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2131. Cyprus back into investment grade

Cyprus got its investment worthiness stripes back on Friday as Standard & Poor’s raised the country’s credit grade from BB+ to BBB- with a stable outlook, five years following a devastating financial collapse...

2132. EU Commissioner for Competition Margrethe Vestager visits Cyprus

2133. Knock it down and rebuild it from scratch

2134. Turkish Lira rallies as central bank raises interest rates to 24%

2135. AG disagrees with former banker’s acquittal

Attorney General Costas Clerides disapproves of the acquittal of former banker Andreas Eliades, saying cases involving the collapse of the credit and financial system are “difficult and complicated...

2136. EBRD investment to rise in FYROM, Greece

The European Bank for Reconstruction and Development (EBRD) expects its investment in the Former Yugoslav Republic of Macedonia and Greece to rise significantly after the two countries manage to solve the dispute regarding FYROM’s name, an EBRD official said....

2137. No paddles go up for Berengaria hotel

Despite a recent spike in interest for the auction of the abandoned Berengaria hotel in Cyprus, the historic building failed to draw bidders who would be willing to meet the minimum asking price of just over €2 million...

2138. Hellenic mulls over selling delinquent loans

Hellenic Bank posted a €35 million net profit for the first half of 2018, with the bank’s CEO Ioannis Matsis stating that the bank is ready to launch a tender for the sale of a portfolio of non-performing exposures within the next six months...

2139. Russia, Iran and Turkey have different visions for Syria but all three face US sanctions

2140. Bank of Cyprus adds 24300 new retail accounts in August

2141. Merkel endorses Euro clearing move from London to Frankfurt

2142. Open Data Hackathon Info Day

On 3 September 2018, the organizers of the 2nd Cyprus Open Data Hackathon held an Info Day for the competition at the premises of ARIS in Limassol...

2143. Hellenic takes on 400,000 new customers

Hellenic Bank is taking on 400,000 new customers, leaving bad debt behind in the acquisition of healthy parts of state-owned Cyprus Cooperative Bank...

2144. Moody’s thumbs up to Bank of Cyprus bad loans sale

Moody’s credit rating agency says the recent sale of Non-Performing Loans by the Bank of Cyprus worth €2.8 billion is a positive step...

2145. Former trustee says Credit Unions were in chaos

Another former trustee of the defunct Cyprus Cooperative Bank speaks out, describing a world of chaos at the financial institution where lack of expertise, political pressure, and wrongdoing ruled the day ...

2146. Turkish Cypriots to touch base with Ankara

Turkish Cypriot officials are reportedly getting ready for a trip to Ankara where they will discuss the Turkish economic crisis and its impact on the northern part of the island...

2147. Bank of Cyprus gets rid of small business bad loans

The Bank of Cyprus says it has sold a portfolio of non-performing loans worth €2.8 billion to Apollo Global Management, a transaction that will reduce its stock of NPLs to €5.2 billion...

2148. Former trustee says co-op sapped with impunity

Investigators in the probe into the collapse of credit unions in Cyprus heard testimony this week that political parties endorsed a sense of impunity among bank officials...

2149. Mueller has until Wednesday to decide on Cyprus counts

US special counsel Robert Mueller has until Wednesday to decide whether to retry Paul Manafort on charges involving Cyprus accounts that failed to yield a conviction after a holdout juror...

2150. Bank of Cyprus CEO stays put through 2020

Bank of Cyprus CEO John Patrick Hourican will stay in his current position through the end of 2020, following a decision by the executive board at the largest lending institution in Cyprus...

2151. Odysseas says Harris was being stubborn

The auditor general is pointing fingers at the finance ministry’s handling of the Cyprus Cooperative Bank affair, telling an independent investigation committee that some actions were misleading...

2152. Scam promises chance to win expensive phones

Cybercrime police have been inundated with complaints about a scam using the Post Office logo, where consumers receive misleading text and online messages about a chance to win expensive phones...

2153. Bulgaria scrambling over Olympic bankruptcy

The bankruptcy of Cyprus-based Olympic Insurance Company has become the focus of attention and a regulator has resigned, after 200,000 Bulgarians were left without insurance...

2154. Come back, support Greece

We are caught between celebrations over Greece’s “clean exit” from the bailout programs on one hand and, on the other, allegations that the country has effectively signed up to what can be considered a “fourth memorandum” and is headed to economic disaster....

2155. Legal department terminates Agusta helicopter probe

The Legal Services department is closing the case of the controversial purchase of Agusta helicopters, saying investigators did not find evidence of wrongdoing...

2156. Abandoned Berengaria goes up for auction

The abandoned Berengaria hotel in Cyprus, a historic building known around the world for its ‘ghosts lurking in the dark’ is going up for auction next month...

2157. Over a thousand employees choose Co-Op buyout

Over a thousand employees at Cyprus Cooperative Bank signed up for a voluntary severance package, well above the target of 900 set by the bank ahead of a takeover by Hellenic Bank...

2158. Shadows loom over government’s ‘clean exit’ scenario

Greece’s bailout exit has been eliciting condescending and bitter commentary on the country’s beaches and in its near-deserted cities, as few Greeks believes their lives are going to improve or that the country’s prospects will be akin to those of other bailed-out eurozone states. Greece’s “return to normalcy” and “clean exit,” much touted by the government, appear to be happening somewhere else....

2159. Regling says Greece will remain linked to ESM

Greece will be monitored more closely by the European Stability Mechanism (ESM) and the other institutions after its bailout ends six days from now compared to other countries that emerged from rescue programs, according to ESM chief Klaus Regling....

2160. The mistakes of Greece’s creditors

A lot has been said about the mistakes made by Greece’s lenders during the bailout programs. The fact is they made many errors, including some serious ones. Meanwhile, Greek politicians were responsible for refusing to take ownership of the required reforms and failing to reach a degree of basic consensus. ...