Greek banks are being hit by a wave of redemptions as rich citizens and companies look to move their money to big global banks or offshore as the country's debt crisis rages, the Telegraph newspaper reported on its website. Big depositors have been clamouring to move their cash to international financial firms such as HSBC
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Greece will launch a multi-billion dollar bond in the United States this month, selling itself for the first time as an emerging market as demand for its debt dwindles in Europe, the Financial Times reported. Greece is seeking $5 billion to $10 billion from U.S. investors to help cover its May borrowing requirement of about
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The Cyprus Investment Promotion Agency (CIPA) has established a Consulting Group of Experts for the Investment Funds, in an effort to attract investments to Cyprus. According to a CIPA announcement, the need for the team of experts came out the results of a survey about the banking sector. It comprises three persons with good knowledge
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The French architect of the ambitious Limassol Marina, Xavier Bohl, as well as the project’s General Manager, Takis Palekythritis, visited the Town Planning Department to discuss details and progress of the EUR 350 mln development. They were accompanied by project partners from Sogreah and the local architects and engineering firm, Modinos & Vrahimis. The Marina
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Moody's Investors Service said that subject to sufficient protection being put in place, Greek structured finance and covered bond transactions could achieve Aaa ratings. This follows an earlier report on February 4 where Moody's announced it was reviewing the potential implications of the changing situation of Greek public finances and would not issue any new
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. BY COSTA VAYENAS One of the oldest misconceptions in the field of economics is that trade has something to do with competition. When talking about competition, we usually mean sports. The year has only just begun, but it is very likely that the supposedly witty comparison (or not?) by Germany's Finance Minister, Wolfgang Schäuble,
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. Two years in, the present administration still seems confused over what it wants for the economy – does it want to raise the standards of living of the working class or does it want to energise the economy so that all parties concerned benefit? Whatever the choice, one thing is clear: consumers must spend
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. At a lunch-time “do” not long ago, I happened to chum up with a visiting Italian food and wine writer. The five-star hotel’s buffet was excellent and we both enjoyed an excellent array of hors d’oeuvres before sizing up the pasta bar, where there was a good selection of sauces to match with four
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. BY MARIOS EFTHYMIOU During a recession like the present one the world is suffering from, everyone looks to find other ways to make money. These could be new ideas or services or even offering better deals. But the worst solution to date has been cutting back on staff. At first, it might seem like
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. BY ALEXANDER MCCOWAN In 2006 when Cyprus played their first international rugby game against Greece, they clearly displayed their standing as the newest member of the European Federation, by turning up for the game without any national team shirts (apparently they were somewhere in India). The Greeks were ablaze with major and minor sponsors,
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