Ni­cosia says some bailout pro­vi­sions need tweak­ing

Kathimerini English - - Front Page -

NI­COSIA (Reuters) – Cyprus said yes­ter­day it was not try­ing to wrig­gle out of terms of an EU-IMF bailout im­posed on the is­land, but added that some pro­vi­sions of the deal needed tweak­ing to ad­dress prob­lems in its bat­tered bank­ing sec­tor. “Ev­ery ef­fort will be ap­plied so our po­si­tions are met with un­der­stand­ing by our part­ners... We are not seek­ing rene­go­ti­a­tion but an ad­just­ment of cer­tain mea­sures,” Cyprus Pres­i­dent Ni­cos Anas­tasi­ades told re­porters. The eu­ro­zone is­land na­tion was forced to shut one bank and seize de­posits in a sec­ond to qual­ify for 10 bil­lion eu­ros in aid from the In­ter­na­tional Mone­tary Fund, Euro­pean Cen­tral Bank and Euro­pean Union in a bailout in March. Anas­tasi­ades, who has crit­i­cized the bailout as be­ing ill-con­ceived, said he would use an EU lead­ers’ meet­ing this week to voice his con­cerns. He did not go into specifics but said what he would seek was re­lated to solv­ing prob­lems in the is­land’s bank­ing sec­tor. Anas­tasi­ades said he would also try to meet with ECB Pres­i­dent Mario Draghi. eu­ro­zone. “I have absolutely no rec­ol­lec­tion that the IMF called for any­thing that would be stronger... in terms of con­di­tion­al­ity or the sched­ul­ing,” he told Reuters In­sider Tele­vi­sion in an in­ter­view. “It seems to me that there is some kind of re­con­struc­tion of what has hap­pened. Se­condly, in any case the IMF would be well in­spired in my opin­ion to have an anal­y­sis on the sys­tem as a whole, be­cause what was hap­pen­ing in Europe was not only [in] Greece,” he said.

To­tal-Cyprus.

France’s To­tal has signed an out­line deal to in­vest in fa­cil­i­ties to ex­port gas from Cyprus, which wants to ex­ploit its re­serves rapidly to help it emerge from fi­nan­cial cri­sis, govern­ment sources said yes­ter­day. To­tal, Italy’s Eni, South Korea’s Ko­gas and No­ble En­ergy are among the en­ergy firms that have signed deals to ex­plore Cyprus’s new­found gas po­ten­tial. Govern­ment of­fi­cials in Cyprus said that To­tal had signed a me­moran­dum of un­der- stand­ing on a sec­ond liq­ue­fied nat­u­ral gas (LNG) pro­duc­tion line, known as a train in the in­dus­try. The es­ti­mated cost would be $3 bil­lion, they said, which would be in ad­di­tion to the es­ti­mated $6 bil­lion cost of the first LNG train.

Cape­size or­ders.

The big­gest jump in iron ore ship­ping rates since Septem­ber is spurring spec­u­la­tion that de­mand from Chi­nese steel­mak­ers is re­bound­ing af­ter stock­piles of the sec­ond-big­gest seaborne cargo dropped to a five-year low. “Stock­pile lev­els in China are very, very low and ris­ing Cape­size rates are the first sign that de­mand for iron ore is re­turn­ing,” said Eirik Haavald­sen, a ship­ping an­a­lyst at Pareto in Oslo. Shipown­ers are now get­ting more bullish, with Greek com­pa­nies or­der­ing more Cape­sizes in the first quar­ter than at any time since 2008, ac­cord­ing to Golden Des­tiny, a ship­bro­ker in Pi­raeus.

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