Cyprus Mail www.cyprus-mail.com
Saturday, October 20, 2012
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CYPRUS
SPORT
REPORTAGE E
Big push to attract tourists from China
Spurs’ Villas-Boas looking to avenge his Chelsea exit 32
1,000 boats and lunch for 8.5m: the Queen’s Jubilee year
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Tomorrow in
FREE with your Sunday Mail Culture Growing popularity on the island of life in the bike lane
Deal ‘as soon as is possible’ Christofias denies dragging his feet on bailout, which will now be soon By George Psyllides and Michele Kambas
C People Meeting Nobel laureate and dedicated scientist Tim Hunt
Beauty Oils that will give your skin a better glow than pricey creams
Whatson Admire the paintings of El Greco in ongoing exhibition
Competition Win dinner for two at Fanous restaurant
centre
YPRUS wants the eurozone’s ESM bailout fund to be able to recapitalise its banks directly, it said yesterday. Finance Minister Vassos Shiarly told reporters Cyprus wanted to be able to transfer any assumed debt for the recapitalisation of its banks to the European Stability Mechanism, once it became active. The issue would be of crucial importance to the island in its negotiations with international lenders, he said. “This will be one of our firm demands in the final discussions with the troika,” Shiarly said, referring to lenders from the European Commission, the International Monetary Fund and the European Central Bank. “It is crucial for Cyprus.” Some estimates put
the bill for recapitalising banks at €15 billion - almost equalling Cyprus’s €17 billion GDP and raising questions about debt sustainability. President Demetris Christofias yesterday, denied that his government had been dragging its feet on a bailout saying Cyprus wanted to sign a deal with international lenders “as soon as possible”. Asked if pressure was mounting on Nicosia to sign, Christofias said “we want to sign the memorandum as soon as possible. It’s not a matter of pressure, it’s life that is pressing.” Speaking at a news conference in Brussels following the European Council meeting, the president denied suggestions the government was deliberately delaying. “I want to make it clear that as a government we neither tried
Firemen and experts in hydrocarbon leaks from oil company Petroleos Mexicanos (PEMEX) try to extinguish massive flames after the explosion of a gas pipeline in the
municipality of Zapotlanejo, in the Mexican state of Jalisco yesterday. The explosion affected several towns and 400 people were evacuated (EPA)
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Germany’s Merkel raises new hurdles to European banking union GERMAN Chancellor Angela Merkel raised new hurdles yesterday to using the eurozone’s rescue fund to inject capital directly into ailing banks from next year, dashing Spain’s hopes of soon removing the cost from its strained national debt. Merkel’s move limited the impact of a key decision by European
Union leaders struggling to overcome a three-year-old debt crisis in the 17-nation currency area - an overnight agreement to establish a single banking supervisor from next year. Spanish Prime Minister Mariano Rajoy, who received a eurozone pledge in June of up to €100 billion to recapitalise a banking sector
hit by a burst real estate bubble, said he had still had not decided whether to request a sovereign bailout. EU leaders agreed at a two-day summit that the European Central Bank will take responsibility for overseeing eurozone banks from next year, but Merkel said it would take time for the new supervisor to
be fully effective. She made clear that this would not lead to the bloc’s European Stability Mechanism (ESM) rescue fund taking over liability from member states such as Spain for past bank rescues, and she posed extra conditions that some diplomats said seemed designed to ensure there
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