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61. Cyprus repays over €1B in debt, easing financial strain

Cyprus made strides in paying down its debt in the second quarter of 2024, settling over €1 billion in bonds and loans....

62. Cyprus gains investor confidence as economic reforms and US ties bolster growth

International investors have shown sustained confidence in Cyprus’ economy and business ecosystem, recognizing the country as a stabilizing force in the region......

63. Cyprus faces financial imbalance as assets fall short of liabilities

As of December 2023, Cyprus' economy is navigating a complex financial landscape, with total assets in financial instruments reaching €869 billion. However, the country also faces a notable financial shortfall, with liabilities exceeding assets by about €29 billion....

64. Germany: €60 billion budget shortfall rocks Europe's largest economy

Germany’s tax revenues are projected to fall nearly €60 billion short of earlier expectations over the next five years, intensifying budget challenges for Chancellor Olaf Scholz’s government and straining the already fragile three-party coalition....

65. Cyprus achieves first A-level credit rating in major milestone

Scope Ratings has upgraded Cyprus's credit rating to A- from BBB+, marking the country's first A-level rating from a major credit agency....

66. CBC urges banks to show social responsibility despite sector’s strength

The Central Bank of Cyprus (CBC) released its annual Financial Stability Report for 2023 on Tuesday, indicating that the financial sector is overall strong and capable of handling unexpected challenges. ...

67. Putin urges Dollar ditch, but asks summit guests for Dollars and Euros

Russian President Vladimir Putin is leading efforts to reduce global reliance on the US dollar by promoting "de-dollarization" at a summit with over 20 world leaders. ...

68. Cypriot banks sending loans abroad: A growing risk?

Yesterday, I had a conversation with someone who truly understands banking—probably more knowledgeable than many who think they do....

69. Behind the numbers: Are Cyprus's non-performing loans just a makeup job?

Are there good makeup artists in Cyprus? Sometimes I wonder, but since I’m out of the fashion scene, I can’t say for sure. However, when I think back to the banking events of the last 15 years, then yes—at least in the banks, they exist....

70. Global debt to exceed $100 trillion this year

Global public debt is nearing the size of the world economy, posing risks to living standards in developed nations, the International Monetary Fund (IMF) warned....

71. Cyprus projects €1.13 billion fiscal surplus for 2025

Cyprus is on track to achieve a fiscal surplus of €1.13 billion in 2025, amounting to 3.3% of GDP, according to the state budget presented to the House of Representatives on Thursday. ...

72. Cyprus credit rating upgrade: A boon for investors, but what about citizens?

Cyprus has recently received good news from the credit rating agency Capital Intelligence (CI), which upgraded the country’s credit ratings, according to Kathimerinni's Dorita Yiannakou. ...

73. Cyprus' credit rating upgraded due to strong economy and lower debt

Rating Agency Capital Intelligence Ratings (CI) has upgraded Cyprus’ Long-Term Foreign Currency Rating (LT FCR) and Short-Term FCR (ST FCR) to ‘BBB’ and ‘A2’, respectively, from ‘BBB-’ and ‘A3’, maintaining a positive outlook....

74. Cypriot loan servicers struggle as red loans hit €21.2B

While non-performing loans (NPLs) in Cypriot banks are gradually declining, the situation remains dire for "red loans" held by loan acquisition companies, or "servicers." ...

75. Homebuyers face mounting debts as developers' loans go unpaid

76. Court boosts doctors' monthly payments in €1.3 million malpractice case

In a recent decision, Cyprus’s Court of Appeal increased the monthly repayment amounts required from three doctors who were found liable for medical negligence. ...

77. ECB cuts Cypriot bond holdings to €6.38 billion

The value of Cypriot sovereign bonds held by the Eurosystem, as part of the Public Sector Purchases Programme (PSPP) and the Pandemic Emergency Purchases Programme (PEPP) declined to €6.38 billion......

78. FT: China set to hit PwC with record penalty amid Evergrande fallout

PwC China has informed its clients that it expects Chinese authorities to impose a six-month business ban starting as early as September, following its audit of the now-collapsed property developer Evergrande....

79. Kamala Harris unveils economic plan with tax cuts and housing focus

Vice President Kamala Harris is set to present a comprehensive economic plan during a major policy speech in Raleigh, North Carolina, on Friday....

80. EU bolsters Lebanon with €1B aid package

The European Union has begun political dialogue with the Lebanese government to implement critical reforms, backed by substantial EU funding. ...

81. Eurobank Cyprus reports €105.7M net profit for H1 2024

Eurobank Cyprus reported a net profit of €105.7 million for the first half of 2024, marking a 16% increase, or €14.9 million, compared to the same period in 2023....

82. Cyprus sees significant uptick in new loans

In June 2024, new loans in Cyprus substantially increased, reaching €330.6 million, up from €234.9 million in May. Data from the Central Bank of Cyprus (CBC) show that total new loans, which include both new and renegotiated contracts, climbed to €514.9 million from €391.6 million the previous month....

83. Cyprus government rakes in over €424M in surpluses this year

Cyprus has reported a substantial budget surplus of €424.5 million for the first half of 2024, a huge increase from the €62 million surplus during the same period last year. ...

84. AstroBank acquires Neo Plaza in Kokkinotrimithia

The Neo Plaza of Kokkinotrimithia in Nicosia, an open commercial mall project in Cyprus that did not meet expectations, has been acquired by AstroBank....

85. Supreme Court stands firm, guarantors must pay €30K loan debt

In a unanimous decision, the Supreme Court of Cyprus has dismissed the appeal of two individuals contesting a ruling by the Paphos District Court, which held them liable for €30,244.32 plus interest and costs, as guarantors of a business loan granted by Laiki Bank in 2002....

86. Former security guard accused of stealing Michael Schumacher's medical files

A former security guard for Michael Schumacher’s family has been arrested for allegedly stealing 1,500 medical files from the Schumacher home in Germany. The files include private information stored on two hard drives, which the family insists should not be made public....

87. Murder investigation heats up, land deal at heart of Mykonos feud

The murder of topographer Panagiotis Stathis in Psychiko has cast a fresh spotlight on a contentious plot of land in Mykonos, believed to be the epicenter of a bitter dispute between Stathis and a local businessman....

88. Let's not forget to whom we owe a debt of gratitude

It has been 50 years since the dramatic events of July 1974. We must never forget that the joyous hours of democracy's restoration in Greece were also hours of great sorrow and tragedy for Cyprus....

89. Nicosia police collects over €100,000 in fines

In a recent enforcement drive spearheaded by the Nicosia Police Directorate on Tuesday, authorities announced the execution of 209 fine warrants, resulting in the collection of €101,582.56. ...

90. Fitch elevates Hellenic Bank’s credit rating

Fitch Ratings has upgraded Hellenic Bank's Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+', with stable outlook and its Viability Rating (VR) to 'bbb-' from 'bb+'. ...