The Ministry of Finance proceeds today to the auction of three – year Government Registered Development Stocks (GRDS). The issuance of the GRDS is January 4, 2012 and maturity date January 2015. The GRDS’s nominal rate will reach …
Cyprus` contribution to the International Monetary Fund (IMF) will amount approximately to 460 million euro, if these funds are needed for the IMF to financially support Eurozone member states, according to the decisions of the recent EU Summit, Fina…
The Central Bank of Cyprus has revised downwards its projections regarding the growth rate of the Cypriot economy, forecasting a marginal growth of GDP by 0.3% in 2011 and zero growth in 2012 due to the negative financial environment. The CBC str…
The government has taken all necessary and decisive measures for the fiscal consolidation of the economy and at the moment there is no reason for concern, the Ministry of Finance has said. In a statement issued Friday following Fitch Ratings&rsqu…
Inflation rate declined 2,9% in August, compared to 3,7% in July 2011. According to Cyprus Statistical Service data published Thursday, the rate of increase of the Consumer Price Index, and therefore the rate of inflation for August 2011 dropped to 2…
The House of Representatives of the Republic of Cyprus approved the first of two packages of austerity measures aiming at fiscal consolidation. Specifically, the House approved six bills and one proposal which included a two-year (instead of thre…
The Cyprus Government is fast running out of time in dealing with the austerity measures it must implement in order to stave off more credit agency downgrades, and the possibility of a bailout. The predicament the Cyprus government faces, is that…
Government Spokesman Stephanos Stephanou has called on the political parties to vote in favour of the package of measures on the economy, so that the second package could be promoted, sending strong messages to international markets, which in turn wo…
US-China relations have taken a knock as Beijing loses patience over Washington's inability to agree a debt-ceiling plan. As America's largest creditor, China could be left holding the bag if the US defaults on its debt at the beginning of August. …
The International Monetary Fund (IMF) has called on US to act urgently to raise the country's debt ceiling. They also called for a solution to reduce the US deficit over the medium term. The US risks default on its £8.7tn debt without a deal …