Politicians call for end to Cyprus citizenship scheme New debt.

Cyprus’ Citizenship for Investment Scheme should be suspended until a consensus is found among the political leadership on whether it has a future, said House Speaker Demetris Syllouris on Monday. He will send a letter to President Nicos Anastasiades, urging him to convene a meeting with party leaders to discuss the prospects of the Cyprus Citizenship for Investment Scheme. Syllouris said his aim was to dispel any doubts about the program and if there are lingering doubts among the political parties, “there should be no program.” He said suspect foreign investors should have their Cypriot passports taken away. “In relation to the program, I suggest that by utilizing the new regulations, as passed on July 31, 2020, and the existing legislation, the investigation for possible revocation of passports be accelerated where possible,” the letter said. Syllouris said that if the political decision is not to end it, then the party suggestions for improving the program will be at the president’s disposal. In the case of non-termination, Syllouris suggests “there should be a suspension of the program until it is further improved, based on the concerns and suggestions tabled at the president’s meeting with the party leaders.” Focus has shifted once again to the “golden passports” scheme as a series of unflattering articles and videos were published by global media outlet Al Jazeera last week which essentially portrayed Cyprus as selling passports to criminals for cash. The expose was based on the leak of over 1,400 documents related to the investment scheme, obtained by Al Jazeera, which in photos, appear to bear the seal of the Cyprus Parliament.

(Financial Mirror)

Analysts forecast that Greece might tap the bond market for as much as an extra 6 billion euros due to the hit that state revenue has taken from the coronavirus pandemic. The most likely scenario is not for a new bond but for a reopening of one of the issues (a 15-year, 10-year and a 7-year bond) from earlier this year. Danske Bank believes Greece will need an extra €6 billion, while Citigroup says the extra need is €3.5 billion, which could be filled by reopening earlier issues, but also by new ones.