would be part of a basket of European currencies with a system to manage exchange rate fluctuations is “not very credible,” Luxembourg’s finance minister said yesterday. Speaking to Reuters during a visit to Hong Kong, Finance Minister Pierre Gramegna said the euro had been strengthened by a series of crises in the European Union, including the Greek sovereign debt crisis: “I think the euro is strengthening permanently. That doesn’t mean everything is perfect in the eurozone,” Gramegna said. “Today the euro is more credible than it was at its inception, and certainly strengthened compared to the Greek crisis,” he added. Halkidiki. The chain has also acquired the Corfu Chandris and Dassia Chandris hotels on Corfu, and Club Med Kefalos on Kos, which will also be fully renovated ahead of their inclusion in the Ikos Resorts portfolio.
Bank of Cyprus priced its first public issue since bailing in bondholders during 2013’s Cypriot banking crisis, in one of the strongest indicators yet that its turnaround story has won over investors. The 250-million-euro 10year non-call five-year Tier 2 bond (rated Caa3), priced at 9.25 percent, increased in size from 200 million and inside initial price talk of 9.5 percent. It drew in excess of 600 million of orders from more than 80 investors and had rallied almost five points by yesterday afternoon. Bank of Cyprus (Caa2/B-) has made great strides since imposing losses on subordinated and senior bondholders four years ago. It made the final repayments on its 11.4-billion-euro emergency liquidity assistance last week in what the lender described as a “significant milestone” on its journey back to strength.