German Finance Minister Wolfgang Schaeuble said on Wednesday that Greece's problems were of its own making and dismissed suggestions that Germany was being punitive towards a country that perhaps should not have joined the euro. Speaking at the European University Institute in Florence, Schaeuble said he had, in the past, had very open discussions with
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Athens' failure to accept Germany's help on reducing bureaucracy and boosting private investment is disappointing, German Economy Minister Philipp Roesler was cited as saying by a newspaper on Thursday. Germany pledged last October to advise Greece on cutting red tape and attracting investment to help its economy get back on its feet and have a
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The three main lenders in Cyprus – Bank of Cyprus, Marfin Popular Bank and Hellenic Bank – said in a joint announcement issued Wednesday that they will take part in the voluntary swap of Greek debt. "Bank of Cyprus's board of directors decided unanimously in a meeting today that the bank will take part in
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Major banks and pension funds threw their weight behind Greece's bond swap offer to private creditors on Wednesday, making it increasingly likely that the deal will go through and clear the way for a bailout package to avert a chaotic default. A group of 30 banks and funds representing 40.8% of Greece's 206 billion euros
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**Greek Cypriot spending rises** Card spending by Turkish Cypriots south of the Green Line dropped for the eighth consecutive month in February, based on analysis of JCC Payments Systems data by Sapienta Economics. Spending in February fell by 8.7% compared with the year earlier to EUR 1.34 mln, after a drop of 8.6% in January.
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**Construction labour costs rise despite recession** The Cyprus construction sector was worth EUR 3.1 bln in 2010 measured in gross output current market prices according to the annual Construction and Housing Statistics report from the Statistical Service, but this was 9.7% lower than the EUR 3.4 bln recorded in 2009. In terms of value added,
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**Licence renewal skews data** Local card spending excluding auto licences rose by 5% over the year earlier in February, according to JCC payments systems, the dominant card provider. The overall figure showed a fall of 3%, but this was skewed by the dates for renewal of motor vehicle licences. In 2012, the official date for
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* Champion’s League adds EUR 14 mln to Cyprus coffers * The GSP stadium is set to be rocked to its foundations by 22,000 frenzied APOEL fans on Wednesday night when the Nicosia side bid to extend their Champions League dream beyond the last 16 by overturning a 1-0 first-leg defeat by Olympique Lyon. Unfancied
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Asian shares fell for a third day in a row on Wednesday as investors grew more risk averse, with renewed uncertainty over Greece's bailout and mounting worries about slowing global economies overshadowing support from ample liquidity. The three U.S. equity indexes recorded their biggest one-day percentage drop this year on Tuesday, while the CBOE Volatility
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Athens turned up the heat on its creditors on Tuesday as it sought to secure a bond swap that will cut its mountainous debt, while the main bondholders group warned a disorderly default would cause more than a trillion euros of damage to the euro zone. Greek private creditors have until Thursday night to say
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