ECONOMY

Church of Cyprus to help Nicosia

The Church of Cyprus officially informed the Cypriot government on Thursday that it will securitize some of its property in the free part of the island and allow the money raised to be used to service the country’s debts.

Archbishop Chrysostomos told Interior Minister Sokratis Hasikos in a meeting yesterday that the properties in question were given to the state by Archbishop Makarios, who was president of Cyprus in the 1970s. Although the properties have been recorded in the country’s land legistry as belonging to the state, they have always been managed by the Church but not securitized.

They are estimated to be worth 80 million euros.