News

Cyprus debtors to start using financial mediation for resolutions with banks

The agency for financial settlements which are currently resolved outside of court in Cyprus has announced that it will start receiving applications to assign mediators in disputes between financial institutions and individuals who cannot implement repayment of their loans in an attempt to facilitate the restructure the amount of public debt.


Cyprus energy suppliers face competition in export deal to Egypt

British energy outfit BG Group are currently desperate to secure gas supplies for their natural gas facilities in Idku, Egypt, which are operating at below capacity. The Idku plant has a capacity of around 7.2 million tonnes of liquid natural gas each year, but is currently working with around 2 million tonnes.


Troika insolvency experts make visit to Cyprus

According to the Cyprus News Agency, a team from the Troika (a committee led by the European Commission with the European Central Bank and the International Monetary Fund) is expected to arrive in Cyprus on the 10th of November for consultations on continuing the €10 billion bailout program and to assess the insolvency framework with authorities of Cyprus.


Why the Cyprus crisis occurred and how it could have been avoided

According to the researchers from Imperial College (London) and the University of Cyprus, the reason for the economic crash in Cyprus and subsequent bailout was a result of overconfidence from the government, after it had over 35 years of almost continuous and healthy economic growth.


Hellenic Bank propose a new scheme to increase share capital

Hellenic Bank, one of four Cyprus systemic banks participating in the European Central Bank’s asset quality review this month, will examine a potential increase in capital in the event of not meeting the tests standards.


Cyprus banks prepare for stress tests from ECB

Four main Cypriot banks (Bank of Cyprus, Hellenic Bank, the Cooperative Central Bank and RCB) are undergoing the European Central Bank’s stress-testing simulation exercise to determine whether they have sufficient capital in the event of various economic scenarios.


Eltoma attends the Best Legal Conference

This year Eltoma Corporate Services attended the Best Legal conference, the Annual Conference of Legal Practitioners. It was held at the Four Seasons Hotel in Limassol, Cyprus.


Cyprus celebrates 54 years of independence today

Today marks Cyprus’ 54th anniversary of independence from British colonial rule with a military parade in Nicosia. Since gaining independence from the UK in 1960, Cyprus went on to become a member of the EU in 2004, adopted the euro as its national currency in 2008 and was listed by the IMF as one of the 31 advanced economies in the world in 2011.


Changes to VAT laws may cause a loss for Cyprus

The House finance committee was discussing a bill on taxation of services, which Cyprus needs to enact to comply with the EU’s VAT Directive.


Civil Servants in Cyprus strike set to go ahead tomorrow

The Republic of Cyprus’ President Nicos Anastasiades made one last attempt last night to deter public sector employees to go on the arranged strike tomorrow by organising a meeting today with PASYDY boss Glafcos Hadjipetrou and representatives from the teachers unions.