Saturday October 25, 2014 Search
Weather | Athens
19o C
12o 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)  
Samaras pledges action after flash floods in Athens
No court hearings for civil cases
Greeceís lenders seem adamant that govít must act on bailout commitments
Future of Attica trash set to become clearer
Nicosia says reforms are bringing results
Economic reforms in Cyprus are starting to yield results, the government said on Saturday after one credit-rating agency upgraded its rating and a second its outlook for the bailed-out count...
TAIPED waits for green light from Eurostat
Eurostat has frozen the securitization of properties that the Hellenic Republic Asset Development Fund (TAIPED) had been planning. The project, drafted to bring some 400 million euros into t...
Inside Business
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greeceís lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greeceís lenders seem adamant that govít must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Banks need to step up
3. Samaras pledges action after flash floods in Athens
4. Nicosia says reforms are bringing results
5. No court hearings for civil cases
6. Greeceís lenders seem adamant that govít must act on bailout commitments
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greeceís closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.