Cyprus Mail

Page 1

NO CRIMINAL

GREYISH GOLD

Iranian man, kept for eight months, just wants to go to Canada Pages 6-7

Growing numbers of gold dealers are operating in a legal grey area page 4

SundayMail

LIVING

In charge of history

Mr Gay Europe

Curator of Nicosia’s Leventis Museum controls a treasure trove

Kiri Spanos is making a stand for gay rights in contest

4

6

AU G U S T 5 11 11

TV and lifestyle supplements to see you through the week

SundayMail A Little Bit of Heaven Kate Hudson battles terminal illness Monday, NovaCinema1

Last Train Home Definitive documenta on a Chinese family ry

10pm

Wednesday, CyBC1 6.15pm

AU G U S T 5 11

Real Steel

Hugh Jackman bonds with a kid and a giant robot

Sunday, NovaCinem

a1, 10pm

Bizarre creation Pristine, over the top and bewildering: Astana, Kazakhstan’s new capital, almost defies description

www.cyprus-mail.com

August 5, 2012

€1.60

WIN a weekend for two at the King’s Hotel, Paphos

Complete guide to what’s

WIN A WEEKEND FOR TWO AT THE KING’S HOTEL PAPHOS INSIDE Cyprus Wet winter led to creepy crawly baby boom 5

World After ‘halftime in America’ Clint picks Romney 9

Olympics The VVIPs have descended on London in yachts and choppers 10

Sport Superstar Bolt struts into Olympic Games 36

on the small screen this

week, including our selections

and satellite choices

LIVING

Blaming banks could backfire Over-estimating the financing needs of the banks for political expediency could be economic suicide By George Christou

B

ANKING industry insiders are worried that Cypriot banks will come under severe pressure if the amount needed for their re-capitalisation is too high. If the total is the €10 billion reported in the press a month ago, more than one bank would have negative capital and not be able to operate. It would then be up to the discretion of the European Central Bank (ECB) to continue providing liquidity. Central Bank practice does not allow emergency liquidity to be given to banks with negative capital, and the ECB would then have to take a political decision to keep Cypriot banks afloat. Not to do so would prove catastrophic for the island’s economy. “If the ECB adhered to the rules, it would be obliged to pull the plug, unless capital was immediately injected,” said a senior banking industry source, highlighting the urgency of the re-capitalisation process over which the government is dragging its

KONTIDES MAKES HISTORY FOR CYPRUS

Sailor’s medal nation’s first By Nemanja Bjedov

feet. No decision has yet been reached over the total that would be needed by the banks, but it appears that the government’s attempt to blame applying for a bailout exclusively on the banks could backfire spectacularly. Ever since the application for EU assistance was filed in June, the president and his spokesmen have been at pains to blame the banks for the development, while the Central Bank Governor Panicos Demetriades has announced there would be a thorough investigation into their loan portfolios and investments. The overriding impression is that the situation is much worse than the banks have admitted. Apart from their exposure to Greek government bonds, the total extent of lending in Greece by the Popular Bank and Bank of Cyprus was the wrong side of €20 billion. If these loans were deemed non-performing - no repayments for more than three months - they would have to

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Pavlos Kontides is in second place after yesterday’s races

CYPRUS sailor Pavlos Kontides yesterday made history for Cyprus as he secured the island’s first ever medal at an Olympic Games. The 22-year-old from Limassol is guaranteed silver and could even win the gold if leader Tom Slingsby of Australia finishes eighth or worse in tomorrow’s medal race combined with a win for Kontides, who described yesterday as “the best day of my life.” After 10 races in the Men’s Laser category, the Cypriot is in second place with a 21point cushion over Rasmus Myrgren and a 22-point lead over Toni Stipanovic. This means that he cannot be beaten to the silver medal. After a disappointing performance on Friday when five-time world champion Slingsby leapfrogged him into gold medal-winning position, Kontides yesterday bounced back with a solid ninth race where he finished in seventh place. He then improved to fourth position in the tenth and final race, leaving the Cypriot on 39 points, trailing Slingsby by 14. Only the top ten sailors advance to the medal race where the points are doubled.


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