Cyprus Mail www.cyprus-mail.com €1
Wednesday, July 4, 2012
CYPRUS
WORLD
SHOWBIZ
Curium opening
Can ‘Chavismo’ outlast Venezuela’s Chavez?
New film takes ‘warts and all’ look at Katy Perry
ceremony a sore point for some
centre
6
12
Trawling through island’s finances Team of 30 troika members due to meet Finance Minister Shiarly By Elias Hazou
T
HE TROIKA team in Cyprus yesterday began scrutinising the books of the troubled banking sector and of the cash-strapped central government, as the Finance Minister seemed to hint that a bilateral loan was redundant now that the government has formally requested an EU bailout. Experts from the troika - the body made up of the European Commission, the European Central Bank and the International Monetary Fund – held successive meetings at the Central Bank with banking and government officials. Director of the Social Insurance Services (Labour Ministry) Theofanis Tryfonos gave newsmen the impression that his meeting with the troika was routine: “We were asked to explain how the some 1,800 provident funds are being invested, what checks are in place and how frequently these checks are carried out.” Tryfonos went on to say the troika “is not concerned with the investments by the Social Insurance Fund, because this is something practiced by other countries and, in fact, in other countries the amounts
owed to the fund are far greater than they are in Cyprus.” Victoria Natar, Superintendent of the Insurance Companies Control Service (Finance Ministry) said she briefed the troika on the procedures by which the Bank of Cyprus sold subsidiaries. Should any mergers or closures of companies furnishing insurance services prove necessary, this would occur in the near future, she added. The government needs at least €2.3 billion to help recapitalise its two largest commercial lenders, Bank of Cyprus and the Popular Bank. But reports suggest that an EU bailout – which would also cover the government’s fiscal needs – could reach €10 billion. The civil service payroll is the largest single drain on public finances. In a statement, the Finance Ministry stressed that the troika’s mission “is purely of an exploratory nature, and no negotiations or discussion of measures shall take place at this time.” Today the delegation – which comprises more than 30 experts – will see Finance Minister Vassos Shiarly. Later in the day they meet the oppositioncontrolled House Finance
TURN TO PAGE 5
Fire destroys over two square kilometres in the Akamas
A model presents a creation for Giorgio Armani Prive during the Haute Couture FallWinter 2012-2013 collections in Paris (AFP)
OVER two square kilometres of land were destroyed in a blaze that swept through the Akamas region in Paphos yesterday. Authorities suspect arson. It took over 150 men, 35 fire engines and eight helicopters to put out three separate fires. According to Andreas Christou, a forestry department spokesman, the blaze began at around 9am close to the five-star Anassa Hotel. “The strong winds fanned the fire causing it to spread and leap into two separate prongs. One moved towards Neo Chorio and the other west, towards the state forest of the Akamas,” he said. The Akamas peninsula is home to numerous species of flora, fauna, bird and wildlife. ”At 4pm, a new fire started about two to three kilometres away from the first blaze,” said Christou. The second fire was in the Lara Bay area, where protected sea turtles lay their eggs. A third fire broke out between the Tala and Emba but was quickly brought under control. After the fires were brought under control last night, Christou said fire fighters would remain in the area all night as monitors. “A fire initially broke out in the Neo Chorio area in Akamas and then a second one broke out in the Lara area, which reinforces suspicions that the fires were set maliciously,” said Christou.