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211. DBRS warns against protracted process in approving bugdet

Global credit rating agency DBRS Morning Star said it is monitoring the situation in Cyprus following the rejection of the 2021 state budget by lawmakers on Thursday, warning that a protracted process to approve the budget could affect economic sentiment and could eventually weigh on economic activity....

212. Turkey’s defence industry to go it alone

US Senator Robert Menendez says he is not worried about retaliation from Turkey after Washington imposed sanctions on Ankara, with officials in Turkey warning further development of their domestic defence industry could speed up as a result...

213. FinMin confirms Cyprus won’t reinstate ‘golden passports’ scheme

Finance minister Constantinos Petrides assured that the government will not be reinstating the Cyprus Investment Program (CIP), that was shut down after the shocking corruption revelations that emerged through an Al Jazeera investigation and the subsequent stark criticism by the European Commission. ...

214. State budget up in the air over golden passports

Opposition parties are cranking up the pressure on Interior Minister Nikos Nouris, who has been refusing to hand over files in connection with the golden passports scandal, with the Democratic Party making good on its promise not to vote the state budget later this month if there is no transparency...

215. Cyprus experiencing excessive macroeconomic imbalances

The European Commission said Wednesday that Cyprus continues to face excessive macroeconomic imbalances, particularly in view of the country’s very high percentage of non-performing loans that continue to plague the financial sector, but also in light of high private sector, government, and external debt....

216. Obama offers piece of the puzzle in Greek debt crisis

Apart from providing key insights into a special (in many respects) presidency, Barack Obama’s memoir contains some very interesting references to the Greek debt crisis and the way in which the major European powers chose to deal with the situation....

217. Fresh total lockdown out of the question for Cyprus govt

Finance minister Constantinos Petrides on Monday strongly refuted the possibility of Cyprus entering a second lockdown, such as the one it was plummeted into in March as a result of the outbreak of coronavirus....

218. President defends block on audit office

President Nicos Anastasiades invoked the Constitution during a televised interview, saying the job description of the auditor general, who is currently seeking information on foreign nationals linked to a casino project, does not authorize him to 'have a say in everything'...

219. EY Cyprus Platinum Sponsor at first Cyprus Forum

220. Washington lifts Cyprus arms embargo

Washington has announced a partial lifting of a decades-old arms embargo to the Republic of Cyprus, with Turkey saying the decision ignores equality and balance between the two sides on the divided island...

221. A second lockdown would be a grim financial equation

With the rise in coronavirus cases which are mainly located within the local community and not just at the country’s points of entry, whispers of a second lockdown looming have resumed....

222. Greek PM tweaks cabinet to increase efficiency on economy, labor and environment

Prime Minister Kyriakos Mitsotakis has introduced changes to the makeup of his cabinet aimed at increasing its “operational efficiency,” government spokesman Stelios Petsas said on Tuesday....

223. Cyprus to draw over €2.7b from EU pandemic recovery fund

European Union leaders reached a deal on a massive stimulus plan for their coronavirus-blighted economies at a pre-dawn meeting on Tuesday after a fractious summit that went through the night and into its fifth day....

224. US to include Cyprus in army programme

The American Embassy in Nicosia says the United States are looking forward to expanding their military education and training programmes to include Cyprus, with plans to introduce professional and technical courses in 2021...

225. All set for implementation of new support measures, FinMin says

Finance minister Constantinos Petrides announced the launch of the implementation of three measures, under the government support program, to address the consequences of the coronavirus pandemic....

226. Cyprus the highest climber in IMD 2020 World Competitiveness Ranking

Cyprus was the highest climber in the 2020 IMD World Competitiveness Rankings, marking an improvement in all four categories that make up the overall ranking....

227. Anastasiades discusses Turkey, EU role with top EU officials

President Nicos Anastasiades found mutual understanding with European Council President Charles Michel and EU Foreign Affairs Chief Josep Borrell regarding the role the EU must play in view of Turkey’s activities in the eastern Mediterranean....

228. Cyprus public debt spikes to €24.5 billion due to Covid-19 crisis

Cyprus General Government debt spiked to €24.56 billion according to official data in April, reflecting the large debt issuances by the Finance Ministry to mitigate the impact of the coronavirus outbreak to the economy....

229. Greek economy to get multi-billion-euro lifeline

Prime Minister Kyriakos Mitsotakis will announce steps to revive the economy in a televised address on Wednesday. These steps will be mainly focused on tourism but will also concern other sectors affected by the coronavirus pandemic. ...

230. The crisis is here and should not be underestimated, FinMin warns parties

As political parties continue to quarrel over a bill seeking to release government funds as guarantees for loans to businesses hit affected by the coronavirus outbreak, Cyprus Minister of Finance Constantinos Petrides warned that “the crisis is here and should not be underestimated.”...

231. The market needs oxygen, FinMin says

The market needs oxygen, Finance Minister Constantinos Petrides said Monday, stressing that the least citizens expect from politicians is to reach a consensus in order to support the economy in line with a prudent policy without placing it in further danger....

232. Government funds not unlimited, Finance Minister warns

Finance Minister Constantinos Petrides said Monday that the government does not have unlimited funds with which to support the local economy during these tough times....

233. Euro zone ministers look for economy quick fixes

Euro zone finance ministers are likely to converge on Tuesday on three quick options to support the economy in the wake of the coronavirus epidemic, officials have said, with some discussion also of longer-term ideas to aid a recovery....

234. Coronavirus’ impact on local businesses

The organisation’s experts discuss the developments and analyse the measures that need to be taken to address the challenges...

235. Tax alert: Cyprus

236. EU to launch €37bn coronavirus investment initiative

The European Union will launch a 37 billion euro investment initiative as part of a package of measures to cushion the bloc’s economies from the impact of coronavirus, European Commission President Ursula von der Leyen said on Friday....

237. Coronavirus cases in Greece rise to eight

Greece has confirmed a new case of coronavirus, the Health Ministry said Wednesday, bringing the total number of coronavirus infections in the country to eight....

238. Greek PM meets with five EU leaders over bloc's budget

Greek Prime Minister Kyriakos Mitsotakis held talks in Brussels on Friday with the leaders of Germany Angela Merkel, France Emmanuel Macron, Spain Pedro Sanchez, Italy Giuseppe Conte and Portugal Antonio Costa in a bid to break a deadlock in negotiations for the European Union’s 2021-2027 budget....

239. Cyprus enjoys strong growth prospects but contingent liabilities remain

Strong growth prospects and sustained fiscal discipline places Cyprus on a firm declining path but contingent liabilities, healthcare and public sector wage-related costs, as well as weaker external conditions, pose risks to the fiscal outlook, Scope rating agency said in commentary on Cyprus....

240. Senate-approved EastMed on Trump’s desk

US Congress’ approval of a spending package that includes the Eastern Mediterranean Security and Energy Partnership Act of 2019 signals a “new day in Greek-American relations,” said Senator Bob Menendez, one of the authors of the bipartisan legislation...