Ten years after the financial crisis, Cyprus exited the European Commission’s excessive imbalances procedure (EIP) under the spring package of the 2023 EU Semester. The EIP procedure shows that a member state is experiencing excessive vulnerabilities and is under enhanced surveillance to ensure compliance with EU fiscal rules. An EU official in Nicosia said that Cyprus
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The Italian parliament’s Foreign Affairs Committee called on its government to work with the countries (Cyprus, Greece and Israel) involved in the EastMed gas pipeline to assess its development prospects. According to the Italian media, the Foreign Affairs Committee of the Italian Lower House approved a resolution filed by Deputy President Paolo Formentini, committing the
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The banking system shrunk further in 2022; nearly a thousand bank employees have left the sector, while banks have closed 56 branches across the island, also removing 62 ATMs from the network. According to a Phileleftheros daily, quoting sources from the Cyprus Bank Association, banks reduced their staff by 12.6% in 2022 compared to the
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Cyprus’ football reputation has been tarnished with corruption allegations, as claims of covering up a match-fixing ring emerged during a hearing of the House Ethics Committee. A former Cyprus Sports Ethics Committee member, Charis Savvides, told MPs that the Union of European Football Associations (UEFA) had recently sent an email involving red notices for 16
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Cyprus Chamber of Commerce and Industry (KEVE) and the Turkish Cypriot Chamber of Commerce (KTTO) strongly encourage trade opportunities through new or more efficient crossing points. This was the outcome of a discussion the UN had with representatives of the two chambers. UN Cyprus head of mission Colin Stewart Tweeted: “The urgency of strengthening economic
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Omonia Nicosia has added another piece of silverware to their trophy cabinet after lifting their 16th Cyprus Cup beating AEL Limassol 1-0, which needed a late goal to decide the contest. The Greens lifted the Cup on Wednesday night, achieving back-to-back trophies, after beating the Limassol outfit with an 85’ minute winner by Iranian international
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Bases firefighters and 84 Squadron participated in the Republic of Cyprus Fire Service-led Exercise Pyrsos as part of the annual joint fire safety training. The exercise, which took place in Kivides, Limassol, simulated an agroforestry fire and saw RoC firefighting aircraft work alongside the British Bases and Jordan, who provided two helicopters and Slovenia as
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The US Federal Reserve is likely to pause interest rate hikes in June, which will be welcomed by markets, according to the CEO and founder of leading financial advisory and fintech deVere Group. Fed officials were divided earlier this month on whether to continue with their interest rate hikes at their upcoming meeting in June,
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The air defence drill “Aphrodite Shield” was carried out with the participation of the Air Defence Units of Cyprus Air Command and UK aircraft of the Royal Air Force. According to the Defence Ministry, the purpose of the drill, which was planned and coordinated by the Cyprus Air Command and the RAF, was to train
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A row between the legal service and the state Audit Office deepened after Attorney General George Savvides accused Auditor General Odysseas Michaelides of engaging in character assassination and abusing free speech. Savvides opened fire against the Audit Office when Michaelides forwarded four complaints against his assistant Attorney General Savvas Angelides to the corruption watchdog in
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