Following their fourth review of the Cyprus economic adjustment programme the troika, comprising the European Commission, ECB and IMF, released an official statement on Saturday.
Although Leaf Research predicts that the downturn in the Cyprus real estate market is likely to continue, some positive prospects for the island's economy and its real estate market are starting to appear.
Let's engage in some self-criticism, recognize our mistakes, and try to overcome the impasses, shedding old habits; and this goes for businesses and banks alike. It's time for us to change.
Noble Energy surveys in the Eastern Mediterranean have revealed significant oil reserves in the Cyprus Block 12 beneath the natural gas deposits discovered two years ago; further exploration will follow.
Speaking at a finance ministry event yesterday, Harris Georgiades announced that the European union will provide €847 million from its structural funds to help restart the island's ailing economy.
The economic map of Cyprus may be about to change following a meeting between the government and Canadian giant Triple Five to be held at the Presidential Palace in Nicosia tomorrow.
The European Commission's interim report on the Cyprus economy paints a gloomy picture for the future resulting from a number of factors including a worsening of the external environment.
A panel of economists from the University of Cyprus' Economic Research Unit believe that the present state of the global economy and the uncertain future of the Euro area have dramatically increased the risks for the Cyprus economy.
The International Monetary Fund has warned Cyprus that it must take swift action to shore up its economy, saying it faces strong head winds and substantial downside risks that are likely to persist.
Standard and Poor's has downgraded Cyprus' sovereign credit rating by one notch and set the outlook as ‘negative’ as a result of the Island’s significant exposure to Greece.
An indefinite strike by the Cyprus Ready Mixed Concrete Association is planned to start tomorrow following a decision taken at an extraordinary general meeting last Thursday.
Yesterday’s revelation about the illegal activities could have massive implications for Cyprus’ property sector and the Island’s economy. The Cyprus government may have no option other than to take effective action immediately.
Kuwait and China have shown interest in investing in Cyprus tourism, real estate, container management and energy sectors according to the Minister of Commerce, Industry and Tourism Antonis Paschalides.
The EU is proposing that the public finances of Cyprus, along with those of Denmark and Finland, requires further scrutiny as it poses a threat to the wider European economy.
The Cyprus News Agency has reported that government has submitted its Stability Programme to the European Commission, which includes the basic targets to reduce the budget deficit to 6% in 2010 and below 3% by 2013.
In a leaked confidential letter to President Christofias, the Cyprus Finance Minister has admitted that steps taken to accelerate the issue of Title Deeds have not added a single Euro to the state's coffers.
Although the Cyprus economy is still in recession it may have started to climb out in the fourth quarter of 2009 according to the latest flash estimates from the Cyprus Statistical Service (CYSTAT).
Property developers, estate agents and the Cyprus Chamber of Commerce have followed DISY Vice President Averof Neophytou in attacking the government’s proposed tax grab on property.
Compared to previous months, the number of non-Cypriots buying property in November improved slightly. But as December is normally the quietest month for property sales, it seems unlikely that the total number of properties sold to foreigners will exceed 1,900 this year.
The property industry in Cyprus is built on greed and nepotism. The developers borrow money from the bank using people’s homes as collateral and the banks and lawyers are part of the deception. I have proof that my home has been mortgaged by my developer.
