Monday February 2, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cypriots weigh economy, terms for bailout in Feb. 24 election

By Paul Tugwell & Natalie Weeks

Following is a summary of key facts about Cyprus, which holds the final round of elections for a new president on Feb. 24.

The president will be called upon to sign an international bailout agreement aimed at preventing a financial collapse in Cyprus.

Nicos Anastasiades, leader of Cyprusís main opposition Disy party, will compete against Communist party-backed Stavros Malas after no candidate secured an absolute majority in the Feb. 17 contest.

Candidates:

* Anastasiades, 66, is a lawyer and lawmaker and received 45.5 percent of the vote on Feb. 17. Disy is a member of the European Peopleís Party as is German Chancellor Angela Merkelís Christian Democratic Union.

* Malas, 45, was a health minister from Aug. 2011 to Oct. 2012 in the government of current President Demetris Christofias. He is backed by Christofiasís Progressive Party of the Working People. Holder of a degree in genetics from University College London, Malas was a researcher for seven years at the Medical Research Council of Imperial College London. He received 26.9 percent of the vote on Feb. 17.

* The last opinion polls before the Feb. 17 vote indicated Anastasiades would beat Malas in a second round face-off between the two. Publishing of new opinion polls in Cyprus is prohibited from a week before the first round vote.

* Polls close at 6 p.m. local time (4 p.m. in London) and exit polls are scheduled for the same time.

Stance on bailout terms:

* Both presidential candidates support Cyprusís request to receive international aid after the nationís banks sought state aid. Banks, such as Bank of Cyprus Plc and Cyprus Popular Bank Pcl, lost 4.5 billion euros ($6 billion) in Greeceís debt restructuring last year, part of a second international rescue for that country. The amount corresponds to around 25 percent of Cypriot output, while no other European Union member state suffered a loss of even 1 percent, according to Cyprus Finance Minister Vassos Shiarly.

On state asset sales:

* Current President Christofiasís opposition to selling state-owned and semi-public companies to restore debt sustainability has held up an international rescue for Cyprus. Anastasiades has said state asset sales are something he could agree to only if necessary. Malas opposes privatizations.

On gas:

* Anastasiades and Malas say future state revenue from natural gas deposits should be used for developing the hydrocarbon industry, investing for future generations and repaying Cyprusís debt, in line with recommendations from euro area ministers and the International Monetary Fund, which will provide Cyprus with an international rescue.

Cyprus facts:

* Cyprus is the third-smallest economy in the euro area.

* The island has been divided since 1974 when Turkey invaded following a coup aimed at joining the nation with Greece.

* Itís still divided today between internationally- recognized Republic Of Cyprus and self-declared Turkish Republic of Northern Cyprus, recognized only by Turkey.

* The United Nations controls the buffer zone between the two parts of island.

* Cyprus joined the EU in 2004 after a UN plan to reunite the island was rejected by a majority of Greek Cypriots in a referendum. EU benefits and obligations are only applied in the Republic of Cyprus.

* Cyprus and Malta adopted the euro in 2008 becoming the 14th and 15th members.

* The government forecasts the economy will contract 3.5 percent this year and 1.3 percent in 2014. The government forecasts unemployment will peak at 14.2 percent next year. [Bloomberg]

ekathimerini.com , Thursday February 21, 2013 (12:05)  
Deputy PM Dragasakis confident ECB will not cut liquidity for Greek banks
Varoufakis counting on ECB as Sapin says Greece needs new contract with eurozone
Obama says Greece needs growth, not more austerity
A week in and Greeceīs new leftist PM sticks to tough line, for now
Piraeus port U-turn will not hurt China investment: analysts
The shipping containers emblazoned with the COSCO logo on the quayside at Greece's biggest port Piraeus are a sign that China has invested heavily here. Even though Greece's new left-wing go...
ANALYSIS
Cash may dry up earlier than thought
The negotiations between the new government and the countryís international lenders got off to a rough start, as evidenced by the joint press conference between Finance Minister Yanis Varouf...
Inside Business
SOCCER
Reds stretch lead as Panetolikos upsets PAOK
Panetolikosís surprise win at Toumba over PAOK on Saturday allowed Olympiakos to open its lead at the top of the Super League table to five points, one week before the Redsí visit to Thessal...
TRACK & FIELD
Three Greek athletes earn tickets to Prague
Greek track and field enjoyed an exceptionally good weekend of performances by local athletes at various indoor meetings, with three of them earning a ticket to the European Indoor Champions...
Inside Sports
COMMENTARY
The dogma and the command center
We have reached a critical juncture. We have a new, inexperienced government trying to see if ďthe great negotiationsĒ discussed by everyone, be they from the left or the right, on TV over t...
EDITORIAL
Silence will not be forgiven
Itís time for a turn toward realism, caution and logic. The negotiations with our partners and lenders must be concluded swiftly before the remaining healthy parts of the countryís productiv...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Deputy PM Dragasakis confident ECB will not cut liquidity for Greek banks
2. Reds stretch lead as Panetolikos upsets PAOK
3. Three Greek athletes earn tickets to Prague
4. Varoufakis counting on ECB as Sapin says Greece needs new contract with eurozone
5. Piraeus port U-turn will not hurt China investment: analysts
6. Cash may dry up earlier than thought
more news
Today
This Week
1. Dijsselbloem says Greece has to decide how to move ahead
2. Greece shakes Europe's political kaleidoscope: expect the unexpected
3. The dogma and the command center
4. France open to easing Greek debt burden, says finance minister
5. Greece offers olive branch to seek allies
6. Poll shows most Germans want Greece to stay in eurozone
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. EU must accept that Greek debt relief is inevitable
4. SYRIZA's win will test institutions
5. Greek Elections 2015: The day after | LIVE
6. Athens may veto further EU sanctions against Russia
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.