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Financial Mirror (Cyprus) - - FRONT PAGE -

fi­nance min­is­ters of the 12 euro-mem­ber coun­tries. Pres­i­dent Papadopoulos said join­ing the ERM2 would bring “spe­cific and tan­gi­ble benefits to the econ­omy of Cyprus” and speed up im­ple­men­ta­tion of the gov­ern­ment’s so­cial poli­cies. The cen­tral par­ity rate was fixed at CYP 0.585274 or EUR 1.7086. With Cyprus rates ex­pected to decline from 5.25% to 3% to meet ECB lev­els, the big­gest benefits of low rates would be in the prop­erty mar­ket, bonds, the stock mar­ket, trade and tourism.

The un­em­ploy­ment rate of Cyprus in March was 5.1% com­pared to 8.9% in the eu­ro­zone,

Job­less at 5%:

ac­cord­ing to Euro­stat. Fi­nan­cial Mir­ror data showed the reg­is­tered un­em­ployed at 12,510.

The Euro­pean Com­mis­sion has de­cided to au­tho­rise res­cue aid for trou­bled (?) Cyprus Air­ways, con­sist­ing of a CYP 30 mln (EUR 51 mln) loan guar­an­tee for the next six months to al­low the au­thor­i­ties to re­struc­ture the air­line (say that again!).

Cyprus is look­ing to­wards a 10% in­crease in sum­mer tourist ar­rivals, but the hote­liers have warned that this also means 100,000 more vis­i­tors to the north.

At­tor­ney Gen­eral Solon Nik­i­tas, a close friend of Pres­i­dent Tas­sos Papadopoulos, quit af­ter a high court cleared for­mer Health Min­is­ter Dina Akke­li­dou (of AKEL) of in­ter­fer­ing with the course of jus­tice in a drug of­fender case that he had ve­he­mently pros­e­cuted.

CAIR aid:

Tourists go­ing north:

AG quits:

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