News

Bailout funding to Cyprus remains frozen due to unresolved insolvencies bill

Nicolas Papadopoulos, leader of the DIKO party (The Democratic Party in Cyprus) who also chairs the House Finance Committee, has stated it is unlikely for parliament to vote in favour of the final bills on insolvencies by March 19th, when the present suspension of laws on foreclosures end.


US considers the implications of Cyprus’ relations with Russia

Ms Marie Harf, the Deputy Spokesperson for the US Department of State, has stated that this is not the time for “business as usual with Russia” when asked to comment on the recent visit of President Nicos Anastasiades to Russia.


Russian navy to use Cypriot ports as ties are strengthened

An outcome of President Anastasiades’ visit to Russia has been announced, stating that Cyprus has signed an agreement which permits Russian navy ships to access ports in Cyprus. The deal has arisen amid conflicts between Russia and Western countries over the Ukrainian conflict continue. Both leaders were happy to explain that other countries should not be concerned and that the port's main use would be for anti-piracy and counter-terrorism purposes.


Issue of insolvency framework in Cyprus remains unresolved

During a meeting with international lenders and political parties and Troika last week failed to reach a consensus regarding the issue of guarantors to bad loans, which makes up part of the fifth and final bill of the proposed laws known as the insolvency framework


How the banking crisis still affects Russian-Cypriot relations today

A Russian law restricting tax privileges enjoyed by Russian-owned companies abroad may have little to no impact on Russian business activity in Cyprus. Developments in the banking sector which led to the loss of deposits, held at Laiki bank, as well as the suspension of the operations of as FBME (the Federal Bank of the Middle East) created a serious disturbance of Russian business activity in Cyprus.


Foreclosure law debate between main political parties in Cyprus

Cypriot communist political party AKEL is likely to table a bill to main opposition the House plenum this week further extending a suspension on the foreclosure law, as was previously warned. At the moment, the new proposal extends the blanket exemption on repossessions to July 1st. This would apply to all residences, as well as business premises with a mortgage.


Increase in Co-op deposits signal positive outlook for Cyprus in 2015?

Cooperative credit institutions in Cyprus experienced an influx of deposits totalling €260 million and an increase of their deposit figure in November and December last year. This followed shortly after the positive results of the stress-test conducted by the European Central Bank, which showed a stabilisation in the banking system.


Cyprus has attracted €2B in foreign investments this year

A recent study has found out that foreign direct investments (FDIs) to Cyprus have exceeded €2B so far this year. Also attributing to this figure is a record number of immigrant visas granted to non-European residents who have invested in property or in bank deposits.


The Cyprus economy is mature enough to lift capital controls

International banks operating in Cyprus could significantly contribute to the recovery of the island’s economy, the chairman of their association said, as he urged the government to lift the remaining capital controls to allow them to realise their full potential.