tag:blogger.com,1999:blog-21180804786276994252024-02-19T00:43:12.690-08:00An American in Cyprusanamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.comBlogger48125tag:blogger.com,1999:blog-2118080478627699425.post-46013208850044617122013-04-22T01:26:00.003-07:002013-04-22T05:21:30.049-07:00<div style="text-align: center;">
<b>No Longer Exempt: Charities, Educational Institutions, Insurance Companies </b><br />
<b>Now Subject to Levy</b></div>
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anamericanincyprus</div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjhhxuWB6I6wLElWfsmMM5A0aAVa6rcRKSbdU8fN4WJoTB_O3-LdNEZM8G456E-YmxNfVMJ7BM8krEEUcw5GW2QLC7uMUYHu2cOoXWG0J4CGtX6N8ZQz879ZPrBQoaSZTEHWm-c9ciZ6Ed/s1600/.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjhhxuWB6I6wLElWfsmMM5A0aAVa6rcRKSbdU8fN4WJoTB_O3-LdNEZM8G456E-YmxNfVMJ7BM8krEEUcw5GW2QLC7uMUYHu2cOoXWG0J4CGtX6N8ZQz879ZPrBQoaSZTEHWm-c9ciZ6Ed/s320/.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Central Bank of Cyprus (photo from Reuters)</td></tr>
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The Central Bank of Cyprus announced that charities, educational institutions and insurance companies will now be subject to a levy of 27.5% on bank accounts held in the two beleaguered banks, Bank of Cyprus and Laiki Bank. <br />
<br />
Under previous terms of the bailout it had been announced that charities, educational institutions and insurance companies would not subject to levy or "haircut" after much initial anxiety. See my earlier post on the issue<b>: <a href="http://anamericanincyprus.blogspot.com/2013/03/university-of-cyprus-among-casualties.html">University of Cyprus Among Casualties of "Haircut”</a> </b>and<b> <a href="http://anamericanincyprus.blogspot.com/2013/03/academic-institutions-municipalities-to.html">Academic Institutions, Municipalities to be Spared Haircut</a> </b>and<a href="http://anamericanincyprus.blogspot.com/2013/04/charitable-organization-spared-haircut.html"><b> Charitable Organization Spared Haircut</b>.</a><br />
<a href="http://anamericanincyprus.blogspot.com/2013/04/charitable-organization-spared-haircut.html"><br /></a>
This development follows an earlier statement by the current government (elected 24.02) that it was recently discovered that more money was required to bailout Cyprus than the previous government had declared.<br />
<br />
http://uk.reuters.com/article/2013/04/22/uk-cyprus-banks-charities-idUKBRE93L03R20130422</div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com8tag:blogger.com,1999:blog-2118080478627699425.post-4594062967396652013-04-22T01:25:00.001-07:002013-04-22T05:27:59.100-07:00<div style="text-align: center;">
<b>Russia: Release our Bank from Capital Controls and We Will </b><b>Ease Terms of Loan </b></div>
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anamericanincyprus</div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsiW10ofO1gV4QRQ7fzqFbt5mbHIPPQUrbAF8_1FoCs60GkvxhC1P8e9EIgGIB4DrOS6TXX9TOj28MQa403K6q6aA5kYgGR1OYKDUBuWi1ka7nOwjVjAOTxsNppKhJSg6-NytSw-EEJH4r/s1600/images.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsiW10ofO1gV4QRQ7fzqFbt5mbHIPPQUrbAF8_1FoCs60GkvxhC1P8e9EIgGIB4DrOS6TXX9TOj28MQa403K6q6aA5kYgGR1OYKDUBuWi1ka7nOwjVjAOTxsNppKhJSg6-NytSw-EEJH4r/s1600/images.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Russian Commercial Bank in Cyprus</td></tr>
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Russian Finance Minister Anton S<span id="articleText">iluanov</span> has stated “We will deliver our support (restructuring of the loan to Cyprus)
taking into account our interests, and our interests are that our subsidiary
(the Russian Commercial Bank) should operate in normal conditions. </div>
<div style="text-align: justify;">
<br />
The Russian Commercial Bank, a subsidiary <a href="http://en.wikipedia.org/wiki/VTB">VTB</a>, like all banks in Cyprus, is under strict capital controls in order to prevent capital flight.<br />
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Here is a brief re-cap of the major points in Russia's role in the Cyprus financial bailout. In 2011 Russia granted Cyprus a 5 year 2.5 billion euro loan. In July of 2012 Cyprus, under former administration by the opposition party, applied for financial assistance from the EU or "bailout." <br />
<br />
Current president, Anastasiades, took office 24th of February 2013 and focused immediatley securing a bailout (which had been delayed due to missed deadlines by the former adminisration). Troika required Cyprus to raise 5.8 billion euros in order to receive EU financial assistance and was adamant that Cyprus raise the money internally rather than taking a loan from anywhere else other than the EU.<br />
<br />
Anastasiades met with Troika on 15.03 with the intent to secure a financial
bailout. The meeting lasted until the early hours of Saturday the 16.03, when Anastasiades agreed to put
the controversial levy on banks before parliament <br />
<br />
All banks in Cyprus, whether domestic or international, went into immediate lockdown, reopening after two week of closure under strict capital controls; read about it here: <a href="http://anamericanincyprus.blogspot.com/2013/03/cyprus-announces-unprecedented-capital.html"><b>Cyprus Announces Unprecedented Capital Controls</b>.</a><br />
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Cypriot Parlimanent rejected the levy. Details can be found in my post on the issue dated 19.03 <a href="http://anamericanincyprus.blogspot.com/2013/03/why-anastasiades-wasright-to-put.html">Why Anastasiades was Right to Put Controversial Levy Before Parliament.</a><br />
<span style="font-size: 12.0pt; line-height: 115%;"> </span><br />
The Cypriot Greek Orthodox Church, with vast business interests in the island nation and believed to be its largest landowner, offered to fianancially assist the Cyprus government (in exchange for energy rights), but Troika rejected this scenario. See my post on the issue dated 21.03: <b> </b><a href="http://anamericanincyprus.blogspot.com/2013/03/cypriot-greek-orthodoxchurch-offers-to.html">Cypriot Greek OrthodoxChurch Offers to Assist Cyprus Government; Troika Says No.</a><br />
<br />
Cyprus turned to Russia to request financial assistance in two forms, a restructuring of its loan with lower interests rates and later maturity date, and a second loan despites the fact that Troika was adamant that Cyprus should only negotiate a loan with the EU and not Russia, and that the only assistance from Russia could be easing of the terms of the current loan.<br />
<br />
Russian President Putin told reporters in March after holding talks with German Chancellor Merkel in Hannover, "At the request of the European Commission, we have decided to restructure this debt." Russia declined to offer another loan to Cyprus, see earlier post on the issue dated 22.03: <a href="http://anamericanincyprus.blogspot.com/2013/03/russia-says-no-andthen-no-and-then-no.html">Russia Says No, and Then No, and Then No Again.</a><span style="font-size: 12.0pt; line-height: 115%;"> </span>Putin went on the say, "We are making our own contribution," but did not disclose the details of the debt restructuring.<br />
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anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com1tag:blogger.com,1999:blog-2118080478627699425.post-46615205410469892042013-04-18T10:36:00.001-07:002013-04-18T22:37:46.948-07:00<div style="text-align: center;">
<b>Arthur Miller Would Write a Play About Cyprus...</b></div>
<div style="text-align: center;">
anamericaninyprus<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx2nGpHzQB7klhN7DZjIC5wdjGF1vnEEb4KLykrPVqsiD-nC1yDd5MRBPKqcLaA7yzOLClXUq-xLTrtHN6ViGzPZzGtY5Th5g-w09_UhJWutJxv2xljfCX6LZRpKI_xIfGi7RU27kRrLHd/s1600/clip_image001.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx2nGpHzQB7klhN7DZjIC5wdjGF1vnEEb4KLykrPVqsiD-nC1yDd5MRBPKqcLaA7yzOLClXUq-xLTrtHN6ViGzPZzGtY5Th5g-w09_UhJWutJxv2xljfCX6LZRpKI_xIfGi7RU27kRrLHd/s400/clip_image001.jpg" width="255" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Book cover of The Crucible by Arthur Miller</td></tr>
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...except he already wrote it back in 1953.</div>
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Cyprus is now swept up in blaming and naming those who are responsible for causing the financial crises and those who may have escaped it's major consequence to date, the bank levy, in a firestorm the media in Cyprus and Greece have fanned by publishing so-called "Lists." The media further orchestrated this frenzy by dubbing the media's own list publishing "The War of the Lists." <br />
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The lists have taken two major forms to date: 1) those individuals and companies who transferred cash out of Cyprus and/or out of the two floundering Cypriot banks prior to the bank lock down, and 2) those whose debts to banks were generously waived. </div>
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List Number 1) is maddeningly absurd. See my previous post on the issue <b style="text-align: center;"><a href="http://anamericanincyprus.blogspot.com/2013/04/accusations-around-capital-flight-defy.html">Accusations Around Capital Flight Defy Logic and Reason </a></b></div>
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List Number 2) is something for sure, but what it isn't, is a surprise. Is there a single Cypriot or expat living in Cyprus who didn't think that people in positions of power in Cyprus were getting unethical, even illegal perks such as having loans written off? I don't think so.</div>
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Cyprus is infamous for the extent that nepotism, the act of favoritism without merit, has cemented itself at every level of society. I am told that nepotism on the level that it exists in Cyprus is a Mediterranean phenomena and can be found in Greece, Italy and Spain as well. I don't know about this, but I do know that nepotism lives in Cyprus like a cancerous tumor and that Cypriots classically wave their hands (literally and figuratively) and accept nepotism as something unavoidable and imminent. Cypriot parents commonly advise their children not to say anything against someone in power, and by power, I mean any level of power, no matter how small, in order to protect them from harm or in the hopes that they will receive favoritism in the future.</div>
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This is why the frenzy around List Number 2) is also ridiculous. </div>
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I think List Number 2) should be published. I think that people should be made to be responsible for their actions. I believe that transparency and checks and balances are necessary for democracy and fairness. I believe in the power of the news media and the power of positive social pressure. </div>
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But list Number 2) is a hypocracy, meaning that such nepotism would not exist to the level that it has thus far existed in Cyprus if Cypriots did not feed it. Now that Cypriots feel real consequences of such nepotism, they are angry and suddenly want names named.</div>
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This List frenzy reminds me of Arthur Miller's 1953 play about <a href="http://en.wikipedia.org/wiki/McCarthyism">McCarthyism</a>, "<a href="http://en.wikipedia.org/wiki/The_Crucible">The Crucible</a>." McCarthyism was the hunt for "un-American activities" and included the publication of lists of people who were believed to have been communists who were then "blackballed" meaning that they could not get jobs.</div>
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"The Crucible" is about the Salem witch hunts, and is an analogy about McCarthyism. Now I am not saying that those identified as communists are the same as those who may have had their loans unethically or illegally forgiven, but they may be the same as those who transferred money out prior to the bank lock down. We should be aware of the List frenzy and the destructive power that Lists can have on innocent people and use such Lists with discrimination.</div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com1tag:blogger.com,1999:blog-2118080478627699425.post-15323273654562553502013-04-18T02:17:00.000-07:002013-04-20T11:02:31.160-07:00<div style="text-align: center;">
<b>Accusations Around Capital Flight Defy Logic and Reason </b><br />
anamericanincyprus<b> </b></div>
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Much has been made in the news media here in Cyprus and abroad about the fact that in the weeks and days prior to the lock-down of the banks millions of euros were transferred out of Cyprus by both companies and individuals. Some media have even referred to the capital flight as "covert." President Anastasiades has been accused of passing on inside information. </div>
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For those outside of Cyprus, the facts listed above could raise the question whether inside information was passed around in order to protect the interests of certain people and companies-- if you do not know what we know here in Cyprus. </div>
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Talks of levies on bank deposits dominated the news media and conversations of people here in Cyprus for months prior to its actual occurrence. It was a major issue in the race for the presidential election. </div>
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Additionally, much speculation around Cyprus' offshore financial sector further added to the possibility of a levy on banks. Specifically, with respect to the fact that there is a relatively high number of Russian deposits and Russians in Cyprus, with some accusing Cyprus of laundering money for Russian criminals. Other Europeans, who may face paying higher taxes in order to bailout Cyprus, and and who have perhaps grown weary of the prospect of continuing to pay for the financial failures of other EU members states, started saying that they did not want to pay for a bailout of Cyprus if by doing so they would be protecting the investments of Russian criminals. Demand that depositors in Cyprus contribute financially to the country's bailout began to flood EU news media as well. </div>
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The way that Merkel would handle the Cyprus bailout would likely figure prominently in her run for re-election later this year. Therefore treatment of the Cyprus bailout and specifically, Cypriot bank deposits, became of an issue of particular significance and sensitivity. (It should be noted that Cyprus adamantly refutes accusations of money laundering and has submitted to an audit by the <i>Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) </i>as agreed with the Council of Europe.)<!--[if gte mso 9]><xml>
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<div style="text-align: justify;">
During the presidential race, Anastasiades is famous for having said
repeatedly that he adamantly opposed a levy on bank deposits. He was elected president 24th of February 2013. On the 13th of March Moody's slashed Cyprus credit rating to junk, further fueling the anxiety around the security of finances in Cyprus.<br />
<br />
There is an elderly woman in Limassol who for a month before the lock down went to her bank every Friday and withdrew the entire sum of her deposit in cash and stashed it in her house, to return her money to the bank each Monday morning. When she was asked why, she said that her son, who worked in banking abroad, told her that if there would be a levy it would be imposed on the weekend when the banks were closed. <br />
<br />
There is a Spanish postdoctoral research fellow working at one of the universities here, in response to the speculation, two weeks before the lock down transferred his savings of about 1,000 euros to Spain to avoid any levy. <br />
<br />
There are those who did not transfer money out, not because they did not know of the possibility of a levy, but because they simply did not believe it would occur because the President was against a levy, no levy was imposed on Greek bank deposits under the terms of the Greek bailout, they could not believe that the banks would take their money, or various other reasons.<br />
<br />
Two days after Moody's slashed Cyprus credit rating to junk, on the 15th of March Anastasiades met with Troika with the intent to secure a financial bailout, a meeting which was publicly known to have been scheduled for some time. The meeting lasted until the early hours of Saturday the 16th March, when, Anastasiades claims under great pressure, he agreed to put the controversial levy on banks before parliament. In an address to the nation Anastasiades stated that he is was against the levy but chose to support the levy imposed by Troika
because since Troika insisted on the levy as a prerequisite for
financial assistance, to refuse the levy would be to choose disorganized
bankruptcy. Therefore he chose to make a decision that he knew he would
be criticized for in an effort to gain financial assistance to Cyprus. You can read more about this issue in my earlier post in this blog of 19th March <a href="http://anamericanincyprus.blogspot.com/2013/03/why-anastasiades-wasright-to-put.html"><b><span style="font-size: 12.0pt; line-height: 115%;">Why Anastasiades was Right to Put Controversial Levy Before Parliament</span></b><span style="font-size: 12.0pt; line-height: 115%;">.</span></a><br />
<br />
Now, I ask you, if you had over 100,000 euros (the amount over which is
not insured) sitting in a bank in Cyprus, in light of the above facts
known to anyone who watches news, reads papers and has access to news sources (in various languages)
and talks to other people, and you knew, as everyone here did, that Anastasiades was on his way to negotiate a bailout with Troika on Friday the 15th, would you, without any additional inside government information, have transferred your money out of Cyprus,
just to be safe?<br />
<br />
Can you honestly accuse those who did transfer money out of Cyprus before the Troika meeting on the 15th of March as having had inside government information?<br />
<br />
Is the fact that people transfered their money out of Cyprus or out of the two beleagured Cypriot banks evidence that Anastasiades passed around inside information?<br />
<br />
Such claims are among the most ridiculous that I have heard recently.<br />
<br />
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anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com1tag:blogger.com,1999:blog-2118080478627699425.post-54127143226730806692013-04-08T02:55:00.003-07:002013-04-09T00:31:41.530-07:00<div style="text-align: center;">
<b> Did Cypriots Paint Themselves into a Corner by Living Excessively?</b></div>
<div style="text-align: center;">
anamericanincyprus</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The Cypriot newspaper Phileftheros published an anonymous letter written in a Cypriot village dialect, that many Cypriots are saying is clever and effective, spot-on criticism of everything that is wrong with Cyprus including the following: Cypriot banks paid interest rates much higher than rates paid by other European banks despite warnings that this could not be maintained, Cyprus invested in high risk Greek bonds while other European countries were dumping them, public teachers are paid more and work less than their European counterparts allowing them double their salaries by teaching illegal private lessons on the side, and Cypriots live in much larger houses than other Europeans and drive luxury vehicles, to name a few.</div>
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The letter lists many other such characteristics and highlights the fact that Cypriots have done these things with an attitude of superiority over other Europeans who live simpler, more sustainable lifestyles and that now Cypriots are blaming Europe for the financial situation in which the country finds itself.</div>
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When my husband and I moved to Cyprus from California I was dismayed by the culture of excess that I encountered here. I wondered how people, with what I would consider mid-income jobs, owned such huge houses decorated in marble and fitted with top of the line appliances, furnished with Italian furniture costing thousands of euros per piece, and with maids to clean it all.</div>
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</div>
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I saw a high percentage of BMWs and Mercedes on the roads, their drivers holding cigarettes and cell phones. I saw cars parked on the pedestrian walkways, in the middle of the streets, and blocking driveways not their own. I saw piles of trash discarded in lots, even in posh neighborhoods. I saw that many Cypriots do not recycle, but throw recyclables in the trash (or apparently in the nearest empty lot) a fact that was confirmed by a study stating that Cypriots produce the largest amount of trash per person in the EU.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
When my husband and I wanted to buy furniture, we wished for Craigslist, an online community whereby people buy, sell, trade and donate anything legal. This is where we were used to shopping for great furniture, and we are not alone. People from all socioeconomic levels trade on Craiglist. I found out that many Cypriots think it's gross to buy used anything. We learned about Angloinfo, which is primarily used by foreigners, but it does not yet have the search convenience, availability of items or high use that Cragslist has.</div>
<div style="text-align: justify;">
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<div style="text-align: justify;">
When I wanted to buy shoes for our baby, I discovered that there was almost no middle market. Any shoes I found that were a reasonable price (and there were few) were poor quality. Cypriots were paying 60 euros and more for baby and toddler shoes from Poblosky and Kickers. I was stunned. How can so many people with normal jobs spend this amount of money on children's shoes? And why do they want to? Most American mothers would think this stupid. I now order shoes (and clothing) for my child online where I can find good quality at normal prices. I would like to shop in Cyprus but I am not willing to waste my money! I'm waiting for the middle market to develop.</div>
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<br /></div>
<div style="text-align: justify;">
When I express my surprise at the culture of excess, many Cypriots are themselves surprised and say to me, "But you're American!" It's true that there is a small cross section of America which live famously excessive lifestyles, but most Americans do not live like this. We say things like "Reduce, Re-use, Recycle." Alternative fuel cars are trendy. There is a middle market. We pay as little as possible for the level of quality that we want or can afford. Everyone recycles. </div>
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</div>
<div style="text-align: justify;">
I was also having a difficult time reconciling the high frequency of excessive lifestyles with the fact that 30-35% of Cypriots self-identify as Communist. What kind of Communists are these? There are Communists in Cyprus living more posh lives than most of America, a country considered the most extremely capitalistic in the world! </div>
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<br /></div>
<div style="text-align: justify;">
Certainly not all Cypriots are excessive, I also know many who live moderate and frugal lifestyles, but so many people who should be living mid-income
lifestyles are living like they are wealthy, that I have wondered how it
is sustained.</div>
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<br /></div>
<div style="text-align: justify;">
Although I do say it sometimes, I generally try to avoid starting sentences with "In America..." because people don't like it and I don't want to give the wrong perception that I think America or Americans are better than Cyprus and Cypriots. America has its problems for sure. My husband and I choose to live in Cyprus for its many good qualities and we are raising our child here because we believe Cyprus is a nice, safe place to raise children.</div>
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<br /></div>
<div style="text-align: justify;">
But come on, recycle already! </div>
<br />
<br />anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com4tag:blogger.com,1999:blog-2118080478627699425.post-75952328138096091972013-04-06T03:25:00.001-07:002013-04-20T01:05:19.442-07:00<div style="text-align: center;">
<b>President, Governor of Central Bank Receive Death Threats</b></div>
<div style="text-align: center;">
anamericanincyprus<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3GEfzuhyphenhyphenU6Pp-UsMmHcPU3r6PvcyQqBXMW7nrIb_QieAKPYoGw7DIrkMqYwwnhXgCZ3KCVXX8jHGyt7Cnl2WHKNSpu6Ek6aT20fui9lKvjCEDY_3_jgJ-RrdYZTeInAOuISnieSBfhonb/s1600/politis-letter.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3GEfzuhyphenhyphenU6Pp-UsMmHcPU3r6PvcyQqBXMW7nrIb_QieAKPYoGw7DIrkMqYwwnhXgCZ3KCVXX8jHGyt7Cnl2WHKNSpu6Ek6aT20fui9lKvjCEDY_3_jgJ-RrdYZTeInAOuISnieSBfhonb/s320/politis-letter.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Letter with death threats to President and Governor of Central Bank</td></tr>
</tbody></table>
</div>
<br />
<div style="text-align: justify;">
The newspaper Politis received a typed letter in the Greek language addressed to the President and Governor of the Central Bank threatening to kill the two men and their families, and that grandchildren would be targeted first, if plans to levy bank accounts were followed through. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
“You have destroyed us following a very well prepared plan and you continue to destroy us showing indifference to what will become of us and our children and grandchildren.” The letter a also states that its writer or writers will operate “from coast to coast across all <st1:country-region w:st="on">Cyprus</st1:country-region> and will punish all those who brought us to this wretched state” and calls the President and Governor of the Central Bank "traitors to the Nation." The letter is singed by "Rescue Team of Deposits - Sworn to Death" and claims to have professional killers at the ready. The Ministry of Justice is investigating the crime.</div>
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How common are death threats against Cyprus' presidents? Cypriots are saying that death threats against their presidents are not common at all. Even Christofias, who had the most disastrous presidency in the history of the Republic, formerly identified, even by his own committee, as primarily responsible for the <a href="https://en.wikipedia.org/wiki/Evangelos_Florakis_Naval_Base_explosion">Evangelos Florakis Naval Base explosion</a>, the worst peacetime military accident ever recorded in Cyprus, seems to have not received death threats beyond graffiti and chanting of crowds.<br />
<br />
This contrasts sharply to the United States in which every president in the history of the country has received death threats. President Obama reportedly receives 30 death threats a day.</div>
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anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com1tag:blogger.com,1999:blog-2118080478627699425.post-91503656444974103022013-04-04T04:48:00.000-07:002013-04-04T05:14:11.104-07:00<div style="text-align: center;">
<b>Bank Workers Strike in the Midst of</b> <b> Long Delays for Bank Transactions</b></div>
<div style="text-align: center;">
anamericanincyprus </div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: justify;">
Bank workers went on strike at 12:30 today as bank transcations, some pending from before the closure almost three weeks ago, have still not been completed. Many people have not yet received their March salaries and business transactions are on hold as banks state that a large backlog of transactions has caused delays.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
However, customers of Laiki, now under administration, noticed that Laiki was able to add quarterly interest on loans and overdrafts the day the banks re-opened. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The bank workers union, ETYK, called the strike over concern for the future of the employees of Bank of Cyprus and Laiki, particularily with respect to lay-offs and pension funds. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The banks in Cyprus are open to the public for notoriously short hours, typically locking their doors at 1:30.</div>
<br />
<br />anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com4tag:blogger.com,1999:blog-2118080478627699425.post-29656138460210443992013-04-03T12:02:00.000-07:002013-04-03T12:02:45.350-07:00<div style="text-align: center;">
<b>President's statement on Resignation of Finance Minister</b></div>
<div style="text-align: center;">
anamericanincyprus</div>
<div style="text-align: center;">
<br /></div>
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<tr><td class="tr-caption" style="text-align: center;">President of Cyprus, Nicos Anastasiades</td></tr>
</tbody></table>
<div style="text-align: center;">
<br /></div>
<div style="text-align: justify;">
The Cyprus Press and Information Office published the following English translation of the President's statement on the resignation of Sarris yesterday:</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: center;">
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</xml><![endif]--><i>It is with sadness that I accepted today the resignation of the Minister of Finance, Mr Michalis Sarris. I want to thank Mr Sarris for his valuable services during the course of the difficult negotiations with the Troika. The negotiations were concluded today with significant successes regarding the aims that were pursued. But if there is something which I respect in particular but which I also want to extol with regard to Mr Sarris’ act of resignation, is the high political ethos and political sensitivity that he has demonstrated. The decision by Mr Sarris to submit his resignation, for reasons of political correctness, in order to facilitate the work of the Investigative Committee constitutes a phenomenon of a new approach with regard to what is happening in the Cypriot political life. For one more time I want to thank Mr Sarris warmly for the excellent cooperation we had.-2.4.2013</i></div>
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anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-2235877511558449882013-04-03T06:16:00.000-07:002013-04-03T06:16:02.521-07:00<div style="text-align: center;">
<b>Footing the Bill for Cyprus: German Citizens Feel Aggrieved</b></div>
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anamericanincyprus<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikMr3GV1DLcx8VIGY1pU8ZLxfXIFt9uyjX7e4AVUuzQcL_6kdcel07Tre3Eaqgcjy35NzaZRyHNRH7BuPtUWsPdguvIOpwCesinxi5Y6oQI_bfvd_bte-VfsUbfxM-rF-lf1zPwWpmYNDO/s1600/images.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikMr3GV1DLcx8VIGY1pU8ZLxfXIFt9uyjX7e4AVUuzQcL_6kdcel07Tre3Eaqgcjy35NzaZRyHNRH7BuPtUWsPdguvIOpwCesinxi5Y6oQI_bfvd_bte-VfsUbfxM-rF-lf1zPwWpmYNDO/s320/images.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Protestors in Cyprus</td><td class="tr-caption" style="text-align: center;"><br /></td><td class="tr-caption" style="text-align: center;"><br /></td></tr>
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The streets of Nicosia, Cyprus have seen protestors holding signs deriding Germany and its chancellor. </div>
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How do the people of Germany feel when they see such images from Cyprus?</div>
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BBC speaks to Germans at the Brandenberg Gate in Berlin, a gathering place for tourists from all over Germany, and finds that they are hurt, confused and angry when they see such images from Cyprus and Greece:<br />
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<i>An older man said that he did not understand why Germany was blamed for trying to help, "It hurts because we think we are giving money and we try to help. This is something we don't understand" </i>(BBC report<span class="byline"><span class="byline-name"> <b>Cyprus Bailout: Feeling Unloved in Germany</b>, by Stephen Evans</span></span> )<i><br /></i><br />
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<tr><td class="tr-caption" style="text-align: center;">Protestors in Cyprus</td></tr>
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<i>That sense of hurt is universal.
Jan Schaefer, the economics editor of Bild, the most popular newspaper in
Germany, told the BBC that pictures comparing Germany to the Nazi state were
obnoxious.</i> (BBC)</div>
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<i>"The more that protesters
compare Mrs Merkel with Adolf Hitler, the more people are going to get angry
and they might say 'We might have taxes rising here in Germany because of the
bailout of other countries, so why are you mad at us and compare our chancellor
to Adolf Hitler?'" he said. </i>(BBC)<i><br /></i></div>
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anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-53637372254605656862013-04-03T04:50:00.000-07:002013-04-03T06:30:11.129-07:00<div style="text-align: center;">
<b>Finance Minister Resigns to Clear Way for Investigation</b></div>
<div style="text-align: center;">
anamericanincyprus</div>
<div style="text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiN78A2kCHs7LW_IV3OsyZKD9K688nTIzJDqBtSJfLkG2pc59KO5qQ48YCa5Ul5wbjTv01rQ2TVbcnjh2_bYVABCfZNxN63DgG2GHHmHyGSSZpUuACy971Ym6yp41N6yjgpMHN-YDHsHoh1/s1600/Cyprus_Sarris_March262013.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiN78A2kCHs7LW_IV3OsyZKD9K688nTIzJDqBtSJfLkG2pc59KO5qQ48YCa5Ul5wbjTv01rQ2TVbcnjh2_bYVABCfZNxN63DgG2GHHmHyGSSZpUuACy971Ym6yp41N6yjgpMHN-YDHsHoh1/s320/Cyprus_Sarris_March262013.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Former Minister of Finance of Cyprus, Michalis Sarris</td></tr>
</tbody></table>
<div style="text-align: center;">
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Finance minister Sarris resigned yesterday, eight days after helping to secure a twelfth hour EU bailout, staving off disorganized bankruptcy and likely Eurozone exit. Sarris stated his reason for resignation is that he said his previous role as chairman of Cyprus Popular Bank (Laiki), was likely to be subject to scrutiny.</div>
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<div style="text-align: justify;">
Cyprus has commenced a formal investigation into the events leading to the country's 10 billion euro bailout, which includes capital controls and a levy on bank accounts deposits of over 100,000 euros in Laiki and Bank of Cyprus, the first time such measures have been adopted by an EU member state.</div>
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anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-46516914681124563532013-04-03T04:25:00.002-07:002013-04-03T04:25:56.589-07:00<div style="text-align: center;">
<b>Charitable Organization Spared Haircut</b></div>
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anamericanincyprus</div>
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<br /></div>
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The Central Bank of Cyprus has announced exemptions to the levy or "haircut" on deposits over 100,000 euros in account in Laiki and Bank of Cyprus. The entire amounts of deposits belonging to financial institutions, the government, municipalities, municipal councils, and other public entities, insurance companies, charities, schools, educational institutions, and JCC Smart Payment System Ltd are not subject to levy and have been transferred to Bank of Cyprus.</div>
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<br /></div>
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In an announcement last week, the government stated that municipalities and educational institutions would be exempt from levy, but did not include charitable organizations and other entities now protected.</div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-68312160107232127842013-04-01T05:24:00.001-07:002013-04-03T12:25:30.045-07:00<div style="text-align: center;">
<b>The Telegraph: The Cypriots Learned Non-Violence from the British</b></div>
<div style="text-align: center;">
anamericanincyprus</div>
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Commenting on the fact that while some of the people of Cyprus have protested against economic measures, we have not seen the violence that has occurred in Greece with respect to austerity measures, The Telegraph correspondent Nick Squires states in his article titled <i>Cyprus, the island that has forgotten how to laugh</i> (I’ll come back to the title in a moment):</div>
<div style="text-align: justify;">
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<i><div style="text-align: justify;">
<i>Conventional wisdom has it that Cypriots are more restrained than their Greek cousins – calmer and more "British" in fact, reflecting their 80-year history as one of the strategic lynchpins of the Empire, before they gained independence in 1960.</i></div>
</i><div style="text-align: justify;">
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Lets break down Squires’ statement:</div>
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<b>Conventional wisdom has it </b></div>
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<br /></div>
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Wikipedia defines conventional wisdom as “the body of ideas or explanations generally accepted as true by the public or by experts in a field.” Squires is saying the experts and/or the public accept that the statement that follows is true.</div>
<br /><div style="text-align: justify;">
<b>Cypriots are more restrained than their Greek cousins – calmer and more "British" in fact, reflecting their 80-year history as one of the strategic lynchpins of the Empire </b></div>
<div style="text-align: justify;">
<br /></div>
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Squires makes at least two assumptions here, first that Cypriots are calmer and more restrained than Greeks, and second, that the reason for this is because the British administered Cyprus for a relatively brief period in Cyprus history.</div>
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<br /></div>
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First, whether Cypriots are in fact calmer and more restrained than Greeks, I will not examine in this article as I believe such a determination would require a thorough study of at least the following: the two cultures and their histories, the measures exacted and their effects on the people, the way in which the measures came about, the political parties and their relationships to each other and the people, the group or groups of individuals using the violence referred to in Greece and to what extent their views are shared by the general population, the group or groups protesting in Cyprus, and the role of the media, both foreign and domestic, in both countries. Fortunately Squires makes our work easy because his broad generalization is based on no evidence other than “conventional wisdom” (defined in 1. above) therefore we need look no further than experts and public. What experts, what public? Squires omits to tell us.</div>
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Second, Squires is claiming “experts” and/or the “public” believe that Cypriots are more restrained and calmer than Greeks because they lived under British administration for 80 years, an opportunity that the Greeks did not have. (Squires should have stated “nearly 80 years” or “82 years” since the period of British administration was 1878-1960.) Squires is implying that the British taught the Cypriots to be restrained and calm<a href="http://www.blogger.com/blogger.g?blogID=2118080478627699425">, </a>denying credit to the Cypriot people, a country with one of the oldest recorded histories in the world. Sounds like colonialist rhetoric. </div>
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<b>before they gained independence in 1960</b> </div>
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Kindly be reminded that Cyprus “gained independence” by way of the Greek Cypriot rebel group, EOKA (National Organization of Cypriot Fighters), in a violent rebellion (as rebellions usually are) against British administration. Does such an action represent restraint and calm learned from the British? On a side-note, the right to self-govern is respected today, yet the British Queen has not apologized for torturing and hanging Cypriot freedom fighters.</div>
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Let us now examine the title of Squires’ article: <i>Cyprus, the island that has forgotten how to laugh </i></div>
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<br /></div>
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This article was published yesterday, three days after the banks re-opened after a nearly two-week hiatus. The exact measures have not yet been defined therefore people do not yet know exactly how they will be affected. Wages are delayed, businesses have not functioned without money (Squires cites examples of the devastating effect that inability to access bank accounts has had on businesses). Cyprus is an economy made of small family business which cannot easily absorb such losses, and many family businesses are facing tremendous losses from which they may not recover. People and organizations have lost their money due to levies on bank accounts, including charitable organizations, which thus far have not been declared exempt. </div>
<div style="text-align: justify;">
<br /></div>
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What evidence does Squires cite for his claim that Cypriots have forgotten how to laugh? If the people of Cyprus laugh a bit less right now (and I’m not sure this is true) it is because the island is in a state of crises, not because the people have forgotten how. </div>
<div style="text-align: justify;">
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Squires statement is ignorant, disrespectful to the Cypriot people and betrays a colonialist mentality. The Telegraph should not have published this article without denoting it an editorial.</div>
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<br /></div>
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One thing Cypriots know how to do is gather together, support each other and carry on. In fact, later today Greek and Cypriot musicians and singers are performing in Cyprus for free in a Solidarity Day concert. Cost of admission is food and dry goods for donation to people in need.</div>
<br /><a href="http://www.telegraph.co.uk/news/worldnews/europe/cyprus/9962850/Cyprus-the-island-that-has-forgotten-how-to-laugh.html">http://www.telegraph.co.uk/news/worldnews/europe/cyprus/9962850/Cyprus-the-island-that-has-forgotten-how-to-laugh.html</a><br /><br /><a href="http://translate.google.com.cy/translate?hl=en&sl=el&u=http://www.sigmalive.com/news&prev=/search%3Fq%3Dsigma%2Blive%2Bnews%26hl%3Den%26client%3Dfirefox-a%26hs%3DdTJ%26rls%3Dorg.mozilla:en-US:official%26channel%3Dfflb%26biw%3D1440%26bih%3D737&sa=X&ei=mmxZUY6dK_Ho7AbA4ICIDw&ved=0CC8Q7gEwAA">http://translate.google.com.cy/translate?hl=en&sl=el&u=http://www.sigmalive.com/news&prev=/search%3Fq%3Dsigma%2Blive%2Bnews%26hl%3Den%26client%3Dfirefox-a%26hs%3DdTJ%26rls%3Dorg.mozilla:en-US:official%26channel%3Dfflb%26biw%3D1440%26bih%3D737&sa=X&ei=mmxZUY6dK_Ho7AbA4ICIDw&ved=0CC8Q7gEwAA</a><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><!--[if gte mso 9]><xml>
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<![endif]-->anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-5723430958423925022013-03-29T05:47:00.002-07:002013-03-29T05:47:55.233-07:00<div style="text-align: center;">
<b>Archbishop Calls for Resignation of Finance Minister Sarris</b></div>
<div style="text-align: center;">
anamericanincyprus</div>
<div style="text-align: center;">
<br /></div>
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<tr><td class="tr-caption" style="text-align: center;">Archbishop Chrysostomos II of Cyprus</td></tr>
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Following an injunction granted
to the church, Archbishop Chrysostomos II criticized the restructuring of the
Bank of Cyprus, of which the church holds 11.6 million shares, and called for
the resignation of Finance Minister Sarris.</div>
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Yesterday the court granted the church an injunction
on the restructuring of bank shares until the matter is judicially reviewed. <span style="mso-spacerun: yes;"></span>The church claims that stripping of it shares
without compensation is unconstitutional.</div>
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<span class="st" dir="ltr"><em></em></span></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-70422765718149179892013-03-29T03:32:00.000-07:002013-04-04T05:33:47.812-07:00<br />
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<br /><b><br /></b><div style="text-align: center;">
<b> Court Injunction Granted to Church Delays Bank Restructuring</b><br /> anamericanincyprus</div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSmhMF6QDbyVINGR4WSnZaacBk68fRHyQcFSD_ieuqrle2mkG1zgYjlKVDw4cvFAK1iHj9I_qC83SRBZaaNzSaIJYkreEfABZGDPXj9yHDAZnj547L2LK2a_X5m_6Qa6ZYkYu_H6rATgdB/s1600/chyrs.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="223" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSmhMF6QDbyVINGR4WSnZaacBk68fRHyQcFSD_ieuqrle2mkG1zgYjlKVDw4cvFAK1iHj9I_qC83SRBZaaNzSaIJYkreEfABZGDPXj9yHDAZnj547L2LK2a_X5m_6Qa6ZYkYu_H6rATgdB/s400/chyrs.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Archbishop Chrysostomos II of Cyprus</td></tr>
</tbody></table>
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Under the terms of the Cypriot bailout agreement the shareholders in the Bank of Cyprus will be stripped of their shares which will be transferred to the bank's largest depositors as compensation for the levy or "haircut" on deposits of over 100,000 euros. The Cyprus Orthodox Church, which has vast business interests in Cyprus and is believed to be the island nation's largest landowner, holds 11.6 million shares in the Bank of Cyprus.</div>
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The church requests that its shares be treated similarily to deposits that were levied and converted to shares and that the church should be granted shares in the new entity as compensation. The church claims that it is unconstitutional for the state to confiscate its property without compensation. Legal experts have stated that it may be possible to increase the number of shares in the Bank of Cyprus in order to compensate existing shareholders.</div>
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Bank restructuring is pending a hearing before court on the matter.</div>
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anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-87795666349323150072013-03-28T08:41:00.001-07:002013-03-28T08:41:08.053-07:00<br />
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<b>Cyprus Announces Unprecedented Capital Controls<o:p></o:p></b></div>
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anamericanincyprus</div>
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<tr><td class="tr-caption" style="text-align: center;">Bank of Cyprus customers wait to be helped as banks reopened today after nearly two weeks</td></tr>
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Cyprus becomes the first member
state in the history of the EU to impose capital controls. The Minister of Finance and the Governor of
the Central Bank of Cyprus announced that in consideration the exceptional
circumstance, capital restrictions will be imposed as temporary measures to
regulate the flow of capital within and out of Cyprus in order to safeguard the
stability of the system.<o:p></o:p></div>
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Each customer
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an account;</div>
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Businesses will be able to carry out transactions up to €5.000 per day,
per account and pay staff salaries;<o:p></o:p></div>
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Payments and
or transfers outside the Republic, via debit and or credit and or prepaid cards
are permitted up to €5.000 per month, per person in each credit institution;<o:p></o:p></div>
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Cyprus Popular Bank (Laiki) has
been placed into administration and all insured deposits have been transferred
to the Bank of Cyprus.<o:p></o:p></div>
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To restore the health of the Bank
of Cyprus, the bank has been recapitalised to 9% based on the adverse scenario
by PIMCO. Insured deposits have been fully protected, uninsured deposits will
be partly retained as cash and partly converted into shares in the Bank of
Cyprus. The Bank of Cyprus will be privately
owned by its large depositors.<o:p></o:p></div>
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<a href="http://www.moi.gov.cy/MOI/pio/pio.nsf/All/56A9FDE907F39914C2257B3C00227018?OpenDocument">http://www.moi.gov.cy/MOI/pio/pio.nsf/All/56A9FDE907F39914C2257B3C00227018?OpenDocument</a><o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-81109957732508752002013-03-28T08:01:00.001-07:002013-03-28T08:01:33.615-07:00<br />
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<b>Academic Institutions, Municipalities to be Spared Haircut<o:p></o:p></b></div>
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anamericanincyprus</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHBiaVR5Tb8Skg7X6HbpfHFDqCoPQt7WbZhwJ4A1DS3ShZvhPVxdccGYp0NYXk0F4Xo_H468fDIiSE6UnHfZeOnAz2eXX8djjLER5BVDIZxaHdakLXZLeI-wxHrIRZDnCAW04BlDsknzbz/s1600/url.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHBiaVR5Tb8Skg7X6HbpfHFDqCoPQt7WbZhwJ4A1DS3ShZvhPVxdccGYp0NYXk0F4Xo_H468fDIiSE6UnHfZeOnAz2eXX8djjLER5BVDIZxaHdakLXZLeI-wxHrIRZDnCAW04BlDsknzbz/s400/url.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Will bank accounts of charitable organizations such as the Cyprus Red Cross Society be sparred?</td></tr>
</tbody></table>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
It has just been announced that
the bank accounts of academic institutions and municipalities, including funding
from EU co-financed development projects, will not be subject to levy. This news causes
much relief, however there has been no announcement as to whether non-governmental
charitable organizations will also be sparred.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The Cabinet also decided to
reduce the salary of members of the Cabinet by 20%, including the 13th salary.
The President has already authorized the Accountant General of the Republic to
make a 25% reduction of his own salary.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<a href="http://www.sigmalive.com/">WWW.sigmalive.com</a><o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-49767797789849141292013-03-28T01:48:00.000-07:002013-03-28T01:48:49.389-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b>University of Cyprus Among Casualties of ”Haircut”<o:p></o:p></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
anamericanincyprus</div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
The University of Cyprus banked with
Cyprus Popular Bank (Laiki) and Bank of Cyprus and has therefore lost most of
its money, including grants held by its researchers. The chancellor stated in
an internal email that the university has put maintaining the health insurance
of its employees and replacement of the funds of European grants in top
priority. It is not known whether grants attained from other sources will be
replaced or whether employees or services providers will be paid. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Anxiety runs high as the
university community faces the real possibility of no salaries and a complete
loss of funds earned by its researchers.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
It is not known whether the University of
Cyprus will receive any funding from the government bailout package to replace
those lost by the haircut.<o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-80704941996504194492013-03-28T00:53:00.002-07:002013-03-28T00:53:28.900-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b>Cash Delivered to
Cyprus, Tight Security as Banks Set to Reopen at Noon Today</b><o:p></o:p></div>
<div align="center" class="MsoNormal" style="text-align: center;">
anamericanincyprus</div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_0nn6cdSmcSIIyopTt9Sl8SBBos8EAI7U9cXkIeXziNUl-qY9jgFmOUkNi0dJf_bXUqioSHvCclW_e1t5T2kVUZbndFy2A8nzQNw01_BmLcWKzVmUBo9eyIiPntr-NJ3D3Nm5tHHLju26/s1600/_66649379_2343b265-f091-47ba-8ed8-9f87020c092c.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_0nn6cdSmcSIIyopTt9Sl8SBBos8EAI7U9cXkIeXziNUl-qY9jgFmOUkNi0dJf_bXUqioSHvCclW_e1t5T2kVUZbndFy2A8nzQNw01_BmLcWKzVmUBo9eyIiPntr-NJ3D3Nm5tHHLju26/s320/_66649379_2343b265-f091-47ba-8ed8-9f87020c092c.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div class="caption body-width" style="background-color: white; clear: both; color: #505050; float: none; font-family: Arial, Helmet, Freesans, sans-serif; line-height: 16px; margin: 0px 0px 15px; position: relative; text-align: start;">
<span style="display: block; width: 464px;">Armed police guard containers believed to contain cash delivered to the Central Bank on Wednesday evening</span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
Five million euros were delivered
by plane to Cyprus to recapitalize the banks as banks planned to reopen today
under tight security. Banks have been
closed for nearly two weeks causing cash flow to dry up, resulting great hardship
to people and businesses.</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<o:p></o:p><br />
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-34104653526706289242013-03-27T02:38:00.004-07:002013-03-27T02:38:53.498-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b>Bank Workers Union Threaten Strike to Prevent Banks Reopening Tomorrow<o:p></o:p></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
anamericanincyprus</div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><br /></b></div>
<div class="MsoNormal">
The workers’ union for bank employees threaten to strike
just 24 hours before the banks are due to re-open after having been closed for nearly
two weeks. The union has stated that its
members are prepared to cause branch closures as soon as the banks resume for
business on Thursday.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
See BBC Report and video: <a href="http://www.bbc.co.uk/news/business-21950913">http://www.bbc.co.uk/news/business-21950913</a><o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-46247512957140962842013-03-24T20:22:00.002-07:002013-03-24T20:23:45.263-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b>Cyprus Television Media Goes to Sleep While Cyprus’ Future Being
Negotiated<o:p></o:p></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
anamericanincyprus</div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
The television news media went
off-air at 1:00 in the morning, reverting to regular programming, even though economic
bailout negotiations were still in session. The President of the Parliament, who remained here in Cyprus, made an announcement at 2:00 in the morning regarding updates on negotiations
and it was not televised, nor was the exit of Cypriot leaders as negotiations were concluded in Brussels.</div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Cyprus television media apparently went home to sleep
during the most critical moment in Cyprus’ history since the invasion by
Turkey in 1974. Astounding.<o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-20810844980914015452013-03-24T19:56:00.002-07:002013-03-24T20:07:05.079-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b>President Anastasiadis from Brussels: </b><b>"We have agreement in the interest of the people of Cyprus and the
EU" <o:p></o:p></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
anamericanincyprus</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
At 3:00 this morning the finance
ministers of the 17 eurozone countries endorsed an agreement for EU financial
assistance for Cyprus. The details of the agreement have not yet been announced however it
is believed that several sticking points have been resolved as follows, no restructuring of Bank of Cyprus, 30% levy
on bank accounts over 100,000 in Bank of Cyprus, and no either no levy on bank accounts other than Laiki and
Bank of Cyprus, or possibly a small levy on accounts in other banks to cover pensions lost in Laiki and Bank of Cyprus.<o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-68021602170446769692013-03-24T14:14:00.000-07:002013-03-24T14:15:07.747-07:00<div style="text-align: center;">
</div>
<div align="center" class="MsoNormal">
<b>Cyprus Opens its Eyes, Begins to Consider the Concept of Accountability<o:p></o:p></b></div>
<div align="center" class="MsoNormal">
anamericanincyprus<b><o:p></o:p></b></div>
<div align="center" class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
While Cyprus waits to hear whether
it will be bailed out by the EU or be swept up by disorganized bankruptcy,
discussions of responsibility and accountability of its decisions-makers
dominate the media for the first time. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Are the Cypriot people on the
verge of demanding accountability?<o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-21195577660377360732013-03-24T03:48:00.000-07:002013-03-24T03:48:35.130-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-size: 12.0pt; line-height: 115%;"> Shock, Outrage that Solidarity Plan Dated Over
a Year Ago<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 12pt; line-height: 115%;">anamericanincyprus</span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Shock and outrage spread through parliament last night as it was
discovered that the sixty-one page memorandum to raise 5.8 billion euros was
not drafted this week as assumed, but over a year ago during the administration
of Christofias, who exited office last month. The date of 15 January 2012 was
the tip-off. The memorandum included bank restructuring.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">This is solid evidence that the Christofias administration
had full knowledge that its economy would collapse if such measures were not
taken, and failed to act, failed to inform, burying the document, therefore driving
Cyprus to the brink of a Eurozone exit, resulting in reversion to the Cyprus pound and
disorganized bankruptcy.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Now we know why Troika is acting so harshly with Cyprus. <o:p></o:p></span></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-30746678613208175392013-03-24T01:44:00.000-07:002013-03-24T01:52:06.350-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
</div>
<div align="center" class="MsoNormal">
<b><span style="font-size: 12.0pt; line-height: 115%;">Cyprus Heads to Brussels Today in Hopes to Secure 11<sup>th</sup> Hour Bailout<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<div style="text-align: center;">
anamericanincyprus</div>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw6Nd36hMBAHKu_Bu31UeBu0H0c4SHNoUj5rpKQW1OCiZ6OJv5q7fuA0AXhjAhk4zuhh7jKQ0emJG8BvWCOh3EHiZhLpLmwq3WlbKXWv29oFVSvl5keNHYj07IbkWtP5O_2oPS2S0niAwu/s1600/2013_03_24_07_36_12__4d7cb8db2c7e4d6d9eeca9fbb5576291.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw6Nd36hMBAHKu_Bu31UeBu0H0c4SHNoUj5rpKQW1OCiZ6OJv5q7fuA0AXhjAhk4zuhh7jKQ0emJG8BvWCOh3EHiZhLpLmwq3WlbKXWv29oFVSvl5keNHYj07IbkWtP5O_2oPS2S0niAwu/s400/2013_03_24_07_36_12__4d7cb8db2c7e4d6d9eeca9fbb5576291.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Republic of Cyprus President Nicos Anastasiades</td></tr>
</tbody></table>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
Cyprus will leave the Eurozone and
enter disorganized bankruptcy within 24 hours if its leaders fail to secure a
bailout for the beleaguered Mediterranean island nation. Anastasaides met with Troika
officials in Cyprus yesterday and then with party leaders in talks that went
into the early Sunday morning to hammer out the remaining issue of a bank levy
or “haircut.”<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
As a condition to receiving EU financial assistance,
Cyprus must raise 5.8 billion euros and a levy is its only option for doing. The levy is expected to be 20-25% on Bank of
Cyprus accounts over 100,000 euros and possibly a 4-5% levy on accounts in all other banks in
Cyprus over 100,000 euros. It is not clear if the tax will be applied to
pension funds as well.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
"It is essential that an
agreement is reached by the eurogroup on Sunday night," stated Olli Rehn, EU economy and euro commissioner, adding
"Unfortunately, the events of recent days have led to a situation where
there are no longer any optimal solutions available. There are only hard
choices left." <o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0tag:blogger.com,1999:blog-2118080478627699425.post-67312393373832440132013-03-23T01:09:00.000-07:002013-03-23T02:43:57.987-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b>Merkel Promotes EU Member State Discord, Needs to Back Off<o:p></o:p></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
anamericanincyprus<o:p></o:p></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixHXmtfm9gGEpeo9-rHRvXD3FP5iRs_S0V7GSK1Zb1L7wZUqKRnMJCIM8FT_Td1lR04E57FtaWv5RrEgWI_mcuItHqZ_VfNeZV19nl58qNftSwO48hYPnJid4BMJvuxd4B7rA1VEecH2mE/s1600/imgres.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixHXmtfm9gGEpeo9-rHRvXD3FP5iRs_S0V7GSK1Zb1L7wZUqKRnMJCIM8FT_Td1lR04E57FtaWv5RrEgWI_mcuItHqZ_VfNeZV19nl58qNftSwO48hYPnJid4BMJvuxd4B7rA1VEecH2mE/s320/imgres.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Merkel</td></tr>
</tbody></table>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Since the Cypriot Government
(lead by former President Christofias, left party) requested a bailout from the
European Financial Stability Mechanism last June, we have heard a constant
stream of statements from Cypriots like “Europe is out to get Cyprus,” “Europe wants to destroy Cyprus,” “Protect our
sovereignty,” “Merkel get out.” Clearly, Cyprus gave up a certain amount of
sovereignty when it requested a financial bailout, but is there a grain of
truth in these comments?<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Reuters stated “Chancellor Angela
Merkel stuck to the hard line Berlin has been pushing for weeks, telling
lawmakers that while she wanted to keep Cyprus in the euro zone, the country
must first recognise it had no future as an offshore financial centre for
wealthy Russians and Britons.” (1) It is comments like these that offend and
infuriate Cypriots.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Most Cypriots understand that
Cyprus has made mistakes, particularly with its over-confident, yet high risk investment
in Greek bonds and arguably inept previous administration. Cyprus is a small economy,
an island nation with few natural resources or industry. The economy consists of family-owned businesses,
a tourist industry, and the financial and corporate services sector based on
low corporate taxes. Because it’s a small economy Cyprus is vulnerable and
less-able to recover from investment mistakes.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Cyprus developed its financial
and corporate services sector in an attempt to create an industry based on
people, its main resource, rather than natural resources or products, of which
it has little. Cyprus developed its financial and corporate services sector
legally and within in full view of all of Europe and the world. Therefore Merkel
has <i>absolutely no right</i> to inform
Cyprus that it must “recognise it had no future as an offshore financial centre
for wealthy Russians and Britons.” <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Cyprus understands that its main industry has
taken a huge hit and is beyond repair in the near future. Thousands of people
will be without jobs and no other industry to turn to. This is a source of high
stress and concern for those employed in the industry, and their families,
facing the choice of leaving the island for another country. For a nation with
strong families, this is particularly sad; and where to? Merkel’s statement
pours salt on fresh wounds. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Merkel’s statement also promotes
discord among EU member states by creating a small state verses big state
polarization, particularly dangerous in a time of systemic financial instability.
Her statement also betrays ulterior motives. Germany wants Luxembourg to absorb
the investments in Cyprus.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Cyprus has a right, within the
terms of its bailout, to attempt to preserve its financial and corporate
services sector as much as possible, and work towards building it back up. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal">
Cyprus made mistakes, but is Germany a country without
mistakes in its history?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]-->1.<span style="font-size: 7pt;"> 1. </span><!--[endif]--><a href="http://www.reuters.com/article/2013/03/22/eurozone-cyprus-germany-idUSL6N0CE1F820130322">http://www.reuters.com/article/2013/03/22/eurozone-cyprus-germany-idUSL6N0CE1F820130322</a><o:p></o:p></div>
anamericanincyprushttp://www.blogger.com/profile/02470195550225813252noreply@blogger.com0