. Perhaps trade union officials have not yet realised that Cyprus now has its back to the wall and there is no way forward apart from severe austerity measures. Going on strike does not help. Our own central banker issued a stern warning to MPs and said that due to the fiscal deterioration we have
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. ANALYSIS The grand plan outlined by France and Germany on Monday for European treaty change breaks no new ground in terms of ideas — all the proposals already exist in various legal acts, the only problem is they have never been observed in practice. If there is one difference it is that France and
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The euro faces a decisive week as European Union leaders, urged on anxiously by the United States, seek agreement on a convincing rescue plan that has eluded them for two years. Despite short-term market optimism about a possible deal to tackle Europe's sovereign debt crisis and underpin the survival of the single currency, the outcome
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Asian shares and the euro gained on Wednesday on hopes that the threat of mass credit rating downgrades will pressure European leaders to come up with a convincing framework for resolving the euro zone debt crisis at a crucial summit later this week. European shares were expected to resume their brisk 1-1/2 week rally, interrupted
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U.S. Treasury Secretary Timothy Geithner meets French President Nicolas Sarkozy in Paris on Wednesday to press for decisive steps towards resolving Europe's deepening debt crisis as the region's leaders prepare for a crucial summit this week. Geithner voiced strong support for a Franco-German blueprint for an overhaul of the European Union treaty during a visit
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Greece's coalition government on Wednesday passed an austerity 2012 budget aimed at shrinking its debt mountain with tax hikes and spending cuts, hours after protesters clashed with police outside parliament. Three major parties backing technocrat Prime Minister Lucas Papademos voted solidly for the budget plan, a package of deeply unpopular measures needed to cut the
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Cyprus Finance Ministry has stressed the need for immediate adoption of financial consolidation measures in order to ease the consequences from a potential credit rating lowering by Standard & Poor’s due to Eurozone crisis. According to an official announcement, issued here Tuesday by Finance Ministry, Standard & Poor’s Rating Services have announced on Monday that
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Cyprus Archbishop Chrysostomos II and Chief Rabbi of Israel, Rabbi Yona Metzger, have affirmed their commitment to advancing the excellent relations between Cyprus and Israel and pledged to work together to promote peace and reconciliation among all peoples. They also called on all religious leaders as well as all men and women of goodwill to
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The Cyprus Shipping Chamber participated, as part of the Cypriot delegation, in the recent meeting of the European Community Shipowners’ Association (ECSA), in Brussels, discussing issues of concern to the European Shipping Industry. According to an announcement, the meeting took place in Brussels, on December 1, and CSC was represented by Former CSC President Cap.
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Tighter oversight of euro zone fiscal policy can be achieved through minor, rapid adjustments to the EU treaty, European Council President Herman Van Rompuy told EU leaders in an interim report to be discussed at a summit on Dec. 8-9. The aim would be to achieve a "new fiscal compact" that ties euro zone member
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