Rating agency DBRS backs efforts by the Cyprus government and banks to reduce bad loans saying liquidation of the Co-op has halved NPL stocks and limited the banking sector from 320% of GDP to 280%. In its commentary Cyprus – Acceleration in The Banking Sector’s NPL Reduction DBRS sees efforts, along with the economic recovery,
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An EU technical team on migration will visit Cyprus to discuss additional assistance to Nicosia which is struggling to manage a spike in asylum seekers arriving by boat. The move comes after EU Commissioner for Migration Dimitris Avramopoulos had talks in Nicosia last month while Cyprus has lobbied Brussels to do more over the increased
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. There is an illusion in this country that Cypriots can run airlines and that our politicians know the way around the Cyprus problem. They get the benefit of the doubt every time and every time they let us down. Cyprus only seems to attract international attention when it fails spectacular bad at something and
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. We are surprised by the response of a recent article regarding quality retirement homes with full facilities based on the American model of retirement homes. In our article we referred that this type of housing may take a period of 15-20 years to come about for locals in Cyprus, since the family ties are
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While restoring a ferry link between Greece and Cyprus is gathering pace, the financial aspect of the project makes clear that it cannot go ahead without support from Brussels. As things stand, running the line would generate estimated losses of EUR 5 mln per year for any investor taking on the venture. Campaigners for the
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. The collapse of Cobalt, the island’s first private airline in the post-Cyprus Airways era, may have been doomed from the moment that it inherited management and staff from the former state-owned national carrier. Unfortunately, together with the long history of know-how and high caliber of flight crew, Cobalt also inherited the laid-back attitude when
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A couple believed to be tourists died on Saturday after their rental car plunged 30 metres down a cliff near the popular Baths of Aphrodite site in Paphos, Cypriot authorities said. Police have yet to confirm the identity of the couple, but they are believed to be tourists – a man and a woman –
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Limassol Municipality’s plans to develop public land in the heart of the town has reignited criticism of the authorities over the number of high-rises being built along the coast. Critics argue that plans to build another tall building in an area which has seen its fair share of ‘towers’, will only add to the many
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Fitch is the second international ratings agency to elevate Cyprus' credit rating back into investment grade more than five years after a banking crisis drove it to the edge of bankruptcy. Fitch said that high fiscal surpluses above 2% of gross domestic product until 2020, coupled with robust economic growth reaching 4% and 3.9% of
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Additional regulations will be especially damaging for small banks in the EU, including Cyprus, Josef Ackermann, Chairman of the Bank of Cyprus said. Addressing Friday’s 9th Limassol Economic Forum, Ackermann referred to the different policy response to the 2009 financial crisis between the US and Europe, which brought the US banks to a better position
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