy (9.2% compared with 8.9% in August) is expected to have the highest annual rate in September, followed by food, alcohol and tobacco (2.9% compared
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* Cyprus seeks 15 bln euros from EU; 5 bln from Russia * Russia said on Friday it would only grant a bailout loan to Cyprus as part of a coordinated rescue with the European Union for the Mediterranean island state, which it said was seeking a total of 20 bln euros ($25.7 bln) in
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The Central Bank of Cyprus announced Friday that PIMCO and Deloitte will proceed with an independent due diligence exercise of the local banking system, which includes an asset quality review and a bottom-up stress test to determine the capital needs of each banking institution. Confirming reports in the local press a day earlier, the central
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The Cyprus Natural Gas Company (DEFA) issued tenders on Friday for the import of natural gas up to September 2018, after which Cyprus hopes to tap into its own gas supplies resulting from offshore exploration along its southern coast and near the Israeli gasfields in the Mediterranean. The Expression of Interest for delivery to Vasilikos
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The Central Bank of Cyprus announces that, at the request of the Troika, it is proceeding with an independent due diligence exercise of the Cypriot banking system, which includes an asset quality review and a bottom-up stress test to determine the capital needs of each banking institution participating in the exercise. The following banking institutions
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The U.S. Cyber Command's top intelligence officer accused China on Thursday of persistent efforts to pierce Pentagon computer networks and said a proposal was moving forward to boost the cyber command in the U.S. military hierarchy. "Their level of effort against the Department of Defense is constant" while alleged Chinese attempts to steal corporate trade
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