country:cyprus

  • Daily chart: Growing pains | The Economist

    http://www.economist.com/blogs/graphicdetail/2014/01/daily-chart-0

    The euro area celebrates its 15th anniversary with its 18th member

    WHEN Europe’s single currency was born in 1999 it could never have anticipated such a troublesome four years. Since 2010 bail-outs of Greece, Ireland, Portugal and Cyprus have been followed by severe austerity, economic upheaval and political fractions across the euro area. In 2014 Latvia becomes the 18th member of the currency bloc. Ireland will exit the bail-out programme, though Greece, Portugal and Cyprus are likely to require additional funds (ie: another bail-out).

    Meanwhile Germany’s faith in the project remains strong—that may be because it has been one of the largest beneficiaries. GDP per person has risen by over 20% in Germany since 1999; that contrasts sharply with a 3% decline in Italy. Full article here.

    #europe #euro #pnb

  • Comment les sociétés de conseil manipulent la gestion des pays européens en crise

    EUobserver.com / Economic Affairs / Troika consultancies : A multi-million euro business beyond scrutiny
    http://euobserver.com/economic/122415

    Alvarez and Marsal, BlackRock, Oliver Wyman, Pimco: The names mean nothing to the average European.

    But the financial consultancies have played a central role in all the eurozone bailouts and have so far invoiced taxpayers in Cyprus, Greece, Ireland, Portugal and Spain over €80 million.

    Their “independent” expertise is used by the “troika” of international lenders - the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF) - to decide how much countries or banks need to prevent a default.

    They are often hired without a public tender, posing questions on transparency and accountability.

    ...

    Why do they do it?

    The question arises as to why these firms keep on being hired and what motivates them to seek troika-related work.

    Neither BlackRock, Oliver Wyman, Pimco or any of the other consultancies and audit firms were available for comment.

    But Constantin Gurdgiev, a finance lecturer at Trinity College Dublin, says lack of expertise in central banks is one reason.

    He told EUobserver that “during the pre-crisis boom in credit creation, national central banks of countries with rapid credit expansion lost core personnel competencies and skills to staff migration to the private financial services providers.”

    He added that the remaining staff “often performed mechanical tasks of collating and repackaging” data submitted by banks, but “lost the key skills to actively investigate banks’ balance sheets or draw up business performance models.”

    The troika’s demand for data and for management of crisis reforms were more than central banks could supply.

    Hiring big names in the consultancy business also lent governments in bailed-out countries more credibility, especially in financial markets.

    The “external validation” of the US firms gave the banking loss estimates a “perceived objectivity” which markets could live with, Gurdgiev said.

    Richard Boyd Barrett, a left-wing Irish MP who tabled several parliamentary questions on BlackRock Solutions, is more cynical.

    He told this website the major consultancies and auditors are “part of the same golden circle of bankers and government officials that caused the financial crisis in the first place.”

    Another source said the consultancies’ main motive is not multi-million euro fees, but “contact” with government people.

  • #Cyprus talks prospects dim during diplomatic visit
    http://english.al-akhbar.com/content/cyprus-talks-prospects-dim-during-diplomatic-visit

    The prospects of a resumption of Cyprus peace talks dimmed Sunday after Turkey’s foreign minister pressed Greek Cypriots to initiate any breakthrough during a visit to the breakaway north. Turkey’s Ahmet Davutoglu called on the Greek Cypriots to make “positive” contributions to revive the UN-backed talks aimed at reunifying Cyprus, in remarks on Saturday before meeting Turkish Cypriot leader Dervis Eroglu. read more

    #Top_News

  • Return of #Cyprus talks seems «imminent,» Turkish official says
    http://english.al-akhbar.com/content/return-cyprus-talks-seems-imminent-turkish-official-says

    A handout picture released by the Cypriot Press and Information Office (PIO) shows Cypriot President Nicos Anastasiades, left, shaking hands with Turkish Cypriot leader Dervis Eroglu during a meeting in the United Nations Buffer Zone that separates the internationally recognized southern part of the island from the Turkish-occupied north of Cyprus on November 25, 2013. (Photo: AFP / PIO -Stavros Ioannides)

    A resumption of stalled Cyprus peace talks appears “imminent” after the divided island’s leaders made progress in resolving a standoff, a Turkish official said on Thursday. Hopes were high that the negotiations would resume last month but they have stuttered over the wording of a joint statement due to be made by the leaders of the Greek Cypriot and Turkish (...)

    #Top_News #turkey

  • #NSA, #GCHQ spy on Middle East via Cyprus: reports
    http://english.al-akhbar.com/content/nsa-gchq-spy-middle-east-cyprus-reports

    Protesters hold up placards as Director of National Security Agency (NSA) and Commander of US Cyber Command General Keith Alexander (L), Director of National Intelligence James Clapper (C) and Deputy Attorney General James Cole (R) arrive to testify before the House (Select) Intelligence Committee in Washington, DC, October 29, 2013. (Photo: AFP - Jim Watson)

    US and British spy agencies rely on a data transmission center in Cyprus to intercept phone and Internet (...)

    #Edward_Snowden #Espionage #privacy #Top_News

  • GAS FINDS IN THE EASTERN MEDITERRANEAN : GAZA, ISRAEL, AND OTHER CONFLICTS
    ANAIS ANTREASYAN
    http://www.palestine-studies.org/files/pdf/jps/11844.pdf

    GAS: A CASUS BELLI WITH LEBANON?

    Since the last Lebanon war ended in 2006, the most serious threats exchanged between Israel and its northern neighbor have probably been over gas. Not surprisingly, such threats did not emerge until Israel’s major gas finds in 2010. Responding to claims and accusations launched by members of the Lebanese government at the time, the Israeli government said it would defend its gas reserves with military force if necessary.57

    The dispute between the two states actually boils down to a disagreement over their common border, the so-called ‘‘blue line’’ traced by the United Nations after Israel withdrew its forces from southern Lebanon in 2000. Only a quarter of this line has been accepted by the parties,58 and since maritime borders begin where land ones end, disagreement over one inevitably leads to disagreement over the other.

    Moreover, at the time of the gas discoveries the exclusive economic zones (EEZs)59 of Lebanon, Israel, and Cyprus, which overlap, had not been demarcated.

    Maps provided by Noble Energy, Israel’s U.S. partner in the Leviathan and Tamar gas fields, show that both these fields are contained within the line drawn on the map to demarcate Israel’s EEZ from Lebanon’s, but the problem is that to date no such line has been legally established between the two states.60

    In the best of circumstances, the demarcation of maritime boundaries requires lengthy negotiations, and clear-cut legal precedents are lacking. In cases like this, where the parties are divided by conflict and officially still at war, negotiations are virtually out of the question, especially if the resources are exploitable in the short term. Instead, a ‘‘media war’’ over the gas issue was launched by Lebanese parliamentarians and political figures. Nabih Birri, the speaker of parliament, accused Israel in June 2010 of ‘‘racing to make the case a fait accompli’’ and presenting itself ‘‘as an oil emirate, ignoring the fact that, according to the maps, the deposit extends into Lebanese waters.’’61 The country’s energy minister accused Israel of ‘‘aggressive intentions towards our resources,’’62 and the head of Hizballah’s executive council, asserting that the deposits were under Lebanon’s seabed, warned Israel against ‘‘looting’’ the country’s wealth.63

    Political maneuvers followed. In July 2010, Lebanon’s permanent representative to the UN announced his country’s intention to ask the UN to delimit the maritime borders between the two countries, as it had for the blue line.64 In January 2011, the Foreign Ministry asked the UN to bar Israel from drilling in the shared waters between Israel and Lebanon.65 Shortly thereafter, a UN official announced that his organization was prepared to assist Lebanon in the process of drawing its maritime borders with Israel.

    Meanwhile, on 17 August 2010, the Lebanese parliament passed a law (which had been on hold for years) authorizing the exploration of offshore gas by foreign companies. With the way now open for drilling, Lebanese prime minister Saad Hariri traveled to Cyprus the following month to sign an agreement delimiting the two countries’ shared EEZ.66

    On the Israeli side, in June 2010 the infrastructure ministry, backed by its partners in the gas venture, reaffirmed that the fields lay within Israel’s maritime space and declared Israel’s readiness to use force to defend its offshore infrastructure.67 A Knesset delegation comprising members of its Defense and Foreign Affairs Committee soon visited an extraction site to evaluate its defendability. The head of the committee declared that ‘‘the more Israel succeeds in decreasing its dependence on external gas sources,’’ the more it should be prepared for terrorist attacks on its strategic energy infrastructure,68 but in fact preparations had not been neglected. The Israeli navy, responsible for protecting the Tamar and Leviathan fields, had already come up with a comprehensive plan covering drill ships, platforms, and pipelines, now estimated to cost some $760 million annually.69 In summer 2012 Israel’s Defense Ministry approved an expanded plan to protect the fields.70 The ‘‘Iron Dome’’ anti-missile system introduced in March 2011 can also be deployed to defend the gas exploitation facilities.

    Meanwhile, the Russian energy giant Gazprom has reportedly proposed its services to Lebanon, and China is a potential buyer.71 According to one commentator, ‘‘For now, any dispute between the two countries is confined to media sound bites and parliament chambers. But if exploration and development does get underway, it’s not hard to imagine things going badly if the countries’ tenuous ceasefire—following the 2006 hostilities between them—were to fall apart.’’72

  • #Latvia Set to Join #Euro Zone and Become a New European Tax Haven - SPIEGEL ONLINE
    http://www.spiegel.de/international/europe/latvia-set-to-join-euro-zone-and-become-a-new-european-tax-haven-a-910610.ht

    Latvia will become the common currency area’s newest member in January 2014 — the same time that new tax laws go into effect allowing the country to compete with the likes of Cyprus and Malta. This could further destabilize the European economy.

    (...) Riga’s planned reform has been designed to transform Latvia into the euro-zone’s next tax haven. And it highlights the degree to which rhetoric and reality diverge in the European Union.

    Ever since the International Consortium of Investigative Journalists (ICIJ) exposed the vast scale of tax evasion undertaken by multinationals around the world, the European Commission has made combating financial trickery a top priority. Theoretically, at least. In practice, exactly the opposite has happened. “Instead of eliminating established tax havens, we have added a new one to the euro zone,” says Sven Giegold, a financial expert with the Green Party in the European Parliament.

    #lettonie #union_européenne #paradis_fiscal

    • Je n’ai toujours pas bien compris pourquoi la Roumanie, la Bulgarie et la Croatie n’avaient pas tenté cette stratégie pour leur developpement. Après tout, le Luxembourg, l’Irlande, l’Espagne et le Portugal l’ont fait, chacun à leur manière.

  • New PICUM report puts spotlight on poverty of migrant children in the EU

    BRUSSELS, 20 June, 2013 - On the occasion of the meeting of the Employment, Social Policy, Health and Consumer Affairs Council (EPSCO) in Luxembourg today, PICUM launches a new report calling on the ministers to address the poverty and social exclusion faced by #children who have, or whose parents have, an irregular migration status.

    PICUM’s report “Child poverty and well-being: Spotlight on the situation of migrant children in Cyprus and the EU” outlines the specific vulnerabilities of migrant children and relevant good practices, in order to inform developments on both European and national levels. The report is the result of a roundtable held by PICUM in partnership with the Commissioner for Children’s Rights in Cyprus, the Office of the European Parliament in Cyprus, Eurochild, and KISA, Action for Equality Support and Antiracism in Cyprus on 17 October 2012, prior to a high-level conference on child poverty and well-being, organised by the Cypriot Presidency of the European Union.

    Taking the example of the situation in Cyprus, the report identifies major challenges that migrant children face across the EU such as the length of administrative procedures for asylum, lack of access to legal representation, restrictions on accessing services and the gap between rights and entitlements on paper and in practice.

    “We know the crisis and austerity measures are having a devastating effect on children and families across Europe. Children with a migrant background are among the most vulnerable, especially when their parents are in precarious employment or they are undocumented. Children only have one childhood. And that experience will shape their chances throughout the life-course,” Jana Hainsworth, Secretary General of Eurochild, emphasized.

    The situation of undocumented migrant children is a particular concern. Due to their irregular residence status, or the irregular status of their parents, many children face severe restrictions in accessing essential services, such as education and health care, and are at risk of poverty, social exclusion and exploitation. Changes need to be enacted to respect children’s rights and to realize a Europe of equality and prosperity. Today, Ministers from the 27 EU Member States meet to discuss the European Commission’s Social Investment Package for Growth and Cohesion (SIP) launched in February this year, and the European Commission’s Recommendation “Investing in children: breaking the cycle of disadvantage”, as part of the package.

    The European Commission recommendation is a welcome step, recognizing children as individual rights holders and the need to prioritise integrated social investment in children, particularly in times of crisis. With access to quality services as one of the central pillars of the Recommendation, member states are urged to ensure health care services are adapted to ensure undocumented children can enjoy their right to health. Limiting the human rights of undocumented children and denying access to essential services does not reduce the numbers of irregularly staying migrants but causes great individual harm and exacerbates social inequalities to the detriment of individuals, families and communities alike.

    http://picum.org/picum.org/uploads/publication/FINAL_Roundtable%20on%20Child%20poverty%20and%20well-being%20of%20migrant%20c

    #migration #enfants #pauvreté #EU #PICUM #sans-papiers

  • Cyprus Crisis Sparks Lebanese Bank Anxiety
    http://english.al-akhbar.com/content/cyprus-crisis-sparks-lebanese-bank-anxiety

    Bankers who had hoped that Lebanon would be spared the repercussions of the crisis in Cyprus would soon be disappointed.

    At the last monthly board meeting of the Association of Banks in Lebanon, the governor of Banque du Liban, Riad Salameh, rejected the Central Bank of Cyprus’ (CBC) suggestion that foreign parent banks provide guarantees equivalent to 20 percent of their deposits in Cypriot branches.

    If the Cypriot measures are passed, estimates reveal that the guarantees required of Lebanese banks operating in Cyprus would amount to 500 million Euros ($655 million). Lebanese banks operating in Cyprus have been caught in the crossfire, specifically 11 banks with deposits worth 2.5 billion Euros ($3.2 billion).

  • Save the Children’s annual State of the World’s Mothers report 2013- http://blogs.savethechildren.org.uk/2013/05/democratic-republic-of-congo-worst-place-to-be-a-mum

    Le Royaume-Uni se place derrière des pays beaucoup moins riches,

    The UK comes 23rd on the list, with fewer women in Parliament and higher maternal and infant mortality rates than much of Europe.

    According to the statistics, the UK now has a higher rate of under-five child death than 21 other European countries, including countries with lower GDPs such as Cyprus, Portugal and Czech Republic.

    Women in Britain are at a higher risk of dying during pregnancy or childbirth than women in less wealthier countries like Slovakia, Montenegro and Lithuania.

    Some of the reasons behind Britain’s relative low position on maternal and infant mortality include:

    – the age of women having babies – due to teenage and IVF pregnancy rates, the UK has a higher proportion of young and older mothers than much of Europe

    – the poor health status of some pregnant women, including suffering from obesity or cardiac disease

    – poverty and inequality – women with partners who are unemployed are six times more likely to die from maternal causes than those with partners in work.

    Les États-Unis font pire et se placent 30ième,
    http://www.savethechildren.org.uk/sites/default/files/images/State_of_World_Mothers_2013.pdf (page 67)

    Why doesn’t the United States do better in the rankings?

    The United States ranks 30th on this year’s Index. Although the U.S. performs quite well on educational and economic status (both 10th best in the world) it lags behind all other top-ranked countries on maternal health (46th in the world) and children’s well-being (41st in the world) and performs quite poorly on political status (89th in the world). To elaborate:
    • In the United States, women face a 1 in 2,400 risk of maternal death. Only five developed countries in the world – Albania, Latvia, Moldova, the Russian Federation and Ukraine – perform worse than the United States on this indicator. A woman in the U.S. is more than 10 times as likely as a woman in Estonia, Greece or Singapore to eventually die from a pregnancy- related cause.
    • In the United States, the under-5 mortality rate is 7.5 per 1,000 live births. This is roughly on par with rates in Bosnia and Herzegovina, Qatar and Slovakia. At this rate, children in the U.S. are three times as likely as children in Iceland to die before their 5th birthday.
    • Women hold only 18 percent of seats in the United States Congress. Half of all countries in the world perform better on this indicator than the U.S. Sixteen countries have more than double this percentage of seats occupied by women. In Finland and Sweden, for example, women hold 43 and 45 percent of parliamen- tary seats, respectively.

  • ECB indicates south Europeans can endure more austerity – The European Sting | Les #faisans!
    http://europeansting.com/2013/04/10/ecb-indicates-south-europeans-can-endure-more-shock-therapy

    According to a European Central Bank report which was published yesterday, the average household in south European countries like Cyprus, Greece, Spain and Italy possess more net wealth than their peers in the north (net wealth is defined as the difference between total assets and total liabilities). The obvious conclusion is that they can endure more austerity and shock therapy measures. For example the study finds that the mean net wealth of a Cypriot household is €670,900, of a Spanish one €291,400, of an Italian € 275,200, in comparison to only €195,200 in Germany, in the Netherlands € 170,200 and in Finland just €161,500. The authors of the report note that, “The data for Cyprus appear not to be comparable with those for other euro area countries in a number of dimensions and should therefore be interpreted with caution. However, once the above mentioned factors are accounted for, the net wealth figures for Cyprus appear less of an outlier”.

    • Hallucinant ! pour financer l’austérité, ils n’ont qu’à taper dans leur (riche) patrimoine.

      Comme celui-ci a de grandes chances d’être essentiellement immobilier, ça va permettre aux (pauvres) nordiques de pouvoir se procurer des pieds-à-terre au soleil.

      Par ailleurs, la comparaison entre moyenne (671 k€) et médiane (267 k€) à Chypre montre que la distribution est très dissymétrique.

  • Landscapes of the Green Line of Cyprus: Healing the Rift.

    http://www.nakedpunch.com/articles/73

    by Dr. Anna Grichting

    The UN controlled Green Line occupies approximately 3% of the land mass of the island of Cyprus. Frozen in a military status quo for the past 35 years, this strip of land swallows up abandoned rural villages, agricultural lands that lie fallow, and stone buildings that crumble in the historic city of Nicosia. On the up side, this landscape has escaped the construction boom on both sides of the Green Line, meadows have recovered from the contamination with pesticides and artificial fertilizers, hillside forests have been preserved, and wildlife has been allowed to flourish. Similar to other military buffer zones worldwide, the most salient example being the Korean Demilitarized Zone, the Green Line has, due to its isolation, become really “green”, that is, it has become a haven for biodiversity. The year 2010 being the International Year of Biodiversity - as designated by the United Nations - as well as the 50th anniversary of the foundation of the Republic of Cyprus, leads us to reflect on how this UN controlled Buffer Zone, could be transformed from a military dividing line into a new landscape of cultural and biological diversity[1], and this through a process that brings together the communities on both sides in a common project for an ecologically and socially sustainable future.

    #frontières #murs #chypre

  • C’est en toute connaissance du caractère parfaitement insoutenable des pratiques prédatrices des banques chypriotes que l’Europe a invité Chypre dans la zone Euro, et donc, en toute connaissance du caractère spéculatif de son économie et du bail-out à venir :

    In a so-called convergence report dated 2007, one year before Cyprus joined the eurozone, the ECB mentioned the large influx of capital.

    “Much of the financing of the deficits in the combined current and capital account over the past two years has also come from capital inflows in the form of ’other investment,’ comprising non-resident deposits and loans,” the report says.

    “Other investment inflows amounted to a sizeable 11.3 percent of GDP in 2006. Since capital inflows exceeded the current and capital account deficit between 2004 and 2006, Cyprus experienced an accumulation of official reserve assets in this period,” it adds.

    http://euobserver.com/institutional/119531

  • The Austrian finance minister, Maria Fekter, described Britain as “the island of the blessed for tax evasion and money laundering” in an interview with her country’s Kurier newspaper on Thursday (11 April).

    Comparing the UK and its “protectorates” - micro-states subject to British law - to Cyprus in terms of hosting secretive foundations and trusts, she noted: “Just as we urged the abolition of sealed foundations in the Cyprus rescue to drain the money laundering swamp, we must demand the same of the United Kingdom.”

    She added: “We want a trust registry for the Channel Islands, but also for countries where British law applies, such as the Cayman Islands, the [British] Virgin Islands or Gibraltar … These are all areas that are havens for tax evaders.”

    http://euobserver.com/economic/119781

  • European Union imposes austerity bailout on Cyprus - World Socialist Web Site

    http://www.wsws.org/en/articles/2013/04/09/cypr-a09.html

    The loan terms dictated to Cyprus by the troika of the European Union, European Central Bank and the International Monetary Fund (IMF) are predicated on the destruction of the pay and conditions of the working class and an onslaught against vital social and welfare programs.

    After the IMF finalised its €1 billion (US$1.3 billion) portion of the recent €10 billion loan to Cyprus, IMF Managing Director Christine Lagarde said in a press release, “This is a challenging program that will require great efforts from the Cypriot population. We believe that it provides a durable and fully financed solution to the underlying problems facing Cyprus and provides a sustainable path toward a recovery.

    #chypre #crise

  • Il se révèle donc que les principaux oligarques russes ont pu vider leurs comptes bancaires chypriotes malgré les restrictions imposées par le gouvernement chypriote aux déposants ordinaires.

    Andrei Akimov, the head of Russia’s Gazprombank took €2mn out of his account in Cyprus Laiki bank on 6 March, while firms controlled by Ukrainian oligarch Rinat Akhmetov took out €23mn before the EU bailout imposed a haircut on depositors one week ago, according to Haravghi, a Cypriot communist-party-linked newspaper.

    http://euobserver.com/tickers/119670

    Cyprus president Nicos Anastasiades is facing pressure after media reports that a legal firm managed by his son-in-law transferred €21mn out of Laiki Bank days before its collapse.

    http://euobserver.com/tickers/119670

  • Statement on Cyprus by Olli Rehn European Commission Vice-President and #Christine_Lagarde, Managing Director of the International Monetary Fund
    http://reflets.info/statement-on-cyprus-by-olli-rehn-european-commission-vice-president-and-ch

    Le #Fonds_Monétaire_International vient de publier un communiqué de presse que nous nous permettons de commenter, parce qu’il est plein de #Lulz… Press Release No. 13/102 April 3, 2013 The Cypriot authorities have put forward a multi-annual reform programme to address the economic challenges facing the country. Its goals are to stabilize the financial [...]

    #A_la_Une #Economie #Monde #Chômage #Chypre #featured #FMI

  • Cyprus’s Imminent Collapse — The American Magazine

    http://www.american.com/archive/2013/march/cypruss-imminent-collapse

    Cyprus’s Imminent Collapse

    By Desmond Lachman 27/03/2013 03:00

    Any calm bought by the IMF-EU bailout package for Cyprus will be short-lived. Cyprus is all but certain to experience an economic collapse over the next two years, and the country will again question whether it should remain in the euro.

    One has to pity Cyprus. It is all but certain to experience an economic collapse over the next year or two at least on the scale of that recently experienced in Greece. Cyprus is being subjected by its European partners to the same recipe of severe fiscal austerity within a euro straitjacket that produced an economic depression in Greece. It cannot devalue its currency as a means to boost its tourist sector, and must also cope with the imminent collapse of its financial sector, which is overly dependent on catering to Russian depositors.

    #chypre #crise-bancaire

  • Never mind Cyprus – look to Germany for causes of the euro crisis | The Raw Story
    http://www.rawstory.com/rs/2013/03/27/never-mind-cyprus-look-to-germany-for-causes-of-the-euro-crisis

    L’équipe de Hollande est incompétente ?

    ...On 14 March Draghi made a presentation to heads of state and government on the economic situation in the euro area. His intent was to show the real reasons for the crisis and the counter-measures needed. In this he succeeded – although not in the way he intended.

    Draghi presented two graphs that encapsulate his central argument: productivity growth in the surplus countries (Austria, Belgium, Germany, Luxembourg, Netherlands) was higher than in the deficit countries (France, Greece, Ireland, Italy, Portugal, Spain). But wage growth was much faster in the latter group. Structural reforms and wage moderation lead to success; structural rigidities and greedy trade unions lead to failure. QED.

    According to the Frankfurter Allgemeine Zeitung, which reported the affair approvingly, the impact of Draghi’s intervention was devastating. François Hollande, the French president, who had earlier been calling for an end to austerity and for growth impulses, was, according to the newspaper, completely silenced after the ECB president had so clearly demonstrated, with incontrovertible evidence, what was wrong in Europe – or rather in certain countries in the eurozone – and what must be done.

    Things are not as they seem, however. Draghi’s presentation contains a simple but fatal error – or should that be misrepresentation? ...

    (...)

    If Hollande had been aware of this, he need not have been silent at all. On the contrary, he could have pointed out that his country almost perfectly fits this benchmark: on Draghi’s chart, the gap for France is about 32%. Similarly, the figure of 28% would need to be subtracted from the supposed competitiveness gaps of the other deficit countries, substantially reducing – although not eliminating – them.

    Moreover – and this is the key point – using the correct figures transforms Germany from the wage-productivity paragon, as portrayed by the central bank, into what it really is: a country that has systematically undershot the stability norm for balanced growth in a monetary union, and thus been a major contributing factor to the crisis.

  • Chypre : paradis européen de l’entourloupe fiduciaire made in France, aussi nommé « produit structuré » chez les banksters :

    In May 2007, a large French bank approached me with an emailed proposition: “Bank of Cyprus plans to organize a pensions conference in Cyprus…as a long-standing partner of Bank of Cyprus, XYZ Bank is invited to participate to the conference and discuss about the benefits of non-traditional investment strategies to enhance pension fund positions…we were thinking that it would be great to have you participating to the conference and present your views on what you see in Europe and the potential benefits of structured solutions”.

    http://www.nickdunbar.net/articles/cyprus-land-of-the-structured-product

  • Russian Ties Put Cyprus Banking Crisis on East-West Fault Line - NYTimes.com

    http://www.nytimes.com/2013/03/24/world/europe/russian-ties-put-cyprus-banking-crisis-on-east-west-fault-line.html

    LIMASSOL, Cyprus — Andreas Marangos, a Porsche-driving lawyer here, had just woken up when he heard the news that threatened to destroy his and Cyprus’s most lucrative business: setting up shell companies and providing financial services for wealthy Russians.

    #chypre #russie #crise-bancaire

  • Cyprus to face savage cuts and economic dictatorship - World Socialist Web Site

    http://www.wsws.org/en/articles/2013/03/23/cypr-m23.html

    Cyprus to face savage cuts and economic dictatorship
    By Jordan Shilton and Chris Marsden
    23 March 2013

    Cyprus’ fate illustrates how the European Union imposes the dictatorship of the global speculators, banks and corporations on the working class. The EU yesterday continued to demand massive austerity in Cyprus to raise €6 billion ($7.8 billion) in return for a €10 billion bank bailout.

    #chypre #crise-bancaire #europe #bce

  • Church Times, the leading Anglican magazine:

    THE sole Anglican cathedral in the Gulf, St Christopher’s, in Manama, the capital of Bahrain, celebrated its diamond jubilee last weekend. A special service was held on Sunday, at which the preacher was the Bishop of Cyprus & the Gulf, the Rt Revd Michael Lewis. St Christopher’s was consecrated in 1953, and became a cathedral in 1986.

  • Dans l’affaire Magnitsky, les justices autrichiennes, finlandaises et chypriotes suivent la position russe de classer l’affaire, dans l’indifférence européenne la plus totale http://euobserver.com/magnitsky/119042

    "He noted that Lithuania and Switzerland have frozen bank accounts and that Cyprus, Estonia, Latvia and Moldova have opened criminal proceedings on the back of the same information he gave to Austria.

    “How could Austria come to a different conclusion than six other law enforcement agencies based on the same evidence?” he told this website."