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ISSUE 03 JUNE 2011 PRICE €6.95

the international investment, business & finance magazine of cyprus

SOVEREIGN DEBT & EURO FEARS

ARE POLITICS OR ECONOMICS TO BLAME?

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WHY GERMANY WILL NOT ALLOW A EURO FAILURE

+ InterviewS DESPO LEFKARITI DEMEOSTHENES MAVRELLIS ARBITRATION

Could Cyprus become an international centre?

ONE MAN’S CRISIS… The Gold Guide to Hedge Fund Investing

Interview ACCA President Mark Gold

Plus:

MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / opinion


8  EDITORIAL 10 NEWS BRIEFING: GLOBAL 14 NEWS BRIEFING: LOCAL 16 COMMODITIES/FOREX WATCH

issue 03 june 2011

22

COVER STORY Sovereign Debt and Euro Fears 24 Haircuts and Pigs 25 Why Germany Will Not Allow

a Euro Failure

26 Politics, Not Economics, Is To Blame 30 How Well Would the Cypriot Banks

+ opinion The Euro’s Political Weakness by Simon Smith 18 The Debate: “Will the price of gold continue to rise over the next decade?” by Andreas Andreou (Yes) and Marios Mavrides (No) 20 Neither A Borrower Nor A Lender Be… by Alexis Erotocritou

46

Survival Of The Fittest by George Th. Karaolis

56

Cope With a Greek Default?

32 The Prospects for Cyprus Through the

Debt Crisis

44

50

Unlimited Communication: 50 Years of Cyta by Rita Hadjiloizou-Karatzia 58 And The Sea Smiled Back :) by Peter Economides

98

FEATURES 34 | Private Sector ADR Initiatives Secure Business Community Backing An in-depth look at how Cyprus is starting to come to terms with Arbitration

44 | One Man’s Crisis…Is Another Man’s Hedge Fund Return The Gold Guide to Hedge Fund Investing

6

the international investment, business & finance magazine of cyprus

50 | Hard Times in the Global Village Physics and Philosophy meets Economics in an interview with Lou Marinoff

63 | Taking Cyprus On The Road The role of the Cyprus Chamber of Commerce and its foreign trade missions in promoting Cyprus to the international business community

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{money} {business} {economy} {tax&legal} {lifestyle}


{june 2011}

issue 03

+ BOok reviews

66

{money}

66 Money in the bank How Bank of Cyprus attracts investors 68 Private Banking with a Strong Personal Touch Eurobank EFG’s Private Banking services 72 Company Profile Bonalbo

74

{business}

72 Leadership and Innovation Innovation Strategy 76 Lean On Me Carlo Scodanibbio on Lean Management 78 The Power of Communication Despo Lefkariti on the challenges facing the local and global advertising industry

82 When Gold Met Gold ACCA President Mark Gold talks about the future of the accountancy profession

84

{economy}

84 Going to Market Demosthenes Mavrellis discusses how he advises companies wishing to list on regulated, secondary and unregulated markets

88

{tax&legal}

Money: Free Capital: How 12 private investors made millions in the stock market by Guy Thomas 70 business: Money and Power: How Goldman Sachs Came to Rule the Worldby William D. Cohan 74 Economy: Crisis Economics: A Crash Course in the Future of Finance by Nouriel Roubini 86 tax&legal: Financial Statement Fraud Casebook: Baking the Ledgers and Cooking the Books by Joseph T. Wells by Joseph T. Wells 89 lifestyle: Record Collector Rare Record Price Guide by Ian Shirley (Editor) 97

92

{lifestyle}

94 Record Prices Old records by the right artists and in the right condition could give you an impressive return on your investment.

88 Forewarned is Forearmed Ten areas requiring good planning when using a Cyprus company the international investment, business & finance magazine of cyprus

65


Gold magazine June- 3