Cyprus Mail www.cyprus-mail.com
Wednesday, November 14, 2012
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Bailout request maybe this week Finance minister says that ‘good progress’ made in troika talks By Elias Hazou
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HE ISLAND could request a bailout by international lenders by the end of this week, once an assessment by EU and IMF is complete, finance minister Vassos Shiarly said yesterday. “The troika team has been in Cyprus for a few days. We are making very good progress, and I hope and anticipate a positive outcome toward the end of this week,” Shiarly told reporters in Brussels shortly before a meeting of the Economic and Financial Affairs Council (ECOFIN). He did not elaborate. The finance minister was in the Belgian capital chairing ECOFIN. Impressions on the progress of negotiations are changing by the hour; just a day earlier, media reports strongly suggested that a deal with the troika was nowhere near. Mixed signals appear to have become the order of the day. On Monday the EU’s Economic and Monetary Affairs Commissioner Olli Rehn seemed to be growing impatient with the pace of Cyprus’ bailout request up to this point. “It would have been important to achieve an agreement on the memorandum already earlier, because the situation is rather difficult, the economic and financial situation, it’s rather difficult,” Rehn said in Brussels when asked about a bailout for Cyprus. “But things are now moving forward,” he added. The official’s comments
came amid mounting speculation here as to when an overall bailout deal could be clinched. The next scheduled meeting of the Eurogroup – before which a bailout deal is put for initial approval – is on December 3, although reports yesterday suggested that an extraordinary meeting of the group could be arranged for December 12 specifically to discuss Cyprus. IMF Managing Director Christine Lagarde left a small window of opportunity regarding aid to the two main Cypriot banks, which may be concluded within a month. “As you know there is an assessment of bank recapitalisation needs that is ongoing at the moment that is due to be concluded later in November, early December probably. That’s an important factor to really assess the size of what is needed to be done as far as the banking system is concerned in Cyprus,” Lagarde said. She was alluding to an asset review of Cypriot banks by investment company Pimco; the assessment will determine the extent of the banks’ bailout – the immediate cause behind the island’s request for assistance. Meanwhile the troika teams continued their contacts here with a series of governmental agencies and regulatory authorities. Yesterday they met with officials of the Securities and Exchange Commission to discuss issues relating to money laundering. There followed meetings with the Planning Bureau of the
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NZ manure attack on Prince Charles foiled
An Indian Border Security Force soldier lights candles inside a bunker during Diwali, the annual Hindu festival of lights, at the India-Bangladesh border on the outskirts of Agartala yesterday. Diwali is celebrated to mark the return of Hindu God Rama from exile (AFP)
A NEW Zealand court ordered an anti-monarchist yesterday to stay away from Britain’s Prince Charles and his wife Camilla after he was charged with planning to throw horse manure at the visiting royal couple. Sam Bracanov, a 76-yearold with a history of protest against the British royal family, pleaded not guilty to preparing to commit a crime, a day after he was arrested in Auckland. The royal couple had not yet arrived in New Zealand’s largest city. Bracanov was ordered to stay at least 500 metres away from the royal couple as part of his bail conditions. He was ordered to re-appear at the Auckland District Court later this month. Sitting outside the courthouse, Bracanov said he would have thrown the manure at Charles, the longest serving heir to the British throne, and his wife had he not been arrested. “I make it liquid, like porridge,” he told reporters. “I would have done it.” Bracanov has used sweetersmelling ways to express his anti-royalist feelings in the past. He was convicted and fined for spraying air fresheners at Prince Charles to “remove the stink of royalty” during a previous visit to Auckland in 1994. But New Zealanders are generally staunch supporters of the monarchy. A poll conducted by Television New Zealand before the royal couple arrived last week showed 70 per cent of respondents want to keep Queen Elizabeth as head of state.