Cyprus cannot rule out the possibility of negative economic growth in 2010, following a 1.7 percent contraction in 2009, Central Bank governor Athanasios Orphanides said on Monday. "Real GDP recorded a reduction of 1.7 percent in 2009. Unfortunately it appears the economy remains in recession and we cannot rule out a negative rate of growth
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MP Stavros Evagorou, member of the Parliamentary Trade Committee, departs today for Zurich to represent the House of Representatives in a business forum on ''Discover a new business destination in the crossroads of EU, Middle East and North Africa''. According to an official press release, the forum will take place on 13th April. The forum
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Greece’s Prime Minister George Papandreou has stressed his country’s determination to continue working towards finding a just and viable solution to the Cyprus problem. Arriving in Cyprus for a short working visit, Papandreou stressed Greece firmly supports the Republic of Cyprus, “standing by the side of the Cypriot leadership and people, in practice. I am
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The euro leapt to its highest in nearly a month on Monday, surging 1 percent on the dollar and yen as investors who had sold it scrambled to buy it back after euro zone finance ministers agreed a rescue package for Greece. The euro's rise weighed broadly on the dollar, helping send the Australian dollar
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Euro zone finance ministers approved a giant 30-billion-euro ($40 billion) emergency aid mechanism for debt-plagued Greece on Sunday but stressed Athens had not requested the plan be activated yet. Together with at least 10 billion euros expected from the International Monetary Fund in the first year, it could add up to the biggest multilateral financial
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The euro zone's rescue plan for debt-stricken Greece does not undermine the European single currency, Jean-Claude Juncker, chairman of the Eurogroup of finance ministers, said on Monday. Asked by Deutschlandfunk German radio whether the 30 billion euro emergency aid mechanism breached the European Union treaty, thereby weakening the euro, Juncker said: "My response is that
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— €3 bln in UK and Switzerland — Wealthy Greeks and companies, spooked by the debt crisis hitting their country are believed to have moved up to EUR 3 bln out of the country in February, of which about 10% or EUR 270 mln came to Cyprus. Foreign observers believe that Switzerland, the UK and
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Cyprus' GDP in the fourth quarter of 2009 shrank by 0.3%, compared to the previous quarter, according to the second estimates released by Eurostat. On a yearly basis, Cyprus' GDP in Q4 2009 shrank by 2.8% compared to the same period of 2008, whereas the first estimate showed a decline of 2.7%. Meanwhile, the recovery
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President Demetris Christofias recently met with a delegation from the Cyprus Union of Shipowners, which presented efforts on behalf of the Union to increase the number of ships flying the Cyprus flag. CUS President George Mouskas told reporters after the meeting that the Union was making efforts, mainly in Greece, to fly the Cyprus flag
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The first of 41 wind generators with a combined production capacity of 82 MW has gone up at the Oreites wind farm near Paphos, as part of the island’s ambitious plans to produce energy from alternative sources, such as solar and wind. Construction work at the site started in August 2009 and is expected to
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