Cyprus Mail www.cyprus-mail.com
Tuesday, December 4, 2012
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Prices to rise in New Year as poverty line grows
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Eurogroup calls for speedy deal Signs of unrest grow as island races to meet new deadline By Elias Hazou
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UROGROUP president Jean-Claude Juncker last night urged Cyprus and the EU/IMF to seal the deal on a bailout as soon as possible. “I call on Cyprus and the EU/IMF troika to conclude on the proposed terms of a programme in order to reach agreement on an adjustment package in a timely manner,” Juncker said after the Eurogroup meeting. Eurozone finance ministers met last night to discuss the terms of a Greek debt buyback and review a Cypriot bailout. “The Eurogroup will discuss the interim results of the due diligence exercise on the capital needs of the financial sector and its implications for programme financing on December 13,” Juncker said after the meeting. Last night’s meeting will be followed today by an Ecofin meeting of EU finance ministers, expected to discuss proposals for a single supervisory mechanism for banks. The government and the legislature are scrambling to meet a December 13 cutoff date to demonstrate that Cyprus is geared to implement the terms of a bailout agreement. Eurozone ministers meeting in Brussels yesterday were given an initial briefing on the preliminary bailout agreement between Cyprus
and international lenders. But it is the next meeting of the Eurogroup ten days later - where a more detailed discussion of Cyprus’ rescue package will take place -that will prove crucial. An agreement can only be finalised once the interim results of a due-diligence into the banks’ loan portfolios are known; they are expected to come out this Friday. A deal would then have to be approved by the Eurogroup and by individual member-states; assuming all goes well, it would take weeks before the first tranche of bailout money is released. To that end, the government is expected to submit around 20 bills to parliament this coming Thursday, with the aim of having them approved by December 13. As the island races against time to meet the new deadline, unrest was growing on the domestic front yesterday. Teachers, hoteliers and co-ops griped over the terms of the bailout deal, bus drivers went on strike over unpaid wages, CyTA workers protested over giving more money to the state, the health ministry budget was up in the air pending bailout alterations and farmers announced price hikes from January on bread, milk and meat. Today contract teachers are planning a demo outside the finance ministry. They are protesting a provision
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Shacolas to feed needy school children
Sister Tuna Noodle Cocktail, a member The Sisters of Perpetual Indulgence, poses in a dress designed during a charity event entitled Project Nunway, in San Francisco. The event featured designs made from recycled materials and modelled by Sis-
ters. The Sisters of Perpetual Indulgence (SPI) is a charity and street performance organisation founded in 1979 which uses religious imagery to raise money for AIDS, LGBT-related causes and mainstream community service organisations
THE EXECUTIVE chairman of the Shacolas Group, Nicolas Shacolas, yesterday announced that his family and the Shacolas Group will collaborate to ensure needy primary school pupils are fed next year. According to an announcement, a committee chaired by former health minister Charis Charalambous has been set up to liaise with the education ministry and find ways to implement the feeding programme for one year. The project will commence on the return of primary children to their schools in the new year. A Shacolas Group source said no decision had been taken yet on what constitutes a poor child or how one could ascertain that they are adequately fed. The exact size of the philanthropic contribution in terms of euros, the number of children to be included and other detailed issues will be examined by the committee in the coming weeks, before children return to school in early January, he said. The chairman and board of the Cyprus federation of parents of primary school children yesterday welcomed the announcement, noting that a large number of families are in “a very difficult financial position” as a result of the ongoing economic crisis. DISY leader and presidential candidate Nicos Anastasiades hailed the long-standing charitable activities and sensitivity of Nicos Shacolas. Anastasiades expressed hope that others would follow his example, “since in this period, our society has a great need for the magnanimity and generosity of its philanthropist members”.