ECONOMY

Stet Hellas says won’t invest in Cyprus, cites lack of telecoms market reform

Greek mobile operator Stet Hellas yesterday ruled out bidding for a GSM license in Cyprus, saying local regulators have failed to make the necessary market reforms. «As Stet Hellas, we will not take part in the auction in Cyprus,» Stet Hellas Managing Director Nicholaos Varsakis told Reuters. Varsakis said Stet had initially participated in talks for the license but decided to withdraw after learning more about the market. The semi-government corporation CyTA has the monopoly over fixed and mobile telephone services on the island. «The necessary moves from the regulatory body to counterbalance CyTA’s strength have not been made,» said Varsakis. Late in January, Parliament blocked a plan for CyTA to invest in Greek telecoms operator Infoquest in order to offset the impact of deregulation looming at home. Cyprus expects to auction a GSM license to a private telecoms company in the next few months, meeting a pledge to the European Union to have the market fully deregulated before accession in 2004. (Reuters, Kathimerini)