Wednesday September 3, 2014 Search
Weather | Athens
29o C
23o 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 Cyprus’s 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 People’s Party as is German Chancellor Angela Merkel’s 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 Christofias’s 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 Cyprus’s request to receive international aid after the nation’s banks sought state aid. Banks, such as Bank of Cyprus Plc and Cyprus Popular Bank Pcl, lost 4.5 billion euros ($6 billion) in Greece’s 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 Christofias’s 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 Cyprus’s 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.

* It’s 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)  
Report points to suspicious clinic charges to EOPYY
New rector seeks to introduce ID checks at University of Athens
Gov’t upbeat in troika talks, says budget ´on target´
Anti-racism bill approved in principle, final vote Friday
Helexpo sell-off plan to be ready by mid-October
Helexpo, the state company that organizes major exhibitions such as the Thessaloniki International Fair, is in the last stages of drawing up its privatization plan. Sources say that the prop...
Maniatis talks energy with Washington’s man in Athens
Energy Minister Yiannis Maniatis held a meeting yesterday with US Ambassador in Athens David D. Pearce to discuss possible natural gas supply problems that Europe may face this winter due to...
Inside Business
Grateful Saviola thanks Olympiakos, joins Verona
Former Argentina international Javier Saviola has thanked Greek champions Olympiakos for the "beautiful moments" during his season-long stint in Greece as he left the club to join Serie A ou...
SOCCER
Greece defender Papadopoulos fires parting shot at Michel
International defender Avraam Papadopoulos suddenly quit Olympiakos on Monday to join Turkish club Trabzonspor, and fired a parting shot at Olympiakos manager Michel putting the blame on the...
Inside Sports
COMMENTARY
Politicized archaeology
Let us suppose that archaeologists discover that the tomb uncovered in Amphipolis was not the resting place of Roxana or Nearchos, but of Alexander the Great. Let us assume, that is, that ar...
EDITORIAL
Moderating expectations
Politics is, to a great extent, all about managing expectations, and anyone who raises that bar too high or too fast is at serious risk of disappointing and losing the people’s favor. In a c...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Helexpo sell-off plan to be ready by mid-October
2. Maniatis talks energy with Washington’s man in Athens
3. Task force to examine cases of extreme taxation, customs issues
4. Hotels hike prices by 10 pct in H1 of 2014
5. Pension system nears breaking point
6. Report points to suspicious clinic charges to EOPYY
more news
Today
This Week
1. Politicized archaeology
2. Rain and storms with hail expected in many parts of Greece
3. Reforms to dominate Greek talks in Paris, debt relief talks later, says source
4. New committee formed to assess progress of deregulation in closed-shop professions
5. Moderating expectations
6. Greece needs private debt overhaul, Piraeus Bank CEO says
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Strong undersea quake occurs off island of Milos, felt in Athens
4. Hardouvelis, ECB executive discuss bank program, stress tests
5. Greek quest for debt relief faces hurdles in Paris
6. Prospect of Greek grand prix back on the agenda; huge investment needed
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.