. The Polyviou Inquiry concluded its work on Monday and issued a damning report that, although non-binding, has infuriated President Christofias and the communist Akel party for “overstepping” its mandate and handing out lessons about “responsibility” and “authority”. The president appointed Polyvios Polyviou, a highly respectable lawyer, upon the recommendation of the Attorney General, thinking
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. By Shavasb Bohdjalian Greece’s government pledged to place 30.000 civil workers in a “reserve pool” before firing them as part of a 6.6 billion-euro austerity package, which if implemented, would leave a 2012 budget deficit equivalent to 6.8 percent of gross domestic product, missing the 6.5 percent goal previously set with the EU, International
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Brent crude rose above $101 a barrel on Wednesday, snapping a three-day losing streak, after the Federal Reserve promised to launch more measures to help the fragile U.S. economy and European finance ministers agreed to safeguard their banks. Fed Chairman Ben Bernanke said the U.S. central bank was prepared to take further steps to help
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The euro faltered on Wednesday as macro funds and Tokyo exporters piled pressure on it by taking profits after an overnight rally, but charts suggested recent heavy selling could ease for now. Investors were sceptical even though European finance ministers agreed on Tuesday to safeguard their banks from the debt crisis with more doubts emerging
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A 24 hour strike scheduled by Greek air traffic controllers for Wednesday as part of wider public sector strike is expected to affect Cyprus’ flight schedule, according to Hermes Airports spokesperson Adamos Aspris. He said that a total of 29 flights, 15 departures and 14 arrivals, are expected to be affected by the strike, adding
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* Aid payment delayed until mid-November * European finance ministers are considering making banks take bigger losses on Greek debt and have postponed a vital aid payment to Athens until mid-November, setting up a moment of truth in the euro zone's sovereign debt crisis. Greek Finance Minister Evangelos Venizelos said the country had enough cash
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The euro zone is considering changes to a deal done with private bondholders of Greek debt because most investors chose the option that is most expensive for governments, Austrian Finance Ministers Maria Fekter said on Tuesday. Fekter said most Greek bondholders chose the first of four options proposed by the Institute of International Finance (IIF)
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* Law breaches EU competition rules; Favours OPAP betting monopoly * The world's largest online gambling operators asked the European Union on Tuesday to investigate a new Greek gaming law, saying it violates the bloc's free market rules to the benefit of the country's sports betting monopoly OPAP . Cash-strapped Greece last month passed a
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. The slogans on the street are about storming the barricades, but when you talk to Greeks about the financial crisis that has brought their country to its knees, their anger quickly gives way to resignation and despair. With news on Monday that the recession will last at least a fourth year — and the
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British finance minister George Osborne confined pro-growth steps to measures including a freeze in the tax households pay for local services on Monday, pinning his hopes for recovery on a resolution of the euro zone debt crisis. Facing calls across the political spectrum for the government to do more to prop up growth, Osborne's determination
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