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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Thursday, March 28, 2013

Cyprus crisis: limits on bank withdrawals to last 'about a month'

Just 24 hours ago Cypriots were told curbs to prevent money from leaving the country would only be in place for a week

The Cypriot government has warned that banking curbs to prevent money from leaving the country will apply for longer than expected, in a blow to the island's attempts to revive its paralysed economy.

The country's foreign minister, Ioannis Kasoulides, said the regime, including a limit on cash withdrawals at €300 (£253) per day, would last for "about a month" – just 24 hours after the population was told they would only be in place for a week. The capital controls, the first ever to be imposed on a eurozone member state, have been introduced to prevent a cash exodus that would destroy what is left of the Cypriot banking system.

Kasoulides said: "A number of restrictions will be lifted and gradually, probably over a period of about a month according to the estimates of the central bank, the restrictions will be lifted."

A few hours earlier, Kasoulides had said the Central Bank of Cyprus and the government of Cyprus would review the restrictions each day with a view to "progressive lifting of the measures as soon as circumstances allow".

Capital flight has become a serious threat to the Cypriot economy because the terms of the €10bn bailout from the European Central Bank, the International Monetary Fund and the European Union include a haircut of at least 40% on Cypriot bank accounts that hold more than €100,000. In order to prevent account holders from removing the rest of their savings at once, the controls include the cash withdrawal limit and a curb on how much money individuals can take abroad. Anyone leaving the country, whether Cypriot or a visitor, can only take up to €1,000 with them in cash.

Almost no country that has enforced such controls has done so temporarily. Observers have warned that the measures undermine the purpose of monetary union, while there are few in Cyprus who believe they will be lifted soon. Many Cypriots were left confused by the controls, while expressing concern about the effect on their businesses and livelihoods.

As part of the bailout, the island's second largest and most troubled bank, Laiki, will be wound down. People with more than €100,000 in their Laiki accounts could be hit with a levy of 80% – double the amount at the largest bank on the island, Bank of Cyprus. "No matter how much information there is, things are changing all the time," said Costas Kyprianides, a grocery supplier in Nicosia

The news came as the president, Nicos Anastasiades, announced that he would be taking a 25% salary cut "in solidarity" with the Cypriot people. A senior aide to the newly-installed leader said Anatasiades' cabinet ministers had also agreed to slash their wages by 20%.

The move, however, was quickly met with derision. While many Greek Cypriots said it appeared like a deft move, they also pointed out that the British-trained barrister, who has a prominent law firm in Nicosia, belonged to a wealthy elite unlikely to be much affected by the island's economic tumult.

In his most recent tax declaration, released to the public, the 66-year-old politician admitted that his personal dividends from the firm amounted to €500,000, although he is no longer a practicing lawyer. As president, Anastasiades' basic salary is around €110,000 but with additional perks is thought to be well in excess of that figure.

"I burst out laughing when I heard the news," said Christos Neophytou, whose own legal practice is also based in Nicosia. "Anatasiades is a very, very rich man who after all has also used his political connections to expand his law firm. Like lots of people I am totally unimpressed by the decision."


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Greek court rules deliberations in suit against Reuters invalid


Greek court rules deliberations in suit against Reuters invalid
Reuters
ATHENS, March 28 (Reuters) - A Greek court has ruled deliberations in a lawsuit by Piraeus Bank against Reuters over a story it published were inadmissible on technical grounds. The ruling, obtained by Reuters on Thursday, also postponed deliberations ...


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Greek neo-Nazi party calls for boycott of Estee Lauder


Haaretz

Greek neo-Nazi party calls for boycott of Estee Lauder
Haaretz
Golden Dawn slammed Lauder for interfering in Greek politics. “An institution that is not Greek and does nothing to contribute to Greek well-being is demanding [Greek Prime Minister Antonis] Samaras ban the third largest party, which enjoys up to 18 ...

and more »

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Greece arrests three young neo-Nazis over bank vandalism


Greek Reporter

Greece arrests three young neo-Nazis over bank vandalism
GlobalPost
Supporters of Golden Dawn have in the past protested over bailout deals imposed on Greece, and last week rallied in Athens against proposed EU-IMF terms to rescue ally Cyprus. Since then, a deal to rescue the debt-laden island has been reached that ...
Golden Dawn Boycotts Estee LauderGreek Reporter
World Jewish Congress compares Golden Dawn to the NazisJewish Chronicle

all 3 news articles »

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Germany pledges to help Greece develop renewable energy


Raw Story

Germany pledges to help Greece develop renewable energy
Raw Story
The German government is to help Greece develop its renewable energy sector under an agreement signed Thursday by the two countries and an EU taskforce for the debt-laden country. The accord, which entails German cash and advice, aims “to improve ...

and more »

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Cyprus: investors were withdrawing money before crisis hit, figures show

Bank figures reveal deposits were being run down in February – well before first proposals for a bailout were made public

Investors were removing money from banks in Cyprus long before the onset of the two-week financial crisis that forced the small eurozone country to impose controls on capital flight.

Data from both the European Central Bank and the central bank of Cyprus revealed that deposits were being run down in February – well before the first proposals for a bailout were made public in mid-March.

ECB figures show that private sector deposits in Cypriot banks fell by 2.9% in February – a generally calm month that saw both consumers and companies increase their holdings at Greek and Spanish banks.

Meanwhile, the central bank of Cyprus said savers from the other 16 members of the single currency withdrew 18% of the cash they held in Cyprus during February. Deposits from other eurozone states fell €860m to €3.9bn, making them the fastest category to leave the stricken country.

Although the figures suggest that some savers were braced for the tax on deposits and credit controls announced in the past few days, there was no evidence of Russians pulling their money out of Cyprus. Deposits from non-eurozone countries actually rose, by less than 1% to €21bn.

"A further sharp decline in Cypriot bank deposits in March looks all but guaranteed," said Martin van Vliet of ING bank. "More importantly, however, next month's figures will shed more light on how (large) depositors in other peripheral countries have reacted to the uninsured-depositors-will-be-hit Cyprus bailout deal."


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Cyprus crisis means bargains for British holidaymakers, say tour operators

With Germans and Russians shunning the island's beaches this year, hotels will be slashing prices, say operators

The financial crisis battering Cyprus will result in holiday bargains for Brits, according to one of the biggest independent tour operators specialising in the Mediterranean island.

But hotel bookings in the run-up to the crucial Easter period, when Cyprus is usually one of the most popular spring sun destinations for British holidaymakers, have been dismal for the crisis-hit island.

According to Lastminute.com, bookings to Cyprus on its site plummeted by 75% last week compared with last year as fears grew that travellers would be trapped without access to cash – although bookings began to recover this week.

One of the island's biggest independent tour operators is now forecasting a bonanza for British holidaymakers, as hotels slash prices to fill rooms left empty by Russian and German tourists shunning the island's beaches in the year ahead.

Noel Josephides, founder and managing director of Sunvil Holidays, said: "Cyprus as a destination has always been that bit more expensive, and hasn't been able to compete on price with Turkey, Spain or Portugal. After it joined the euro, prices started to get ridiculous, with a coffee costing €4 (£3.40).

"The number of British holidaymakers has actually fallen since 2000. What we are going to see, after the initial shock, is that prices will start to come down. They are not leaving the euro, but what will happen is a de facto devaluation."

British holidaymakers make up around one million of the island's two million visitors, but in recent years Russian numbers have multiplied, with around half a million visitors last year, and with the Germans not far behind.

"The big question mark is will anyone from Germany want to go to Cyprus this year?" said Josephides. "It's what we saw in Greece last year. A lot of Germans will feel they are just not welcome. And will the Russians take fright? If they do, there are going to be some very good deals, especially around Ayia Napa."

Cancellations by British holidaymakers have been minimal, but hotel groups and tour operators are now trying to reassure travellers that capital controls won't affect them, and that their cards will work on the island. Alex Babic, a director of Constantinou Bros hotels, which operates the Athena Beach and three upmarket resort hotels in Paphos, popular with British travellers, said: "There has been a slowdown in bookings, and people are wary. I suppose that is to be expected. We have been reassuring holidaymakers who have been asking if they should bring more cash than usual that we are accepting credit cards, as are most of the shops, and that all services are working. We think most British holidaymakers are fairly resilient about this sort of thing. We had an excellent season last year, and this summer was looking good until the last ten days, since when things have had a bit of a dent."

Harry Hajipapas, manager of Cyplon Holidays since 1972, said he expected tourism to re-emerge as the biggest industry on the island. "Tourism always was the number one industry, but it got overtaken first by construction and then by financial services. I think the travel industry is going to reassume the importance it had 20 to 30 years ago, although this year the German market might disappear.

"We have not had any cancellations, but it is obvious that a lot of travel agents have been telling people to hold off booking until the banks reopen. I have seen this before, though. Everything stopped when the Turkish invaded in 1974, but the island managed to reinvent itself."


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Turkey could help kick-start Cyprus

Turkey supports northern Cyprus while Greece backs the southern Republic of Cyprus. While Greece is bankrupt, Turkey could help the island bounce back. But only a round of extreme diplomacy could make it happen.

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Weird, Brainless Worm May Be Humankind's Ancestor

Everyone's got that one weird relative, but a tiny creature thought to be mankind's earliest ancestor might just be the weirdest of them all. Swedish...

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Cypriots show patience and pragmatism as banks reopen

President praises people's 'maturity and collectedness' on day when many feared a panicked run on banks

And finally they opened. After 12 straight days shut, banks in Cyprus reopened for business on Thursday, replenished with cash flown in from the Frankfurt-based European Central Bank and reinforced with guards posted at their doors.

After a rollercoaster few weeks, lenders were taking no chances. In Nicosia, the divided capital, customers who waited under the hot midday sun were handed hastily photocopied printouts listing the arsenal of capital controls the newly bailed-out state has been forced to exact to stop a mass exodus of money from the country.

"Our staff will do whatever is possible to serve you better," said the island's biggest lender, the Bank of Cyprus. "For that reason let us all try and maintain the necessary politeness and patience."

But the plea was not needed. "People are being so understanding," said Evi Akrita, a teller at the bank's branch on Evrou Avenue. "Totally, unbelievably understanding."

The story that emerged was of the extraordinary calm that Greek Cypriots were prepared to exhibit on a day when many inside and outside of Cyprus had feared a potentially devastating run on the island's banks.

Far from panicking, the people now on the frontline of the eurozone debt crisis took a pragmatic approach to the disaster and formed an orderly queue.

"What is the point of being impatient and getting upset?" asked Georgia Pavlou, a lawyer waiting in line at a branch of Laiki, the lender Cypriot authorities have agreed to wind down as part of a €10bn loan agreement with the EU and IMF. "I'm here to withdraw cash for my elderly mother who doesn't have an ATM card. Are the measures fair? No! But I think people understand there is no point in fighting."

Such sentiments were shared by George Antoniou, queuing to withdraw cash from the Bank of Cyprus. "I'm an estate agent and my company has taken out a loan with the Bank of Cyprus," he said. "My biggest worry is paying it back. After all, now that our economy has been destroyed how much business am I going to have? But please write also that I am optimistic. I think we'll get over this."

By midday lenders were voicing amazement. The island's centre-right president, Nicos Anastasides, said on Twitter: "I would like to thank the Cypriot people for their maturity and collectedness shown in their interactions with the Cypriot banks."

At the Co-operative Bank on Ledra Street, the boulevard that bisects Europe's last partitioned city, Yiannos Christodoulou, a senior employee, attributed the quietude to a sense of patriotism not seen since Cyprus imploded into civil conflict after Turkish forces invaded in 1974. "I've been really surprised. No more than a 100 people have walked through our doors in the past two hours," he said. "A lot of our customers are pensioners who are extremely concerned, but I think people don't want to aggravate the situation. They're worried that if they take their deposits out of the banks it will only make things much, much worse."

Depositors in Cyprus are allowed to withdraw up to €300 a day under the draconian restrictions introduced by the finance ministry to "safeguard the stability of the system". "Why would you rush to the bank and queue for hours when you can only take out €300 and most of us can do that with a card?" said Andreas Stylianou, a lawyer lunching with friends on Ledra Street. "The panic attack will come, and when it does it will be in electronic form when the restrictions are lifted. These days you don't have to go into a bank, you move money around at a touch of a button."

Despite the efforts to control the outflow of funds, Cyprus's central bank said on Thursday that foreign depositors had already withdrawn 18% of their cash from the nation's banks in February alone. Private jets presumed to belong to Russian oligarchs who have parked their hoards in Cyprus were spotted at the island's international airport in Larnaca. "Trust in our banking system has been completely demolished. Every foreigner now wants to take his or her money out," said Stylianou.

For the moment it is ordinary Cypriots, particularly those with small and medium-sized businesses, who are feeling the heat. "For the past few weeks we've not been able to pay salaries," sighed Elianora leonidou, who runs the Evohia restaurant in Nicosia. "And that's because we pay our staff with cheques, which are no longer being accepted. It's a problem but luckily everyone is showing a lot of patience and incredible understanding."


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Greek parliament approves major university reform amid protests, dissent in ...


Greek parliament approves major university reform amid protests, dissent in ...
Fox News
Greek parliament approves major university reform amid protests, dissent in government. Published March 28, 2013. Associated Press. ATHENS, Greece – Greece's parliament has approved measures allowing the government to close or merge roughly one ...


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Greece passes education reform amid protests


Greece passes education reform amid protests
Huffington Post
ATHENS, GreeceGreece's parliament has approved measures allowing the government to close or merge roughly one of every five faculties at universities and higher education colleges. The landmark reform triggered student protests and dissent within ...


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Greek Salad Sandwich Combines Two Of Our Favorite Things (PHOTO)


Greek Salad Sandwich Combines Two Of Our Favorite Things (PHOTO)
Huffington Post
One of our most frequent choices is a big Greek salad -- full of fresh vegetables, salty olives, feta and if we're lucky, a few stuffed grape leaves on top. But sometimes, we feel the tug of grilled bread and gooey cheese in sandwich form. Thanks to ...


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Is Cyprus a country? | Searching questions

Our weekly look at questions suggested by search engines for news stories kicks off with what Google thinks you want to know about Cyprus

Is Cyprus a country?

Yes. Good. We're off to a strong start.

Is Cyprus part of Greece?

As in modern Greece? No. It was, however, part of ancient Greece. The Greek goddess Aphrodite was said to have been born in the sea around the island, and a major temple to her at Paphos became the centre of her worship in the Aegean world. Cyprus was also – a little more recently – the birthplace of Dragons' Den star Theo Paphitis, but there are no plans at present for a temple in his honour.

Is Cyprus safe?

Historically, not really. As well as ancient Greeks, it's been ruled – over the years – by Phoenicians, Assyrians, Egyptians, Persians, Romans, Byzantines, Arabs, Richard the Lionheart, Templars, Crusaders, Venetians, Ottomans and British colonialists. At present it's safe for people but a lot less safe for money. Bank deposits of more than €100,000 have been frozen and are expected to return to their owners around a third smaller.

Is Cyprus part of the EU?

It is. It joined in May 2004. Which was, arguably, an error.

Is Cyprus in Europe?

Geographically? No. It's actually nearer to Syria than mainland Europe.

Is Cyprus part of Europe?

Yes and no. See above. Mostly no.

Is Cyprus its own country?

To a point. The Republic of Cyprus is the internationally recognised governor of everything but two British Overseas Territories on the island, but there is also the small matter of the long-standing occupation of Northern Cyprus by Turkey. And, you know, the colossal, crushing debt.

Is Cyprus in Greece?

No. We've covered this.

Is Cyprus in Asia?

Yes, according to the UN.

Is Cyprus in the Middle East?

Also yes. So to recap: it's a European-Asian nation in the Middle East with more than a dozen not especially careful former owners, a debt problem and two British military bases attached. Got it? Good. Now, any offers?


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Introducing 2013: Greece


Introducing 2013: Greece
esctoday.com
Thirty-nine countries are competing with the aim to lift the trophy in Malmö. The third country to be introduced is Greece. The country won the 50th edition of the Eurovision Song Contest and this year Koza Mostra feat. Agathon Iakovidis will fly the ...


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Germany lends hand to Greece on renewable energy


Germany lends hand to Greece on renewable energy
GlobalPost
The German government is to help Greece develop its renewable energy sector under an agreement signed Thursday by the two countries and an EU taskforce for the debt-laden country. The accord, which entails German cash and advice, aims "to improve ...

and more »

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Siren call heralds new Greek tragedy


Siren call heralds new Greek tragedy
Sydney Morning Herald
''It is a tragic irony because the immigrants repatriated thinking the Greek economy was in order,'' said Professor Vrasidas Karalis, who teaches Modern Greek at the University of Sydney. ''But they later discovered the structural problems that led ...

and more »

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Greece: Travel company launches homophobic TV ad campaign featuring ...


Greece: Travel company launches homophobic TV ad campaign featuring ...
PinkNews.co.uk
A travel company in Greece has launched a new TV ad campaign that appears to draw upon antiquated homophobic stereotypes of gay men being lecherous and predatory. In the AirFasttickets video, which has been published on YouTube, a male hitchhiker ...


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Rek LeCounte: Turns Out My Ivy League Education Is Worth Squat

Economics is an abstract concept. When you're sitting in a sunlit classroom or under a courtyard magnolia at Yale, neither the stock market nor latest (un)employment numbers seem particularly urgent. Oh, for those halcyon days.

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Fraudster gets 40 years for parents' murder

Convicted fraudster told he will never be paroled for killing Robert and Patricia Seddon to collect his £230,000 inheritance

A conman has been jailed for a minimum 40 years and told he will never be paroled after the cold-blooded murder of his parents to collect his £230,000 inheritance.

Convicted fraudster Stephen Seddon, 46, had once before tried to murder his father Robert, 68, and mother Patricia, 65, by driving into a canal with them strapped in the back seats in a faked road accident.

Seddon then "played the hero" in the aftermath of the incident, boasting of his supposed rescue attempts after aborting the murder plan when bystanders went to their aid in the submerged car.

But after that plan failed, four months later he killed the couple with a sawn-off shotgun at their suburban home in Sale, Greater Manchester.

His parents had made him sole beneficiary of their £230,000 estate in their will.

On Thursday, Seddon was given a mandatory life sentence for two counts of murder and two counts of attempted murder after being convicted by a jury at Manchester crown court.

But Mr Justice Hamblen told the defendant that, in his case, life should mean life and he ordered Seddon to serve a whole-life term – so he will never be released.

At one point Seddon shouted from the dock: "No, not at all, they were not murdered by me at all. I'm an innocent man."

But the judge told him to "Keep quiet!" and continued his sentencing remarks.

"In effect you have executed your own parents," he told Seddon.

"One can only imagine the horror of your parents' last moments in this life, when they realised what a monster their son, whom they loved, had become. Mercifully their deaths were swift.

"The reason for the attempted murders and the murders was greed. You needed money. You had lost your job. You had a mortgage. You had a family to support. You had some grand plans.

"Despite the fact that your parents had always been very generous in supporting you, you wanted more and you wanted it now - hence the plan to kill them and get your inheritance up front.

"The attempt at murder having failed, you decided on a more ruthless and definitive method of killing. You obtained a sawn-off shotgun from criminal associates.

"In Greek mythology, someone who killed a parent would be pursued until death by the Furies.

"Throughout time it has been recognised as a terrible and unnatural crime. You have killed not one parent but both of them. You have done so for gain. You have done so having first tried unsuccessfully to kill them by other means. You have done so by the barbaric act of shooting them at point- blank range with a sawn-off shotgun."

Outside court, Detective Superintendent Denise Worth, from Greater Manchester Police (GMP), said: "I actually find it difficult to put into words - someone who could kill and murder their own parents.

"It is hard to describe somebody prepared to do that.

"He portrayed himself as a devoted and loving son and told lie after lie after lie. He's just an evil, wicked man who did it all for greed."

PC Bryn Jones, the family liaison officer, read out a statement on behalf of the Seddon family.

It read: "The past nine months have been a very sad and emotional time for our family.

"The shock of having both Pat and Bob taken from us in such horrifying and tragic circumstances has left us feeling numb.

"Pat and Bob were a kind, loving and selfless couple who will be missed by their family, friends and especially their grandson Daniel, who they cared for with great love and affection.

"We would like to now be left in peace to mourn the deaths of Pat and Bob and be allowed to remember them as the loving couple that they were."


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Cyprus Banks Reopen With Strict Limits

NICOSIA, Cyprus — Banks in Cyprus reopened to customers for the first time in nearly two weeks Thursday with strict restrictions on transactions to stop...

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Greek neo-Nazi party calls for Estee Lauder boycott


Greek neo-Nazi party calls for Estee Lauder boycott
The Times of Israel
“An institution that is not Greek and does nothing to contribute to Greek well-being is demanding (Greek Prime Minister Antonis) Samaras ban the third-largest party, which enjoys up to 18 percent of the electorates' support, all in the name of liberal ...

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How Greece exported a bank default to Cyprus


How Greece exported a bank default to Cyprus
Channel 4 News (blog)
For nearly a fortnight this island has been turned into a giant economic laboratory. A grand experiment has been carried out on the Cypriot people, involving trying to take part of their savings, closing their banks, and then essentially destroying ...


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Greek bank deposits rise in Feb.- cenbank data


Greek bank deposits rise in Feb.- cenbank data
Reuters
ATHENS, March 28 (Reuters) - Greek business and household bank deposits rose in February after a slight drop in the previous month, central bank data showed on Thursday. Reduced uncertainty over the country's future in the euro zone led to deposit ...


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Eurozone crisis: three-and-a-half years of pain

Cyprus's banks have re-opened after the island became the latest eurozone country to agree a bailout. It all started back in October 2009, when Greece's finance minister revealed a black hole in his country's budget





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