financial mirror may 8 - 14

May 8 - 14, 2013

2 | NEWS | financialmirror.com

DAX hits record as Europe ralliesRobust results from heavyweight banks drove

European shares to fresh peaks on Tuesday, withGermany’s benchmark stock market rising to a recordhigh.

Most investors felt European equities would continueto rise gradually this year, even if there was a near-termpause to the rally, with equities offering better returnsthan bonds, whose returns have been hit by interest ratecuts by major central banks.

The pan-European FTSEurofirst 300 closed up 0.3% at1,220.94 points, its highest in five years, while higherprofits at HSBC helped the STOXX Europe 600 BankIndex rise 2%.

Germany’s DAX ended up 0.9% at a record closing highof 8,181.78 points. The index had earlier reached an all-time intraday peak of 8,206.01 points.

The euro zone’s blue-chip Euro STOXX 50 alsoadvanced 0.7% to 2,769.08 points, its highest close in twoyears.

Hendrik Klein, who runs Swiss asset management firmDa Vinci Invest AG and has a “long” position betting onfurther gains for European equities, felt the DAX couldreach 9,000 points by the end of 2013.

“I don’t think it’s the end of the rally,” said Klein.The FTSEurofirst 300 has risen 8% since the start of

2013, while the Euro STOXX 50 has advanced 5%.

The ECB last week cut interest rates to a record low of0.50%, and some traders felt that backdrop of central banksupport would prevent any major pull-back on stock mar-kets.

The DAX’s rise also pushed the German market back tolevels last seen in mid-2007, before the onslaught of theglobal financial crisis in the following year.

However, Darren Courtney-Cook, who heads trading atCentral Markets Investment Management, argued thatinvestors who bought into markets such as the DAX atcurrent levels risked buying “at the top” and could beexposed to any short-term retreat as investors sell sharesto book profits on gains made so far.

Deflation comes fast for CyprusThe severe financial crisis that started with the Eurogroup

meeting on 15th March appears to have led to almostimmediate deflation in Cyprus, with the consumer price indexdropping over the year earlier by 0.3% in April.

Compared with the previous month, prices fell by 0.5%. The Statistical service said that this was mainly due to

decreases in the prices of electricity, certain fresh vegetables,petroleum products and rents.

It is also known that coffee shops and bakeries slashed priceson popular items in an effort to retain customers.

For the first four months of the year the CPI rose by 1.0%compared with the corresponding period of 2012.

Deflation has come faster to Cyprus than Greece, whichexperienced its first deflation since 2008 only in April,according to EU-harmonised consumer price inflation data.

The EU-harmonised rate for Cyprus shows a small increaseof 0.1% in April.

Other bailout countries such as Ireland and Portugal wereseveral months into the crisis before they saw deflation.

www.sapientaeconomics.com

Euro zone sentiment rises as Italy, Cyprus worries ease

Euro zone sentiment improved in May as investors’ views onthe outlook for the currency bloc steadied following two monthsof declines sparked by uncertainty in Cyprus and Italy.

Sentix research group said on Monday its monthly indextracking investor sentiment in the 17-nation currency bloc roseto -15.6 in May from -17.3 in April, just short of the consensus ina Reuters poll of economists for -15.2.

“While investors’ assessments of the economy for the eurozone are stabilising, those for Germany are clouding a little, albeitat a significantly higher level,” Sentix said in a statement.

Sentix said an inconclusive election result in Italy and aninternational rescue package for Cyprus had weighed on the eurozone index in the previous two months.

A right-left government finally took power in Italy in late April,some two months after the election there, while in Cyprus theparliament approved the painful bailout plan.

A sub-index of euro zone expectations rose to 2.8 from 0.5 inApril, while the index on Germany fell to 15.2 from 17.6 in April.

While Germany - Europe’s largest economy - initially wardedoff the three-year old euro zone debt crisis, it contracted in thefinal quarter of last year. The government now sees growth of just0.5% for 2013.

“It must be noted that the index for Germany at 15.2 movesat a much higher level than that for the euro zone at -15.6,”Sentix said. “But ... investors are becoming aware again of thefact that Germany is not an island within the euro zone.”

CONSUMER PRICE INFLATION APR JAN-APR

% change over same period of previous year

Food & non-alcoholic beverages 0.5 0.2

Alcoholic beverages & tobacco 8.1 9.8

Clothing & footwear -6.9 -3.2

Housing, water, electricity & gas -2.0 1.9

Furnishings, household equipment & supplies -0.7 -0.3

Health -1.8 -0.9

Transport 1.0 3.6

Communication 0.6 1.3

Recreation & culture 0.6 0.9

Education 0.7 0.8

Restaurants & hotels 0.6 0.7

Miscellaneous goods & services 1.1 1.1

General Consumer Price Index -0.3 1.1

Source: Cystat.

EC sees Cyprus in “deep recession”Cyprus will enter deep recession and face a rise in unem-

ployment, deficit and debt ratios, following a bailout agree-ment with the Troika of international lenders (EuropeanCommission, ECB, IMF) and accompanying austeritymeasures, the European Commission’s spring forecast saidFriday.

According to the report, the Cyprus economy will entera recession, with its GDP shrinking by 8.7% in 2013 and by3.9% in 2014.

The Commission report said the country’s deficit

reached 6.3% of GDP in 2013 while it is projected to go upto 6.5% this year and 8.4% in 2014.

Cyprus’ public debt stood at 85.5% of GDP in 2012, whilethis is expected to climb to 109.5% in 2013 and to 124% in2014.

The economy in recession is further expected to lead toincreased unemployment, from 11.9% in 2012 to 15.5% in2013 and to 16.9% in 2014. The rise is a result of shrinkingemployment rates, which contracted by 6.6% this year andis estimated to continue shrinking by 3.1% in 2014.

France, Germany to press Google on taxPoliticians in Germany and France say they will press for

Google to be quizzed on corporate income tax after a Reutersreport highlighted how the company employs sales staff in theUK while telling the tax authorities that sales are made fromIreland.

The report showed the company advertised for “sales” staffto “negotiate” and “close” deals, although a Google executivehad told parliament its London-based employees did not sell toUK clients. British MPs plan to call Google to testify again to aparliamentary committee to clarify what work it does inBritain.

Currently Google, which makes most of its money throughselling advertisements, has no taxable presence in France,Germany or Britain, allowing it to operate almost tax-free inthese countries.

Like Google UK, Google designates its French and Germanunits as providers of marketing and support services to GoogleIreland, which pays most of its turnover to an affiliate inBermuda; and gives the subsidiaries enough to cover theircosts and generate a small taxable profit.

In 2011, French tax authorities raided Google in an investi-gation of whether its Paris office does sales work, and the coun-try has asked the company for 1.7 bln euros in back taxes.

Pierre-Alain Muet, vice-president of the French NationalAssembly’s finance commission and a member of the rulingSocialist party, said he planned to quiz Google about the appar-ent inconsistencies when it appears before a parliamentary

committee this month looking into how multinationals struc-ture themselves to minimise tax bills.

“If this is true then it seems to me that the tax administra-tion can already intervene ... It would no longer be a case of fis-cal optimisation, but of an operation in a country that’s beingfalsely delocalised,” he told Reuters.

Philippe Marini, senator with the UMP centre-right opposi-tion, said the evidence from France would boost the case theFrench tax authority already has against Google.

Marini, who heads the Senate’s finance commission, haspushed for a tax on online advertising and ecommerce since2010.

In Germany, SvenGiegold, MEP for the GreenParty, said he would call onthe tax authority inHamburg, where GoogleGermany is based, to inves-tigate the company’saffairs.

Google should publiclyexplain the apparent dis-crepancy between the dif-ferent statements it hasmade about the nature ofits German unit’s business,he said.

May 8 - 14, 2013

financialmirror.com | CYPRUS | 3

Cyprus, Israel reiterate close tiesl Talks focus on energy cooperation, EastMed security

The leaders of Cyprus and Israel have reiterated the closeties between the two countries that improved in the 1990s andhave recently reached a new level after the discovery of oil andgas deposits in the eastern Mediterranean and the prospect forcooperation. But the rejuvenated relationship has also calledinto question the regional alliances, particularly the militarydiscipline with which one can describe Israel’s friendship withTurkey. The most common phrase during Nicos Anastiades’meetings with Prime Minister Benyamin Netanyahu, Israel’sPresident Shimon Peres and Knesset Speaker Yuli Edelsteinwas “we are friends”, as if the host government was making anextra effort to convince the visitors of their true intentions,without upsetting the quirky relationship that Tel Aviv haswith the Ottoman Republic.

Just before hopping onto a plane that would take him on a5-day trip to China, Netanyahu promised that Israel wouldcontinue to maintain good ties with Cyprus, regardless of itsnewly-rekindled relationship with Turkey. At a press confer-ence after the meeting, Anastasiades said that Israel andCyprus had “embarked on a strategically important dialoguewith a view at enhancing and further developing our bilateralties, which are founded on common principles and values.”

In an interview with Israel’s Channel Two, the Cypriot pres-ident said that he and Netanyahu had agreed, among otherthings, to cooperate on military projects to protect the gasfieldscommon to both countries. Netanyahu promised,Anastasiades said, that Israel would maintain relations withCyprus and work with the country to protect the offshore gasfields, regardless of any deals it makes with Turkey, or anythreats issued by Ankara.

The political declaration repeated what the DefenceMinisters of the two countries had said last week. Fotis Fotiousaid that during his meeting in Tel Aviv on Thursday with hisIsraeli counterpart, they also decided to set up technical com-mittees to promote defence issues and agreed to raise theirmilitary cooperation to new levels.

He said that the first meeting of these committees will takeplace in Cyprus on May 28, adding that “our cooperation withIsrael is no threat to anyone. On the contrary, it aims to pro-mote peace, security, stability and development in the regionand it is not directed against any state”. Fotiou did not rule outsimilar cooperation with other neighbouring countries such asGreece, Lebanon and Egypt, saying that Moshe Yaalon will payan official visit to Cyprus in the next weeks.

On his part, the Israeli minister was quoted by the media assaying, “we intend to improve the preparedness of our navy inthe Mediterranean to protect the gas facilities, and we certain-ly look forward to cooperation on this issue with Cyprus.”

With four offshore gasfields already locating from 37 trlncubic feet of potential natural gas reserves, Cyprus is consider-ing to allow Israel’s air force to use the base at Paphos for

patrols in the eastern Mediterranean to prevent terroristattacks on drilling platforms or future pipelines. Turkey, on theother hand, has continued its provocation and threatened toexplore for oil and gas on its own within the Cyprus ExclusiveEconomic Zone, despite exploration licenses being awarded tothe U.S. Noble Energy, French Total, Italy’s ENI and Seoul-based Kogas.

RELIABLE NEIGHBOURCyprus is Israel’s most reliable neighbour, Anastasiades said

on Tuesday, adding that the discovery of oil and gas in theeastern Mediterranean creates new prospects for the relationsbetween the two countries.

“We will move on with our relations to see how we can sup-port each other, how we Europeans can contribute in anythingthat concerns you. We need you. I am not saying that you needus. And you don’t simply have a neighbour close to you but abrother and we will go on this way. We must work together inorder to bring peace, stability and welfare.”

Shimon Peres said that the two countries are linked to eachother in many ways, adding that “without Cyprus, Israel lies farfrom Europe”.

In statements to journalists, President Anastasiades saidthat “with the decision to build a liquefaction terminal acrossfrom the Suez Canal, Cyprus will be offering to those whowant to take advantage of it, the infrastructure for exportingto the Far East but also to Europe”.

He added that there was interest from Israeli companiesthat are involved in the exploitation of natural gas to be alsoparticipants in the investment for the construction of the ter-minal at Vassiliko. Both Delek and Avner are a 30% stakehold-er in Block 12, the gasfield explored by U.S.-based NobleEnergy that will be deploying an appraisal drill next month toconfirm the 7tcf of natural gas deposits.

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Cyprus deepensIsrael ties… at theexpense of Lebanon?

Things seem to have changed since the February 2012visit by PM Netanyahu to Cyprus, when Israel sought toreplace its deteriorating ties with Ankara bystrengthening its relations with Nicosia, according to aBeirut-based think tank.

In a comment following President Nicos Anstiades’visit to Cyprus, the Middle East Strategic Perspectivessaid that “the current rapprochement between Israel andTurkey, which remains to be confirmed, offers anadditional gas export option to Israel, which seems tohave provoked some sort of nervousness among Cypriotofficials who have multiplied visits to Israel in recentweeks. Bilateral meetings preceded the President’sofficial visit, focusing on energy and security issues.Energy, Trade and Tourism Minister Giorgos Lakkotrypisvisited Israel on 08/04, followed by a visit by DefenseMinister Fotis Fotiou on 02/05. After meeting his Israelicounterpart Moshe Yaalon, Fotiou announced that thedeepening of Cyprus’ defense relations with Israel posesno threat to anyone and that similar cooperation withother neighboring countries such as Greece, Lebanon orEgypt is possible. Cyprus is now considering to allow theIsraeli Air Force to use its base in Paphos to patrol theEastern Mediterranean.”

“Although securing offshore oil and gas installationsand preventing terrorist attacks are the main reasonbehind the increased military cooperation betweenNicosia and Tel Aviv, opening a Cypriot base to Israelifighter jets is likely to provoke unease among some ofCyprus’ neighbours, including Lebanon. Added to therecent statement by Iran’s IRGC commander MajorGeneral Hossein Salami that Iran intends to stretch its“security border” to the Eastern Mediterranean, theregion seems to be attracting more, not less, tension.”

Turkey condemns Israeli air strikes in SyriaThe ink on Benyamin Netanyahu’s apology over the Mavi

Marmara incident had hardly dried, when Turkish PrimeMinister Tayyip Erdogan hastened to condemn Israeli airstrikes on targets near Damascus, saying they were an oppor-tunity for Syrian President Bashar al-Assad’s government tocover up its own killings.

“The air strike Israel carried out on Damascus is complete-ly unacceptable. There is no rationale, no pretext that canexcuse this operation,” Erdogan told a parliamentary meetingof his ruling party. “Using the Israel attack as an excuse,[Assad] is trying to cover up the genocide in Banias,” he said,referring to the coastal town where anti-Assad activists said atleast 62 people were killed by government fighters.

Israeli officials said the air strikes on Friday and Sundaywere not intended to influence its neighbour’s civil war butonly at stopping Iranian missiles from reaching LebaneseHezbollah militants for possible use against the Jewish state.

Iran’s U.N. Ambassador Mohammad Khazaee complainedto the United Nations about the air strikes, describing them as“provocative and unwarranted attacks.”

Residents and opposition sources said the Israeli warplanesstruck elite Syrian troops in the valley of the Barada River thatflows through Damascus and on Qasioun Mountain overlook-ing the capital. They said targets included air defences,Republican Guards and a compound linked to chemicalweapons.

Kasoulides to visit U.N., meet KerryForeign Minister Ioannis Kasoulides will be visiting the

United States this week as part of his international tour todrum up support for Cyprus that finds itself in an economicallydire situation and vulnerable to pressure from internationallenders to push for a settlement of the island’s division.

In New York, Kasoulides will meet with U.N. SecretaryGeneral Ban Ki-Moon, from where he will depart forWashington, D.C. where, on Friday he will meet with hiscounterpart, Secretary of State John Kerry. Issues on theagenda include the Cyprus problem, current developments in

the Middle East, as well as energy related matters. During hisvisit, Kasoulides will also meet officials of the National SecurityCouncil, Senators and members of Congress, members of theHellenic Caucus, Archbishop Demetrios, as well as withrepresentatives of the Cypriot Community.

The Foreign Ministers will conclude his trip with a keynotespeech at the “Brookings Institute” think tank on “Geopoliticsin the Eastern Mediterranean: A Cypriot Perspective”.

Press reports in Greece have suggested that Kasoulides mayalso meet with U.S. Vice President Joe Biden.

May 8 - 14, 2013

4 | CYPRUS | financialmirror.com

Alexander Downer’s unproductive moveIt is quite obvious, that when the Special Representative of

the UN Secretary-General, Mr. Alexander Downer met, as it wasreported, the so-called Foreign Minister and Prime Minister ofthe illegal regime of the north, he was aiming at upgrading theso-called Turkish-Cypriot state. Moreover, according to reports,he tried to organise through the British Embassy, which pre-tends that it favours the reunion of Cyprus, the meeting of theambassadors of the five permanent members of the UNSecurity Council in the occupied area! Time wise, these actionscoincide with the pressure exercised by Turkey for the start ofthe negotiations and the meeting of the P5 in the occupied areawould have proved beneficial. Fortunately, the firm stand of theAmbassadors of Russia and China, who did not attend themeeting, strictly observing the UN resolutions and the terms ofreference of the good offices mission of the UN SecretaryGeneral, averted this possibility. The French Ambassador wentto the meeting, but stated that it was regrettable the fact thatthe British High Commissioner hosted the meeting in thenorth, thus hindering the presence of the Russian and ChineseAmbassadors.

These moves by Mr. Downer were highly unproductive, asthey created a negative climate and prompted the reactionnot only of the government, but also of the political partiesand the Church, which asked the withdrawal of Mr. Downer.It is of interest to look into the legal aspects of Mr. Downer’smisconduct within the framework of the good offices mis-

sion of the UN Secretary General.The Security Council with two Resolutions, 244 (1967) of 22

December 1967 and 367 (1975) of 12 March 1975 invited theparties to avail themselves of the good offices of the SecretaryGeneral with a view to finding a solution to the Cyprus prob-lem. It is according to Article 98 of the Charter – providing thatthe Secretary General “shall perform such other functions as

are entrusted to him by General Assembly, the SecurityCouncil…..” – that the executive organ of the UN entrusted toBan Ki-moon and his predecessors the mission of good officesto Cyprus.

Performing this duty, the Secretary General should act inaccordance with the purposes and principles of the Charter, thenorms of international law and the UN Resolutions. This viewwas supported by former Secretary Generals DagHammarskjold and U Thant, who regarded that “strict compli-ance with the aims and principles of the Charter was sine quanon of every exercise of good offices by the Secretary General.”

More importantly, the International Court of Justice in the“Expenses Case” - when the Court gave an opinion onwhether certain expenses have been validly authorised by aseries of General Assembly resolutions – said that the validi-ty of the United Nations actions should be tested in the lightof the Charter’s aims and distinguished internationallawyers, such as the late Professor Derek Bowett, take theview that when the Secretary General acts under a specificresolution it is his practice to consider it as biding terms orreference.

These are, therefore, the terms of reference of the goodoffice mission of the UN Secretary General and his SpecialRepresentative should act within this framework with duerespect of the UN resolutions. One wonders whether Mr.Downer is not aware of Resolution 186 (1964) of 4th March1964, which created UNFICYP, where there is a specific ref-erence to the “sovereign Republic of Cyprus”, and moreimportantly of Resolution 541 (1983) of 18th November1983, which considers the Turkish Cypriot UDI “as legallyinvalid and calls for its withdrawal”, while at the same time is“calling upon all states not to recognise any Cypriot Stateother than the Republic of Cyprus.”

In view of the above, any attempt to upgrade the so-calledTurkish Cypriot state through policies of equal distancesruns counter to the UN Resolutions, the Charter and thedecisions of the International Court of Justice.

Budget deficit fails to shrink in 2012 The budget deficit under the previous government came in

at EUR 1,127.3 mln, or 6.3% in 2012, the same percentagerecorded in 2011.

Overall revenue edged up by only 0.2% despite a 2 percent-age point increase in VAT among other things, while overallexpenditure rose by 0.2% despite cuts implemented in late2011.

The revenue performance was better in the fourth quarterthan for the whole of the year, however.

In the fourth quarter total revenue reached a preliminaryEUR 2,037.6 mln (EUR 2.0 bln), recording a 7.7% increasecompared with the corresponding period of 2011.

The main categories of revenue for the period October-December 2012 were as follows:

*Taxes on production and imports EUR 741.7 mln (8.7%increase), of which VAT was EUR 415.5 mln (17.9% increase).

*Taxes on income and wealth EUR 558.2 mln (5.1%

decrease as compared to the same period of 2011). *Revenue from sales of goods and services increased

by 17.9% compared with the corresponding period of theprevious year.

On the other hand, the fourth-quarter expenditureperformance, pushed up by unemployment, amongother things, was worse.

Total expenditure reached EUR 2,576.1 mln in thefourth quarter, marking a 3.7% increase.

The main categories of expenditure for the periodOctober-December 2012 were as follows.

*Compensation of employees EUR 836.7 mln (3.8%decrease)

*Social transfers EUR 777.0 mln (9.5% increase). *Current transfers EUR 200.2 mln (compared to EUR 167.8

mln in the corresponding period of the previous year, or a19.3% increase).

*Negative growth rates were observed in the categories ofsubsidies (41.1%), capital formation (23.5%) and intermediateconsumption (5.4%).

The deficit in the fourth quarter was EUR 538.5mln, com-pared with EUR 592.4 mln deficit in the corresponding periodof the previous year.

BByy DDrr AAnnddrreessttiinnooss PPaappaaddooppoouullooss

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By Shavasb Bohdjalian, Small-to-medium-sized enterpris-es (SMEs) are best advised to follow the European trend ofbypassing the banks in search of financing by issuing corpo-rate bonds and then listing them on the EmergingCompanies Market of the Cyprus Stock Exchange.

Despite massive injection of liquidity by the EuropeanCentral Bank (ECB), banks are reluctant to lend to business-es across the EU as they rush to boost capital, lower risk anddecrease their balance sheet size. But as the economy acrossthe EU-27 weakens, and banks are not lending to cash-starved SMEs who provideemployment for more than twothirds of the eurozone privatesector workers, more unem-ployment and stagnation loom.

The ECB is widely reportedto be working on a plan to forcebanks receiving cheap financingfrom the central bank to be conditional on onward lending toSMEs, possibly hooked on changes to its collateral rules -although it’s unlikely to be ready soon and based on the expe-rience in the UK, nothing dramatic should be expected.

But if government and central bank plans to target SMElending all rely on banks as the middlemen, the problempotentially festers, which is why many SMEs are sidesteppingthe banks and going directly to investors.

Many corporations are now chasing the trillions of eurossitting with European pension and insurance funds via tar-geted loan funds, bond issues and even direct businessfinancing.

With 80% of European corporate finance still coming fromdirect bank lending as opposed to securities markets such ascorporate bonds or private loan placements - the U.S. ratio isthe opposite 20/80 - there is considerable scope to shift,according to a Reuters analysis.

Even in struggling Greece where loans are hard to find,companies are taking advantage of investor demand for highyield by issuing bonds and then listing the bonds on thestock exchange.

But if the bond market was only available for large andmostly well known companies, the record low bank interestrates combined by the pledge by central banks across the

globe to maintain their expansionary policies has led torecord interest for corporate bonds issued by SMEs with aproven track record and activities in promising sectors asinvestors search for a better return.

Since SMEs cannot afford the excessive fees charged bythe global investment banks, they can raise funds direct fromthe public through listing the bonds on a recognised stockexchange such as Cyprus Stock Exchange, which has flexiblelisting rules and the listing fees are very reasonable andaffordable even for really small companies.

A private company from anyjurisdiction can issue and listthe bonds on the ECM Market ofthe CSE by utilsing the servicesof an investment firm such asEurivex, which acts as theNominated Advisor guiding thecompany to a successful listing.

The whole listing process takes less than two weeks to com-plete.

Once the bonds are listed, the Issuer will be able to mar-ket the bonds directly to investors and raise funds to pay offexpensive bank loans or finance future expansion andgrowth. Companies can issue any type of bond – fixed inter-est, floating, zero coupon, convertible into shares and evenPerformance Linked Notes, whereby the proceeds of the issueis invested in a particular asset and the Net Asset Valuechanges based on the performance of the underlying asset forthe benefit or loss of the investor.

The minimum listing value or size of the issue is EUR200,000 but companies can issue bonds with flexible maturi-ty – short or long term – each with their own unique ISIN(International Securities Identification Number). Once listed,the Issuer has regulatory permission to market the bonds toinvestors in the EU-27 and beyond and thus reach its financ-ing targets at more affordable charges.

(Eurivex Ltd. is an EU investment firm, regulated by CyprusSecurities & Exchange Commission and approved by theCyprus Stock Exchange to act as Nominated Advisor forlistings on the ECM Market of the Cyprus Stock Exchange)

May 8 - 14, 2013

financialmirror.com | CYPRUS | 5

Cyprus SME’s can turn to bondsto bypass bank lending

€30 mln to boost8,000 jobs

The government plans to get 8,000 unemployedpeople back in work, thanks to a 30.8 mln europrogramme that is primarily aimed at the touristsector.

Labour and Social Insurance Minister ZetaEmilianidou announced a package of measuresaimed at combating unemployment that reached14.2% in March, more than double what it was fiveyears ago.

Emilianidou said the projects are co-funded by theEU and said will help all permanent Europeanresidents, but said she hoped that more Cypriotswould be employed.According to official statistics, the number ofregistered unemployed in Cyprus reached 45,000 inApril, of whom 33,500 were Greek Cypriots.

Emilianidou noted that unemployment affects allages, but in particular young people.

“We have too many young people out of work,graduates and non-graduates”, she said, adding thatmore measures will be announced at a later stage.

The three measures include a 6.8 mln euro grantto hire or keep 1,000 people on a flexible timetableand work from home, 20 mln euros to employ 6,000people in the hotel, food and tourism industry, and a4 mln euro traineeship “stagiaire” programme for1,000 unemployed graduates (under 35 years) togain work experience by subsidising them with 500euros a month.

Cyprus recorded the second highest rise in EUunemployment in March. According to Eurostat,unemployment increased in 19 member states andfell in eight, compared to March 2012.

The highest increases were recorded in Greece(21.5% to 27.2% between January 2012 and January2013), Cyprus (10.7% to 14.2%), Spain (24.1% to26.7%) and Portugal (15.1% to 17.5%).

By Shavasb BohdjalianCEO of Eurivex

Finance Minister Harris Georgiades is expected to appeal tothe Russian government to renegotiate a 2.5 bln euro loansecured under the previous administration in 2011.

Deputy government spokesman Victor Papadopoulos saidthat around mid April, the Russian government approached theRepublic of Cyprus expressing the wish to change the terms ofthe loan agreement, that has a 5-year maturity and carries aninterest of 4.5%.

Russia had earlier said that in order to renegotiate any terms,it wanted Cyprus to conclude the bailout MoU with the Troika

(IMF, ECB, EC).“Now that the memorandum and the loan agreement have

been approved by parliament, we can proceed with therenegotiation of the loan agreement with Russia”, he added.

Cyprus wants to extend the loan repayment and lower theinterest to 2.5%. It will also ask for repayment of the loan ininstalments instead of a one-off payment.

The Cyprus government concluded in early April a 10 blneuro bailout deal with the Troika with an interest rate of 2.5%repayable over 12 years after a grace period of a decade.

Moscow agrees to renegotiate €2.5 bln loan

Even in good financial times, development aid budgets arehardly overflowing. Government leaders and donors mustmake hard decisions about where to focus their limitedresources. How do you decide which countries should getlow-cost loans or cheaper vaccines, and which can afford tofund their own development programs?

The answer depends, in part, on how we measure growthand improvements in people’s lives. Traditionally, one of theguiding factors has been per capita GDP – the value of goodsand services produced by a country in a year divided by thecountry’s population. Yet GDP may be an inaccurate indica-tor in the poorest countries, which is a concern not only forpolicymakers or people like me who read lots of World Bankreports, but also for anyone who wants to use statistics tomake the case for helping the world’s poorest people.

I have long believed that GDP understates growth even inrich countries, where its measurement is quite sophisticated,because it is very difficult to compare the value of baskets ofgoods across different time periods. In the United States, forexample, a set of encyclopedias in 1960 was expensive butheld great value for families with studious kids. (I can speakfrom experience, having spent many hours poring over themulti-volume World Book Encyclopedia that my parentsbought for my sisters and me.) Now, thanks to the Internet,kids have access to far more information for free. How do youfactor that into GDP?

The challenges of calculating GDP are particularly acute inSub-Saharan Africa, owing to weak national statistics officesand historical biases that muddy crucial measurements.Bothered by what he regarded as problems in Zambia’snational statistics, Morten Jerven, an assistant professor atSimon Fraser University, spent four years examining how

African countries obtain their data and the challenges theyface in turning them into GDP estimates. His new book, PoorNumbers: How We Are Misled by African DevelopmentStatistics and What to Do about It, makes a strong case that alot of GDP measurements that we thought were accurate arefar from it.

Jerven notes that many African countries have troublemeasuring the size of their relatively large subsistenceeconomies and unrecorded economic activity. How do you

account for the production of a farmer who grows and eats hisown food? If subsistence farming is systematically underesti-mated, some of what looks like growth as an economy movesout of subsistence may merely reflect a shift to somethingthat is easier to capture statistically.

There are other problems with poor countries’ GDP data.For example, many countries in Sub-Saharan Africa do notupdate their reporting often enough, so their GDP numbersmay miss large and fast-growing economic sectors, like cellphones. When Ghana updated its reporting a few years ago,its GDP jumped by 60%. But many people didn’t understandthat this was just a statistical anomaly, not an actual changein Ghanaians’ standard of living.

In addition, there are several ways to calculate GDP, andthey can produce wildly different results. Jerven mentionsthree: the World Development Indicators, published by theWorld Bank (by far the most commonly used dataset); thePenn World Table, released by the University of Pennsylvania;and the Maddison Project at the University of Groningen,which is based on work by the late economist AngusMaddison.

These sources rely on the same basic data, but they mod-ify it in different ways to account for inflation and other fac-tors. As a result, their rankings of different countries’economies can vary widely. Liberia is Sub-Saharan Africa’ssecond-poorest, seventh-poorest, or 22nd-poorest country interms of GDP, depending on which authority you consult.

It is not only the relative rankings that differ. Sometimes,

one source will show a country growing by several percentagepoints, and another source will show it shrinking over thesame time period.

Jerven cites these discrepancies to argue that we cannot becertain whether one poor country’s GDP is higher thananother’s, and that we should not use GDP alone to makejudgments about which economic policies lead to growth.

Does that mean that we really don’t know anything aboutwhat works (and what doesn’t) in development?

Not at all. Researchers have long used techniques like peri-odic household surveys to collect data. For example, theDemographic and Health Survey is conducted regularly todetermine things like childhood and maternal death rates.Moreover, economists are using new techniques like satellitemapping of light sources to inform their estimates of eco-nomic growth. Although such methods are not perfect, theyalso are not susceptible to the same problems as GDP.

Other ways to measure overall living standards in a coun-try are similarly imperfect; but they nonetheless provide addi-tional ways to understand poverty. One, called the HumanDevelopment Index, uses health and education statistics inaddition to GDP. Another, the Multidimensional PovertyIndex, uses ten indicators, including nutrition, sanitation, andaccess to cooking fuel and water. And, by using purchasingpower parity, which measures the cost of the same basket ofgoods and services in different countries, economists canadjust GDP to gain better insight into living standards.

Yet it is clear to me that we need to devote greaterresources to getting basic GDP numbers right. As Jervenargues, national statistics offices across Africa need more sup-port so that they can obtain and report timelier and moreaccurate data. Donor governments and international organi-zations such as the World Bank need to do more to helpAfrican authorities produce a clearer picture of theireconomies. And African policymakers need to be more consis-tent about demanding better statistics and using them toinform decisions.

I’m a big advocate for investing in health and developmentaround the world. The better tools we have for measuringprogress, the more we can ensure that those investmentsreach the people who need them the most.

Bill Gates is Co-Chair of the Bill & Melinda Gates Foundation.

© Project Syndicate, 2013.www.project-syndicate.org

The government may be a bit upset at the slow pace ofevents at the Bank of Cyprus, but it does not seem to bepushing for a speedy return to normality, with thousandsof small businesses suffering from lack of money supplyin the market.

Across the continent, on a different island where, too,its two biggest banks were bailed out five years ago, theBritish government, politicians and the business commu-nity are pressing the 82%-taxpayer-owned Royal Bank ofScotland not to conserve its cash and shrink its lending,after the Bank of England extended the funding for lend-ing scheme (FLS) to encourage the small business loanmarket.

RBS already claims more than 40% of small and medi-um-sized business lending and with Lloyds, the other

state-owned bank, they dominate the scene, setting loancriteria, charges and penalties.

RBS needs to make money to repay the governmentbailout and this can only be done by lending. But it has alsoadopted a more risk averse strategy, turning away riskySMEs where borrowing has shrunk 3% year on year.

The second biggest mistake by the Central Bank ofCyprus, after it blackmailed parliament to accept Laiki’sresolution, which many sane economists have arguedagainst, was that it shut down the supply of cheap businessfunding by closing the tap on all money supply. The delayin introducing capital controls and the drip-pace of easingthese regulations means that the market has been drainedof any cash as depositors were terrorised into withdrawingany amount they had at a rate of 300 euros a day.

The Central Bank Governor and the senior mandarinsare expendable. They are here today and gone tomorrow.But if small businesses do not get access to affordable fund-ing very soon, many enterprises that are competitive on the

national and international level will simply disappear,never to be replaced by other Cypriot businesses.

Announcing half-measures to re-employ some 6,000people in the tourism sector (many of whom are seasonaland would have been called back by the hoteliers anyway)may solve part of the problem. Subsidising the re-trainingof young graduates also helps, but not the unemployedover-30s.

With the EIB announcing some 100 mln euros in newlending last week and the Eurogroup/ECB expected to givethe green light to 3 bln euros in aid money, these fundsshould be pumped into the market immediately, either inthe form of emergency development projects or directly tofinance cheap loans to SMEs.

If these funds are not properly utilised, six months fromnow we will back where we started, with 6,000 from thetourist sector out of work, young graduates chasing a hand-ful of new vacancies and the thousands of unemployedremaining unassisted, at home with no pay.

EDITORIAL

Gov’t should press BOCY to help SMEs

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COPYRIGHT©©

By Bill Gates

May 8 - 14, 2013

6 | OPINION | financialmirror.com

The problem with poor countries’ GDP

Should Germany exit the Euro?Last summer, the financier George Soros urged Germany to

agree to the establishment of the European StabilityMechanism, calling on the country to “lead or leave.” Now hesays that Germany should exit the euro if it continues to blockthe introduction of Eurobonds.

Soros is playing with fire. Leaving the eurozone is preciselywhat the newly founded “Alternative for Germany” party, whichdraws support from a wide swath of society, is demanding.

Crunch time is fast approaching. Cyprus is almost out of theeuro, its banks’ collapse having been delayed by the EuropeanCentral Bank’s provision of Emergency Liquidity Assistance,while euroskeptic parties led by Beppe Grillo and SilvioBerlusconi garnered a combined total of 55% of the popular votein the latest Italian general election.

Moreover, the Greeks and Spaniards are unlikely to be able tobear the strain of economic austerity much longer, with youthunemployment inching toward 60%. The independence move-ment in Catalonia has gathered so much momentum that aleading Spanish general has vowed to send troops intoBarcelona should the province hold a referendum on secession.

France, too, has competitiveness problems, and is unable tomeet its commitments under the European Union’s FiscalCompact. Portugal needs a new rescue program, and Sloveniacould soon be asking for a rescue as well.

Many investors echo Soros. They want to cut and run – tounload their toxic paper onto intergovernmental rescuers, whoshould pay for it with the proceeds of Eurobond sales, and puttheir money in safer havens. The public already is being misusedin an effort to mop up junk securities and support feeble banks,with taxpayer-funded institutions such as the ECB and thebailout programs having by now provided €1.2 trillion ($1.6 tril-lion) in international credit.

If Soros were right, and Germany had to choose betweenEurobonds and the euro, many Germans would surely prefer toleave the euro. The new German political party would attract

much more support, and sentiment might shift. The euro itselfwould be finished; after all, its primary task was to break theBundesbank’s dominance in monetary policy.

But Soros is wrong. For starters, there is no legal basis for hisdemand. Article 125 of the Treaty on the Functioning of theEuropean Union expressly forbids the mutualisation of debt.

Worst of all, Soros does not recognize the real nature of theeurozone’s problems. The ongoing financial crisis is merely asymptom of the monetary union’s underlying malady: its south-ern members’ loss of competitiveness.

The euro gave these countries access to cheap credit, whichwas used to finance wage increases that were not underpinnedby productivity gains. This led to a price explosion and massiveexternal deficits.

Maintaining these countries’ excessive prices and nominalincomes with artificially cheap credit guaranteed by other coun-tries would only make the loss of competitiveness permanent.The entrenchment of debtor-creditor relationships between thestates of the eurozone would fuel political tension – as occurredin the United States in its first decades.

In order to regain competitiveness, the southern countrieswill have to reduce their goods prices, while the northern coun-tries will have to accept higher inflation. Eurobonds, however,would impede precisely this outcome, because relative prices inthe north can be raised only when northern savers invest theircapital at home instead of seeing it publicly escorted to the southby taxpayer-financed credit guarantees.

According to a study by Goldman Sachs, countries likeGreece, Portugal, and Spain will have to become 20-30% cheap-er, and German prices will have to rise by 20% relative to theeurozone average. To be sure, if Germany were to leave the com-mon currency, the road back to competitiveness would be easi-er for the southern countries, since the rump euro would under-go devaluation; but the crisis countries’ fundamental problemwould remain as long as the other competitive countries remainin the eurozone. Spain, for example, would still have to cut itsprices by 22-24% relative to the new eurozone average.

From this perspective, the crisis countries would not bespared painful retrenchment as long as they remained in a mon-etary union that includes competitive countries. The only wayto avoid it would be for them to exit the euro and devalue theirnew currencies. But, so far, they have not been willing to go thisroute.

Politically, it would be a big mistake for Germany to exit theeuro, because that would reinstate the Rhine as the borderbetween France and Germany. Franco-German reconciliation,the greatest success of the postwar period in Europe, would bein jeopardy.

Thus, the only remaining option, as unpleasant as it may befor some countries, is to tighten budget constraints in the euro-zone. After years of easy money, a way back to reality must befound. If a country is bankrupt, it must let its creditors knowthat it cannot repay its debts. And speculators must take respon-sibility for their decisions, and stop clamoring for taxpayermoney whenever their investments turn bad.

Hans-Werner Sinn is Professor of Economics and Public Finance, University of Munich, and President of the Ifo Institute.


May 8 - 14, 2013

financialmirror.com | COMMENT | 7

By Hans-Werner Sinn

A fateful mistakeControversy is essential to the advancement of science. So

the debunking of methodological flaws and a coding error ina paper by the economists Carmen Reinhart and KennethRogoff is just part of everyday life in academia. Yet coverageof the controversy by the news media and the blogospherehas been astonishingly intense – and simplistic.

“Growth in a Time of Debt,” the short 2010 paper inwhich Reinhart and Rogoff claimed that public debt starts tohave a significantly detrimental effect on economic growthonce it reaches 90% of GDP, was never a celebrated piece ofeconomic research. As a rough empirical characterization ofstylized facts, it was received somewhat skeptically by theacademic community, and both authors were known formuch more noted contributions. Google Scholar, the aca-demic search engine, records more than 3,000 academic cita-tions of Rogoff’s most cited paper, compared to less than 500for “Growth in a Time of Debt.”

What would have normally remained a subject for post-seminar small talk has, however, become a topic for discus-sion by journalists, commentators, and policymakers. For allof them, what matters is that the sorry fate of theReinhart/Rogoff paper undermines the case for fiscal auster-ity.

A few months ago, Olivier Blanchard, the InternationalMonetary Fund’s chief economist, had already criticized hiscolleagues and policymakers in advanced countries for sys-tematically underestimating the recessionary impact of fiscalconsolidation programs. The debacle of the Reinhart/Rogoffpaper is widely regarded as another, fatal illustration of aus-terity’s shaky intellectual foundations.

But this is only partly true. Until the Reinhart/Rogoffpaper, the main argument for fiscal retrenchment rested onconcerns about the sustainability of public debt. The ques-tion was whether a sovereign would ultimately be able torepay its debt, given specific economic and financial condi-tions, long-term trends such as the aging of the population,and uncertainty about the future course of policy.

The problem was that economists were unable to say howmuch is too much. There was no given threshold belowwhich debt was innocuous and above which it was danger-ous. So the message to policymakers was confusing.Economists were like doctors telling patients that, whilesome wine may be beneficial, too much is certainly danger-ous – without being able to tell them how many glasses perday they were allowed. They were right, but hopelesslyimprecise.

Confusion was especially acute in early 2010, when“Growth in a Time of Debt” was published. The global econ-omy was just emerging from the deepest recession in thepost-World War II period. A global Keynesian stimulus hadprevented the worst, and the most urgent policy questionwas whether to continue supporting the economy or startconsolidating.

Some argued in favor of delaying consolidation, becausethe economy was still in a deep recession; too harsh anadjustment, according to this view, would have a majorimpact on a still-weak private economy. Some claimed theopposite, arguing that, given the scale of the task, there wasno time to lose.

The Reinhart/Rogoff paper appeared to provide the perfectargument in support of rapid consolidation, which is why itwas cited intensively in policy discussions. Austerity, it wasargued, was needed to stem the rise in the debt ratio andsafeguard long-term growth.

To be sure, retrenchment could entail some short-termcosts; but the longer-term benefits would be much bigger.

Even though Reinhart and Rogoff themselves did not drawthat conclusion explicitly in their paper, many drew it forthem. It was so tempting for a minister or a senior techno-crat to explain that consolidation had to start immediately,because the 90% threshold was approaching, that most ofthem did not resist it.

Heavy reliance on what turns out to be disputed evidencenow leaves the fiscal hawks in a weak position, to say theleast, vis-à-vis their opponents. This is especially true inEurope. Having promised that rapid consolidation would begood for growth, and having delivered recession, theEuropean Union has disappointed its citizens. Adjustmentfatigue is setting in, and governments risk losing support ifthey go much further in their consolidation efforts.

The danger is that the discrediting of hasty austerity couldundermine the case for fiscal responsibility in the long run.If so, financial markets could conclude that public-debt sus-tainability is in serious danger – a perception that could havehighly adverse effects on financing conditions. In the end,growth would indeed suffer, ironically proving Reinhart andRogoff right.

This episode once again underscores the importance ofintellectual rigor. Of course, that is not always an easy credoby which to abide. Researchers are tempted by persuasiveresults that can attract the interest of policymakers, who aretempted by a selective reading of the evidence that can pro-vide them with ammunition in domestic and internationaldebate. Submitting to either temptation, as theReinhart/Rogoff episode has shown, is never advisable.

Jean Pisani-Ferry is Professor of Economics at UniversitéParis-Dauphine and currently serves as Director of EconomicPolicy Planning for the Prime Minister of France. The views expressed here are his own.


Who’s afraid of the Big Bad Debt?It has been a while since a debate among academic econo-

mists attracted so much interest from the mainstream pressas has the row between Carmen Reinhart and KennethRogoff, on one side, and Paul Krugman, on the other. In fact,it has even become fodder for television comedy shows.

At issue is an influential 2010 paper by Rogoff and Reinhartthat purports to show that high levels of public debt are asso-ciated with lower long-term economic growth. A new paperby Thomas Herndon, a graduate student at the University ofMassachusetts at Amherst, and two of his professors, MichaelAsh and Robert Pollin, questioned this finding, and Krugmanmade their work famous.

Herndon, Ash, and Pollin argue that the results obtainedby Reinhart and Rogoff are based on coding errors and ques-tionable methodological choices. But, after all their quibbles,their paper weakens but does not refute the Reinhart/Rogoffpaper’s main result. So why all the fuss?

The debate is considered important because it is supposedto have implications for the choice between cutting the deficitand stimulating the economy now. But this is just not so.Instead, the paper needs to be understood in the context ofthe debate between Keynesians and (as Krugman calls them)“Austerians” – those who propose fiscal austerity to stem spi-raling government debt.

The Keynesian prescription is simple: If the economy isweak, fiscal policy should be used to stimulate it; if it is over-heating, spending cuts or tax hikes should be used to cool itdown. Public-debt levels will rise and fall, but policymakersshould not pay too much attention. After all, look at theUnited States and the United Kingdom: despite high deficitsand rising debt, inflation remains subdued and long-terminterest rates are at historic lows. Why not use this opportu-nity to stimulate the economy and invest in its future?

Interestingly, Reinhart and Rogoff broadly agree with thisrecommendation (at least for the US), and they even supportheterodox policies such as writing down mortgages and tar-geting a higher inflation rate. But their paper is really about adifferent subject. It is about the long-term effects of high lev-els of public debt, which they argue are deleterious to growth.

That conclusion implies that Krugman is wrong to claimthat one can be blasé about the debt level. Krugman would

argue that, if the economy remains weak, interest rates willremain low, despite high and rising public debt. Fear of aspeculative attack by so-called “bond vigilantes” is unwarrant-ed, he would claim, as the US and the UK show.

The Reinhart/Rogoff paper provides worldwide evidence infavor of the view that high public debt can become a problem,and that countries should beware of putting themselves in avulnerable position. But the ensuing debate sheds no light onthe question of whether policymakers should disregard debt

levels when their economies are depressed, as Krugman rec-ommends. There really is a big bad debt wolf, and the world isfull of examples in which it has emerged from its lair to cre-ate havoc.

Consider Spain. When the 2008 crisis erupted, the G-20convened that November to coordinate a Keynesian response.All member countries were supposed to fight the comingrecession by stimulating their economies through simultane-ous fiscal expansion. Pedro Solbes, Spain’s finance minister atthe time, quickly ordered an acceleration of public investmentand spending.

By the spring of 2009, however, Solbes was forced toreverse course. With tax revenue collapsing and expenditureballooning, the government found itself running such largedeficits that the markets were spooked – government-bondprices collapsed, interest rates soared, and the country founditself unable to finance its deficit. Where were the rock-bottominterest rates that are supposed to characterize periods ofweak growth and high unemployment?

Financial history is full of similar examples: Mexico in1994, Russia in 1998, Ecuador in 1999, Argentina in 2001,Uruguay in 2002, the Dominican Republic in 2003, and eventhe UK in 1976. All were battling recession and high unem-ployment, only to find themselves unable to finance their

deficits. In fact, when a country is in this predicament, fiscalcontraction may end up being expansionary to the extent thatit reestablishes financial confidence and lowers sky-high inter-est rates.

As much as Krugman has made of the Reinhart/Rogoffpaper, the debate between “Austerians” and Keynesians haslimited relevance outside of the US. Krugman does not men-tion issues that he knows are central to fiscal choices.

The level of debt does matter, and its currency compositionmatters even more. The US is in the enviable position of issu-ing debt in its own currency. The Federal Reserve can createas many dollars as it sees fit in order to buy government debt.Moreover, as the world’s reserve currency, the dollar plays avery particular role in the global economy.

Japan, too, can finance its deficits, despite astronomicalpublic debt, because it borrows in yen – and overwhelminglyfrom Japanese institutional investors.

By contrast, Spain’s debt is in euros, a currency that it can-not print, and is held mostly by foreigners. And many emerg-ing-market countries are in a similar position. In a recentpaper with Ugo Panizza of the Graduate Institute ofDevelopment Studies in Geneva, we show that in the after-math of the 2008 crisis, emerging-market countries thatcould run the kind of counter-cyclical Keynesian policiesespoused by Krugman had low levels of foreign-currency debt.It is only because they were “Austerians” before the crisis thatthey could afford to be Keynesians afterwards.

Whatever weaknesses one finds in the Reinhart/Rogoffpaper, it does not follow that countries in recession shouldalways disregard deficits and debt levels and focus on stimu-lus. That might be the right recommendation for the UStoday, but as a universal rule of thumb, it is just plain wrong.

Ricardo Hausmann, a former Minister of Planning of Venezuela and Chief Economist of the Inter-AmericanDevelopment Bank, is a professor of economics and director of the Center for International Development at Harvard University.


May 8 - 14, 2013

8 | COMMENT | financialmirror.com

By Jean Pisani-Ferry

By Ricardo Hausmann

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A

www.financialmirror.comAÚ. 914 ∆∂∆∞ƒ∆∏, 8 ª∞´√À, 2013

Τρία σøέδια για απασøÞληση 8,000 ανέργων, µε την διάθε-ση 30 εκ. ευρώ ανακïίνωσε øθες η κυâέρνηση, µε στÞøï ναεργïδïτηθïύν Þσï τï δυνατÞν περισσÞτερïι Κύπριïι.

Παρïυσιάúïντας τα συγκεκριµένα σøέδια η ΥπïυργÞςΕργασίας και Κïινωνικών Ασæαλίσεων ·έτα Αιµιλιανίδïυ,δήλωσε Þτι στÞøïς της Κυâέρνησης είναι να εργïδïτηθïύνÞσï τï δυνατÞν περισσÞτερïι Κύπριïι, ενώ σηµείωσε πως ïιαρµÞδιïι æïρείς διαøείρισης των σøεδίων άρøισαν ήδη ναδέøïνται αιτήσεις απÞ ενδιαæερÞµενïυς.

Τα τρία αυτά σøέδια, επειδή είναι συγøρηµατïδïτïύµεναµε την ΕΕ, αæïρïύν Ευρωπαίïυς πïλίτες, Þπως είναι ïιΚύπριïι πïλίτες, και η κυâέρνηση εêέæρασε την ελπίδα Þτι µετη συνεργασία Þλων θα εργïδïτηθïύν Þσï τï περισσÞτερïΚύπριïι πïλίτες..

Σύµæωνα µε τα στατιστικά στïιøεία, τïν Απρίλη τïυ 2013ïι καταγραµµένïι άνεργïι ήταν 45,000, εκ των ïπïίων ïι33,500 είναι Ελληνïκύπριïι.

Τα τρία σøέδια της Κυâέρνησης αæïρïύν α) σøέδιï øïρη-γιών για ένταêη στην απασøÞληση µε ευέλικτες ρυθµίσεις(στÞøïς η εργïδÞτηση 1,000 ατÞµων, πρïϋπïλïγισµÞς 6,8εκατ.), â) τï σøέδιï επιδÞτησης ανέργων στην êενïδïøειακή,επισιτιστική και εν γένει τïυριστική âιïµηøανία (στÞøïς ηεργïδÞτηση 6,000 ανέργων, πρïϋπïλïγισµÞς 20 εκατ.) και γ)τα πρïγράµµατα τïπïθέτησης ανέργων νέων πτυøιïύøων γιααπÞκτηση εργασιακής πείρας, δηλαδή πρακτική εêάσκηση(1,000 άνεργïι, πρïϋπïλïγισµÞς 4 εκατ.).

Με αυτές τις εêαγγελίες, σηµείωσε η ΥπïυργÞς, υλïπïιεί-ται η ανακïίνωση τïυ Πρïέδρïυ στις 19/4/13 και πρïκηρύσ-σïυµε τα τρία σøέδια πïυ στÞøï έøïυν την απασøÞληση 8,000ανέργων µε πρïϋπïλïγισµÞ 30 εκατ. 800,000 ευρώ πïυ πρï-έρøïνται απÞ συγøρηµατïδïτïύµενα πρïγράµµατα της ΕΕ.

Σε Þ,τι αæïρά στï σøέδιï øïρηγιών για ένταêη στην απα-σøÞληση µε ευέλικτες ρυθµίσεις (στÞøïς η εργïδÞτηση 1,000ατÞµων, πρïϋπïλïγισµÞς 6,8 εκατ.), η κ. ΥπïυργÞς ανέæερεÞτι ïι ευέλικτες µïρæές απασøÞλησης µπïρïύν να αêιïπïιη-

θïύν απÞ άτïµα πïυ έøïυν ανάγκη ευελιêίας στï øρÞνï καιτÞπï εργïδÞτησης Þπως πø άτïµα πïυ έøïυν æρïντίδα παι-διών ή ηλικιωµένων καθώς και απÞ επιøειρήσεις, ïι ïπïίες θαέøïυν την ευøέρεια να πρïσλαµâάνïυν Þσïυς εργïδïτïύµε-νïυς øρειάúïνται. Ã æïρέας διαøείρισης τïυ σøεδίïυ είναι τïκέντρï παραγωγικÞτητας στην ιστïσελίδαwww.mlsi.gov.cy/kepa.

6000 ı¤ÛÂÈ˜ ÂÚÁ·Û›·˜ ÛÙËÓ ÙÔ˘ÚÈÛÙÈÎ‹ ‚ÈÔÌË¯·Ó›·

Με τï σøέδιï επιδÞτησης ανέργων στην êενïδïøειακή,επισιτιστική και εν γένει τïυριστική âιïµηøανία (στÞøïς ηεργïδÞτηση 6,000 ανέργων, πρïϋπïλïγισµÞς 20 εκατ.) αναµέ-νεται η περαιτέρω πïιïτική στελέøωση και αναâάθµιση τωνυπηρεσιών πïυ πρïσæέρει ï τïµέας αυτÞς. Επίσης, λÞγω τηςέναρêης της τïυριστικής περιÞδïυ αναµένεται Þτι ï συγκε-κριµένïς τïµέας θα συµâάλει σηµαντικά στην απάµâλυνσητης ανεργίας. Ã æïρέας διαøείρισης τïυ σøεδίïυ αυτïύ είναιτï τµήµα εργασίας στην ιστïσελίδα www.mlsi.gov.cy/dl.

Τα πρïγράµµατα τïπïθέτησης ανέργων νέων πτυøιïύøωνγια απÞκτηση εργασιακής πείρας, δηλαδή πρακτική εêάσκηση,(1,000 άνεργïι, πρïϋπïλïγισµÞς 4 εκατ.). αæïρïύν στην τïπï-θέτηση των ανέργων νέων πτυøιïύøων κάτω των 35 ετών σεεπιøειρήσεις τïυ ιδιωτικïύ, δηµÞσιïυ, ηµικρατικïύ τïµέακαθώς και τïυς ∆ήµïυς. ΣτÞøευση είναι να τïυς δïθεί ηευκαιρία να µπïρέσïυν να απïκτήσïυν πείρα στα θέµατα τωνσπïυδών τïυς, εµπλïυτίúïντας τï âιïγραæικÞ τïυς και ταυ-τÞøρïνα να παραµείνïυν και να πρïσæέρïυν στην πατρίδα.Θα πρïσæέρεται εâδïµαδιαίï επίδïµα κατάρτισης 125 ευρώµε µέγιστï 500 ευρώ τï µήνα και θα καταâάλλïνται εισæïρέςστï ΤΚΑ απÞ τïν εργïδïτïύµενï και απÞ την Αρøή ΑνάπτυêηςΑνθρώπινïυ ∆υναµικïύ, η ïπïία έøει και την ευθύνη υλïπïί-

ησης τïυ µέτρïυ. Πληρïæïρίες στην ιστïσελίδαwww.hrdauth.org.cy.

Η κ. Αιµιλιανίδïυ είπε Þτι τï Υπïυργείï είναι έτïιµï γιατρïπïπïιήσεις επί των τριών σøεδίων, ώστε να εêυπηρετηθείï στÞøïς για τïν ïπïίï έøïυν πρïκηρυøθεί.

∞ÔÏ‡Ô˘Ó Î·È ÚÔÛÏ·Ì‚¿ÓÔ˘Ó ÌÂ ¯·ÌËÏÔ‡˜ ÌÈÛıÔ‡˜

Ìθες η ΥπïυργÞς Εργασίας ·ετα Αιµιλιανίδïυ κλήθηκε νασøïλιάσει τις æήµες πïυ θέλïυν µικρïµεσαίες επιøειρήσεις,ïι ïπïίες κλείνïυν ανïίγïντας µε άλλη εµπïρική επωνυµίαεργïδïτώντας τïυς ίδιïυς εργαúÞµενïυς υπÞ διαæïρετικÞκαθεστώς. Η ΥπïυργÞς ανέæερε Þτι δεν έøει ενώπιïν της κάτιτέτïιï.

«Στα σøέδια αυτά υπάρøïυν Þρïι και πρïϋπïθέσεις έτσιώστε αυτÞ τï æαινÞµενï να απïæεύγεται. Νïµικά µια εταιρείαµπïρεί να συνεøίσει τη λειτïυργία της µε άλλη νïµική µïρæήÞµως ïι υπïøρεώσεις της πρïηγïύµενης εταιρείας και ïιευθύνες της παραµένïυν να υπάρøïυν και αυτÞ αæïρά και ταæïρïλïγικά θέµατα», είπε η κ. Αιµιλιανίδïυ.

¢·¿ÓË €30 ÂÎ. ÁÈ· ÙËÓ ‰ËÌÈÔ˘ÚÁ›· 8000 ı¤ÛÂˆÓ ÂÚÁ·Û›·˜

πÛÚ·ËÏÈÓfi ÂÓ‰È·Ê¤ÚÔÓ ÁÈ· ÙÔ ÙÂÚÌ·ÙÈÎfi ÛÙÔ µ·ÛÈÏÈÎfi¡¤· ÂÔ¯‹ ÛÙÈ˜ Û¯¤ÛÂÈ˜ ∫‡ÚÔ˘ - πÛÚ·‹Ï

Σε περαιτέρω σύσæιγêη των ήδη καλών σøέσεων τïυςπρïøώρησαν Κύπρïς και Ισραήλ κατά την επίσηµη τριήµερηεπίσκεψη τïυ Νίκïυ Αναστασιάδη στην Ιερïυσαλήµ.

ΥπïδεøÞµενïς τïν ΠρÞεδρï Αναστασιάδη, ï ΙσραηλινÞςΠρωθυπïυργÞς Βενιαµίν Νετανιάøïυ είπε Þτι τïν καλωσï-ρίúει «σε πνεύµα συνεργασίας».

Στις συνïµιλίες, ως ήταν αναµενÞµενï, δÞθηκε έµæασηστη συνεργασία Þσïν αæïρά τα θέµατα ενέργειας. Μεταêύάλλων επιâεâαιώθηκε η κïινή δέσµευση για ανάπτυêη καιεκµετάλλευση διασυνïριακών κïιτασµάτων. Επιπλέïν συµ-æωνήθηκε η ενεργïπïίηση αδρανών συµæωνιών και η επι-τάøυνση της ïλïκλήρωσης συµæωνιών πïυ εκκρεµïύν σεθέµατα υγείας, έρευνας και ανάπτυêης, τεøνïλïγίας, πïλι-τισµïύ, καταπïλέµησης της τρïµïκρατίας και τïυ ïργανω-µένïυ εγκλήµατïς.

Βεâαίως και αναπÞæευκτα η συúήτηση µας, είπε ïΠρÞεδρïς Αναστασιάδης, περιστράæηκε και στις ανησυøη-τικές τρέøïυσες εêελίêεις στην περιïøή, µε έµæαση στïúήτηµα της Συρίας και τïν κίνδυνï πïυ ενέøει η ενδεøÞµε-νη επέκταση και διάøυση της κρίσης στην ευρύτερη περιï-øή.

Ìθες ï ΠρÞεδρïς είøε συνάντηση και µε τïν ΠρÞεδρïτïυ Ισραήλ ΣιµÞν Πέρες. Ã ΠρÞεδρïς της ∆ηµïκρατίαςΝίκïς Αναστασιάδης, δήλωσε πως η Κύπρïς είναι ï πιï αêιÞ-πιστïς γείτïνας τïυ Ισραήλ, ενώ ï ΣιµÞν Πέρες απÞ τηνπλευρά τïυ ανέæερε Þτι øωρίς την Κύπρï, η øώρα τïυ âρί-σκεται µακριά απÞ την Ευρώπη.

«Είµαστε συνδεδεµένïι µε πïλλïύς τρÞπïυς. Ìωρίς τηνΚύπρï, τï Ισραήλ âρίσκεται µακριά απÞ την Ευρώπη».ΠρÞσθεσε Þτι «συνεργαστήκαµε µαúί και θα συνεøίσïυµε ναεργαúÞµαστε µαúί. Θεωρïύµε την Κύπρï ως ένα κïντινÞ

æίλï τÞσï πïλιτικά Þσï και γεωγραæικά», ανέæερε ï ΣιµÞνΠέρες.

Σε δηλώσεις τïυ στïυς δηµïσιïγράæïυς µετά τï γεύµαεργασίας, ï ΠρÞεδρïς Αναστασιάδης είπε Þτι «διαπιστώνε-ται η απïæασιστικÞτητα τÞσï της δικής µας πλευράς Þσïκαι της æίλης øώρας τïυ Ισραήλ για µια πιï στενή (συνεργα-

σία), µια νέα επïøή στις σøέσεις µας πïυ âασισµένη στηνπαραδïσιακή æιλία θα ενισøύσει τις κïινές πρïσπάθειες γιατï καλύτερï δυνατÞν για τις øώρες µας».

Επεσήµανε δε πως αυτÞ πïυ δηµιïυργεί τις νέες πρïï-πτικές είναι η ανακάλυψη των υδρïγïνανθράκων πïυ επι-âάλλïυν µια συνεργασία τέτïια πïυ να δηµιïυργεί τις πρï-ïπτικές µέσα απÞ στρατηγικές συµµαøίες να ωæεληθïύνκαι ïι δύï øώρες.

«ΑπÞ τη µια η Κύπρïς øώρα µέλïς της ΕΕ και ιδιαίτεραµε την απÞæαση δηµιïυργίας τïυ τερµατικïύ υγρïπïίησηςαπέναντι απÞ τï Σïυέú να δίδει την ευκαιρία σε Þσïυς θελή-σïυν να αêιïπïιήσïυν αυτή την υπïδïµή για εêαγωγή στηνΆπω Ανατïλή, αλλά και στην Ευρώπη και απÞ την άλλη µέσααπÞ τις συµæωνίες πïυ επιδιώκïυµε επί ενεργειακής ασæά-λειας και τις συµæωνίες συνεκµετάλλευσης, εκεί και Þπïυπαρατηρείται να συµπίπτïυν σύνïρα, τεµάøια πïυ ενδεøÞ-µενα να έøïυν æυσικÞ πλïύτï, να δηµιïυργηθïύν ïι πρïï-πτικές έτσι ώστε να επιτύøïυµε την καλύτερη δυνατή αêιï-πïίηση πρïς Þæελïς της ευηµερίας, της συνεργασίας καιτης πρïïπτικής ια τις δύï øώρες» τÞνισε.

Ερωτηθείς αν τï Ισραήλ αντιµετωπίúει θετικά τï θέµαδηµιïυργίας τερµατικïύ στην Κύπρï, ï ΠρÞεδρïς της∆ηµïκρατίας είπε Þτι «είµαστε στï στάδιï των διαâïυλεύ-σεων» αλλά και πως «υπάρøει έκδηλï τï ενδιαæέρïν απÞισραηλινές εταιρείες πïυ εµπλέκïνται στην αêιïπïίηση τïυæυσικïύ αερίïυ να είναι και συµµέτïøες στην επένδυση τηςκατασκευής τïυ τερµατικïύ στï ΒασιλικÞ».

«ΑυτÞ σηµαίνει πως κατ’ επέκταση θα έøïυµε τη συνερ-γασία εταιρειών αν Þøι και της Κυâέρνησης. ∆εν θέλω να πωπερισσÞτερα απÞ Þσα υπαγïρεύïυν τα ύψιστα συµæέρïντατων δύï øωρών» συµπλήρωσε.

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8 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

Κïύρεµα τώρα και στην αêία των κυπριακών ïµïλÞγων,επέâαλε η Ευρωπαϊκή Κεντρική Τράπεúα για την απïδïøήτïυς ως εγγύηση για δανεισµÞ.

Η Ευρωπαϊκή Κεντρική Τράπεúα θα απïδέøεται τακυπριακά ïµÞλïγα, µέøρι και 68% κάτω απÞ την ïνïµαστικήτïυς αêία , γεγïνÞς πïυ περιïρίúει σηµαντικά τï ρευστïτικÞÞæελïς πïυ θα µπïρïύν να απïκïµίσïυν ïι τράπεúες απÞ τïæθηνÞτερï δανεισµÞ πïυ θα έøïυν µέσω της ΕυρωπαϊκήςΚεντρικής Τράπεúας, σε σύγκριση µε τïν δανεισµÞ πïυ πρï-σæέρει ï ευρωπαϊκÞς µηøανισµÞς έκτακτης ρευστÞτητας, ïγνωστÞς ELA.

Ενδεικτικά, τï κÞστïς τïυ ELA για τη Λαϊκή Τράπεúα, πïυείøε δανειστεί 10 δις ευρώ τï 2012, έæθανε τï 2,25% σεσύγκριση µε περίπïυ 1% πïυ θα µπïρïύν πλέïν να δανείúï-νται ïι κυπριακές τράπεúες απÞ την Ευρωπαϊκή ΚεντρικήΤράπεúα.

Σύµæωνα µε διευκρινιστικÞ έγγραæï της ΕυρωπαϊκήςΚεντρικής Τράπεúας, σε σøέση µε την απÞæαση της να δώσειεκ νέïυ τη δυνατÞτητα στις κυπριακές τράπεúες να συµµε-τέøïυν σε πράêεις νïµισµατικής πïλιτικής, µια τράπεúα πïυδιαθέτει κυπριακÞ ïµÞλïγï πïυ λήγει τïν επÞµενï øρÞνï θαµπïρεί να τï δώσει ως εêασæάλιση µε απïµείωση (haircut)

14,5%. Η απïµείωση αυêάνεται αναλÞγως της λήêης τïυïµïλÞγïυ και στην περίπτωση κυπριακών ïµïλÞγων µεδιάρκεια πέραν των 10 ετών, æθάνει µέøρι τï 57%.- Για ïµÞλïγα µε κρατική εγγύηση η απïµείωση êεκινά απÞτï 23% και æθάνει µέøρι τï 68%.- Για γραµµάτια πïυ εκδίδει τï κράτïς, η απïµείωση êεκινάαπÞ 14,5% και æθάνει µέøρι τï 71%.Εêασæάλιση για κυπριακÞ ïµÞλïγï πïυ λήγει τïν επÞµενïøρÞνï: Απïµείωση 14,5%.Η απïµείωση ανεâαίνει αναλÞγως της λήêης τïυ ïµïλÞγïυ.Για παράδειγµα:- 10ετή κυπριακά ïµÞλïγα η απïµείωση είναι µέøρι τï 57%.- ÃµÞλïγα µε κρατική εγγύηση: Απïµείωση απÞ 23% - 68%.- Κρατικά Γραµµάτια: Απïµείωση απÞ 14,5% - 71%.

Ανάλïγες εêαιρέσεις µε αυτή πïυ έλαâε η Κύπρïς, έγι-ναν για την Πïρτïγαλία, την Ιρλανδία και την Ελλάδα, ωστÞ-σï για τις δύï πρώτες, δεν γίνεται αναæïρά σε απïµείωσητης αêίας των ïµïλÞγων τïυς.

Στην Ελλάδα στα ïµÞλïγα πïυ λήγïυν σε 7 µε 10 øρÞνια,η απïµείωση είναι 56% έναντι 47,5% πïυ είναι για τηνΚύπρï.

Σύµæωνα µε τï έγγραæï για την Κύπρï, για να µπïρεί

ένα κράτïς να λαµâάνει µέρïς σε πράêεις νïµισµατικήςπïλιτικής, πρέπει να συµµïρæώνεται µε τïυς Þρïυς τïυπρïγράµµατïς στήριêης.

Σηµειώνει Þτι µÞνï η Ιρλανδία, Ελλάδα και Πïρτïγαλία,θεωρïύνται σήµερα Þτι πληρïύν τïυς Þρïυς τïυ πρïγράµ-µατïς της Ευρωπαϊκής Ένωσης και τïυ ∆ιεθνïύςΝïµισµατικïύ Ταµείïυ.

Επïµένως øρειάúεται επιπρÞσθετη απÞæαση τïυ συµ-âïυλίïυ της ΕΚΤ για να µην εæαρµïσθεί τï Þριï πιστωτικώναêιïλïγήσεων για øρέïς πïυ εκδÞθηκε απÞ, ή εγγυήθηκε ηΚυπριακή ∆ηµïκρατία, αναæέρει τï έγγραæï, ωστÞσï σύµ-æωνα µε την απÞæαση της Ευρωπαϊκής Κεντρικής Τράπεúας,η Κυπριακή ∆ηµïκρατία θα θεωρείται øώρα µέλïς της ευρω-úώνης πïυ συµµïρæώνεται µε πρÞγραµµα της ΕυρωπαϊκήςΈνωσης και τïυ ∆ιεθνïύς Νïµισµατικïύ Ταµείïυ.

Τα κυπριακά ïµÞλïγα επανάκτησαν τη δυνατÞτητα ναøρησιµïπïιïύνται ως εêασæάλιση για σκïπïύς øρηµατïδÞ-τησης απÞ την Ευρωπαϊκή Κεντρική Τράπεúα, αæïύ ελήæθηυπÞψη τï ΜνηµÞνιï, πïυ υιïθετήθηκε απÞ τα κράτη µέλη,για τï πρÞγραµµα ïικïνïµικής και øρηµατïïικïνïµικής πρï-σαρµïγής της Κύπρïυ.

Η απÞæαση θα τεθεί σε ισøύ απÞ τις 9 Μαΐïυ.

∂∫∆: ∫Ô‡ÚÂÌ· 68% ÁÈ· Î˘ÚÈ·Î¿ ÔÌfiÏÔÁ·

∞ÈÛÈfi‰ÔÍÔ˜ ÁÈ· ∆Ú¿Â˙· ∫‡ÚÔ˘ Ô ™ÔÊÔÎÏ‹˜ ªÈ¯·ËÏ›‰Ë˜ΑισιÞδïêïς για τï µέλλïν της Τράπεúας

Κύπρïυ παρïυσιάστηκε ï νέïς ΠρÞεδρïς τïυΣυγκρïτήµατïς Σïæïκλής Μιøαηλίδης.Παράλληλα αναæέρθηκε στη δύσκïλη απïστï-λή πïυ ανέλαâε τï νέï ∆ιïικητικÞ Συµâïύλιï,για να æέρει εις πέρας έως τïν ΣεπτέµâριïÞπïυ είναι πρïγραµµατισµένη η γενική συνέ-λευση των νέων µετÞøων τïυ Συγκρïτήµατïς.

«Ãταν επιτελέσïυµε τï έργï αυτÞ ηΤράπεúα Κύπρïυ δεν έøει να æïâηθεί ïτιδήπï-τε, διÞτι Þλα θα κυλήσïυν ïµαλά, η Κύπρïςείναι στï Ευρωσύστηµα, τï Ευρωσύστηµα µας

στηρίúει και δεν πρÞκειται να µας εγκαταλεί-ψει νïïυµένïυ Þτι θα επιτελέσïυµε αυτÞ τïέργï τï ïπïίï µας έøει αναθέσει η ΑρøήΕêυγίανσης», ανέæερε.

Την πρïηγïύµενη εâδïµάδα σύµæωνα µετïν κ. Μιøαηλίδη, τï νέï ∆ιïικητικÞ Συµâïύλιïενηµερώθηκε απÞ τïυς 8 γενικïύς διευθυντέςτης Τράπεúας Κύπρïυ για την κατάσταση στïσυγκρÞτηµα ενώ τï αργÞτερï στις αρøές τηςεπÞµενης εâδïµάδας θα απïæασιστïύν ïιΕπιτρïπές και τα καθήκïντα κάθε ∆ιïικητικïύΣύµâïυλïυ.

«Τï έργï αυτÞ περιλαµâάνει και στï σøέ-διï αναδιάρθρωσης της Τράπεúας Κύπρïυ τïïπïίï ïæείλïυµε να παραδώσïυµε µέøρι τις30 τïυ Σεπτέµâρη. Και ïι πελάτες και ïι µέτï-øïι θα στηρίêïυν την Τράπεúα Κύπρïυ γιατίδεν µπïρεί να καταρρεύσει ακÞµη µια Τράπεúαµε αρνητικÞ αντίκτυπï για την κυπριακή ïικï-νïµία», υπïγράµµισε.

Σύµæωνα µε πληρïæïρίες µας στη θέσητïυ Ανώτατïυ Εκτελεστικïύ ∆ιευθυντή τηςΤράπεúας Κύπρïυ εκτÞς απρïÞπτïυ θα διïρι-στεί ï διαøειριστής της Ντίνïς Ìριστïæίδης.

∂È‰ÈÎ¤˜ ªÂÙÔ¯¤˜ ÂÙÔÈÌ¿˙ÂÈ Ô ™˘ÓÂÚÁ·ÙÈÛÌfi˜Στις 15 Μάιïυ αναµένεται να ανακïινώσει ï

ΣυνεργατισµÞς τï σøέδιï τïυ για έκδïση µετïøών ειδικïύτύπïυ µε στÞøï την άντληση πïσïύ ύψïυς 1,4 δις ευρώ. Ãιειδικïύ τύπïυ µετïøές Þπως πληρïæïρείται η εæηµερίδαµας, θα διαπραγµατεύïνται εκτÞς τïυ Ìρηµατιστηρίïυ ΑêιώνΚύπρïυ και θα απευθύνïνται στις 700,000 æίλïυς και µέλητïυ Συνεργατισµïύ και σε άλλïυς ενδιαæερÞµενïυς επενδυ-τές.

Τï σøέδιï θα πρïσæέρει την ευκαιρία στïυς πελάτες τïυΣυνεργατισµïύ να µετατρέψïυν την κατάθεση τïυς σε µετï-øές λαµâάνïντας ως αντάλλαγµα διασæαλισµένï και ικανï-πïιητικÞ επιτÞκιï σε âάθïς πενταετίας.

Με âάση τï ΜνηµÞνιï ï ΣυνεργατισµÞς θα πρέπει σε διά-

στηµα τριών µηνών αæïύ εêαγγείλει τï σøέδιï να αντλήσειÞλï τï πïσÞ πïυ øρειάúεται καθώς σε αντίθετη περίπτωση θασυνδράµει η κυâέρνηση απÞ τï σύνïλï των 10 δις ευρώ πïυεêασæάλισε µετά τη πρÞσæατη συµæωνία µε τïυς διεθνείςδανειστές.

Παράλληλα ï ΣυνεργατισµÞς αρøίσει να υλïπïιεί και τïσøέδιï αναδιάρθωσης τïυς µε στÞøï ï αριθµÞς τωνΣυνεργατικών Πιστωτικών Ιδρυµάτων να µειωθεί στα 35 µέøριτï 2018. Στα µέτρα επίσης πïυ θα λάâει θα συµπεριλαµâάνε-ται η µείωση των λειτïυργικών δαπανών και αύêησης της κερ-δïæïρίας τïυς µέσα απÞ τη διαøείριση τïυ øαρτïæυλακίïυτïυς. Ã ΠρÞεδρïς της Παγκύπριας ΣυνεργατικήςΣυνïµïσπïνδίας Ανδρέας Μïυσκάλης σε øθεσινές δηλώσεις

τïυ είπε Þτι ïι ειδικές µετïøές θα έøïυν καλή απÞδïση γιαυτïύς πïυ θα τις αγïράσïυν.

«Ã στÞøïς είναι να αντληθεί 1 δις ευρώ ώστε να µην øρει-αστïύµε τη στήριêη απÞ τï µηøανισµÞ και να καλυæθïύν ïιανάγκες απÞ ίδιïυς πÞρïυς».

Είπε επίσης Þτι µέøρι τïν Ιïύνιï θα ïλïκληρωθïύν και ïισυγøωνεύσεις συνεργατικών ώστε να δηµιïυργηθïύν πιïµεγάλες και πιï δυνατές εταιρείες.

Ã κ. Μïυσκάλης διαâεâαίωσε πως ïι συγøωνεύσεις δενθα ïδηγήσïυν σε απïλύσεις πρïσωπικïύ.

ΠρÞσθεσε Þτι θα υπάρêει σøέδιï πρÞωρης εθελïντικήςαæυπηρέτησης, ενώ δεν απέκλεισε τï ενδεøÞµενï παγïπïίη-σης ή µικρής µείωσης των µισθών.

∆fiÛÔ ı· ÌÂÈˆıÔ‡Ó ÔÈ ÌÈÛıÔ› ÛÙÔ ‰ËÌfiÛÈÔ Τïν αντίκτυπï πïυ θα έøει τï µνηµÞνιï για τï υπαλληλι-

κÞ πρïσωπικÞ στï δηµÞσιï και ηµιδηµÞσιï τïµέα, τïυςωρïµισθίïυς και τïυς ιδιωτικïύς υπαλλήλïυς, παρïυσιάúειη εæηµερίδα µας.Τα στïιøεία δείøνïυν êεκάθαρα Þτι θα µει-ωθεί δραµατικά η αγïραστική δυνατÞτητα των Κυπρίων,µέøρι και κατά 20,9% γεγïνÞς πïυ θα επηρεάσει αρνητικάκαι τï σύνïλï της κυπριακής ïικïνïµίας.

Με âάση τις τελευταίες απïκïπές πïυ ενέκρινε ηΒïυλή, και ïι ïπïίες περιλαµâάνïυν και τις πρÞσθετεςεισæïρές πρïς τï Ταµείï Υγείας και τï Ταµείï ΚïινωνικώνΑσæαλίσεων:

Σε Þτι αæïρά τï υπαλληλικÞ πρïσωπικÞ στïν ιδιωτικÞτïµέα τï ïπïίï έøει ήδη âιώσει σïâαρές µειώσεις στις απï-λαâές τïυ πïυ κυµαίνïνται µεταêύ 10 και 40%, ïι επιπρÞ-σθετες απïκïπές έøïυν ως εêής:

Αêίúει να σηµειωθεί Þτι ισÞπïσï πïσïστÞ πρïς τιςΚïινωνικές Ασæαλίσεις θα κληθïύν να καταâάλïυν και ïιεργïδÞτες.

Στη µείωση της αγïραστικής δύναµης των νïικïκυριώνθα πρέπει να πρïστεθïύν και ïι νέες æïρïλïγίες πïυ συµ-æώνησε η κυâέρνηση µε την ΤρÞικα και ενέκρινε η Βïυλή.

¡Ù¿ÈÛÂÏÌÏÔ˘Ì: √È Î˘ÚÈ·Î¤˜ ÙÚ¿Â˙Â˜ “ÏËÚÒÓÔ˘Ó” ÙÔ PSIΠιστÞς στη συνταγή τïυ µïντέλïυ της

Κύπρïυ εµæανίστηκε και ενώπιïν της επιτρï-πής Ãικïνïµικών τïυ ΕυρωπαϊκïύΚïινïâïυλίïυ ï Γερïύν Ντάισελµπλïυµ.

Ã επικεæαλής τïυ Eurogroup υπεραµύν-θηκε της άπïψης Þτι ïι επενδυτές πρέπει να“πληρώνïυν” τα ρίσκα και τις απïæάσεις πïυπαίρνïυν τα τραπεúικά ιδρύµατα. Η δήλωσήτïυ αναæïρικά µε τις κυπριακές τράπεúες

ήταν øαρακτηριστική:“Τï ελληνικÞ PSI έπληêετις κυπριακές τράπεúες καθώς εκείνες είøανπρïâεί σε “κακά στïιøήµατα” στην Ελλάδα”.Εντïύτïις, παραδέøτηκε Þτι µετά τï «πάθηµα»της Κύπρïυ, ï κίνδυνïς για τï ευρωπαϊκÞ τρα-πεúικÞ σύστηµα εντάθηκε.

Ã Γερïύν Ντάισελµπλïυµ øαρακτήρισε τïπακέτï διάσωσης της Κύπρïυ ως την καλύτε-ρη δυνατή επιλïγή για τη Λευκωσία, ενώ ανα-

κïίνωσε πως η πρώτη δÞση τïυ δανείïυύψïυς 3 δις ευρώ, απÞ τïν µÞνιµï µηøανισµÞστήριêης της Ευρωπαϊκής Ένωσης θα εκταµι-ευθεί εντÞς τïυ µηνÞς Μαΐïυ.

Ìθες σε δηλώσεις τïυ στï πλαίσιï ïικïνï-µικïύ συνεδρίïυ στις Βρυêέλλες, ï επικεæα-λής τïυ Eurogroup úήτησε απÞ τις κυâερνή-σεις να µην êεøνïύν τις δεσµεύσεις τïυς γιαδηµïσιïνïµική εêυγίανση. “∆εν µπïρïύµε να

δαπανïύµε και να δανειúÞµαστε, ελπίúïνταςστην... Ανάσταση”, δήλωσε ï ÃλλανδÞςυπïυργÞς Ãικïνïµικών. “Ùσïι επωæελήθη-καν απÞ την ανάληψη κινδύνων απÞ τις τρά-πεúες, πρέπει να αναλάâïυν και τï κÞστïςαυτών των κινδύνων”, τÞνισε ï ÃλλανδÞςυπïυργÞς Ãικïνïµικών, ï ïπïίïς, πάντως,επανέλαâε Þτι ïι καταθέσεις έως 100.000ευρώ πρέπει να είναι διασæαλισµένες.

Υπάρøει στï πρÞσæατï πρïσκήνιï η άπïψη απÞ τï ΚράτïςÞτι είναι συµæέρïυσα η αγïρά/ανέγερση Κυâερνητικών κτι-ρίων παρά την ενïικίαση και αυτÞ έøει δηλωθεί τÞσï απÞ ταστÞµατα υπïυργών Þσï και άλλων, δίδïντας την εντύπωση Þτιη ενïικίαση γραæείων είναι «πεταµένα øρήµατα», µια και τïενïίκιï πληρώνεται µεν, øωρίς Þµως να παραµένει στï Κράτïςστï τέλïς της ηµέρας «κανένα» κτίριï. Ãι δηλώσεις αυτέςάνκαι είναι πïλύ γενικές και δεν πρέπει να υιïθετïύνται ωςαπÞλυτα ïρθές. ΕκτÞς των ïικïνïµικών υπάρøïυν και άλλïιπαράµετρïι Þπως η ύπαρêη ή Þøι κατάλληλων τïπïθεσιών γιατα ∆ηµÞσια κτίρια σε µεγάλïυς øώρïυς σε κατάλληλα σηµεία,ή ανάγκη ανάπτυêης ευæάνταστων νέων έργων µε νέα αρøιτε-κτïνική, ή αναâάθµιση µε νέα µεγαλεπήâïλα κτίρια πïυ«ïµïρæαίνïυν» σε κάπïιï âαθµÞ τις πÞλεις, την απïæÞρτισητïυ κέντρïυ απÞ την διακίνηση ïøηµάτων κλπ.

ΑπÞ πλευράς Þµως καθαρά ïικïνïµικής απÞδïσης, τïθέµα είναι τελείως διαæïρετικÞ. Εάν π.ø. τï Κράτïς µπïρεί ναενïικιάσει σύγøρïνα γραæεία πρïς 8.50 ευρώ τ.µ./µήνα, ασæα-λώς και øωρίς πïλλή σκέψη η απάντηση είναι Þτι συµæέρει ηενïικίαση. Σε αντίθεση, εάν τï ενïίκιï είναι της τάêης των 17ευρώ τ.µ., ίσως η απάντηση να είναι η αντίθετη. ΠρïσθέτïυµεÞτι τï ενδιαæέρïν τïυ Κράτïυς για ενïικίαση γραæείων,ενθαρρύνει την επένδυση απÞ τïν ιδιωτικÞ τïµέα πïυ µεταêύάλλων πρïσæέρει, æïρïλïγικές και άλλες συνεισæïρές σταταµεία τïυ Κράτïυς, πρωτίστως Þµως είναι ï παράγïντας τηςµη εκταµίευσης απÞ τα ταµεία τïυ Κράτïυς, ιδιαίτερα τώρα σεπερίïδï κρίσης της Κυπριακής ïικïνïµίας πïυ «µετρά τï κάθεευρώ».

Είναι λïιπÞν η κατάλληλη στιγµή για τέτïια απÞæαση (ανέ-γερση ιδίων κτιρίων) εκ µέρïυς της Πïλιτείας;

Υπïθέτïυµε Þτι για να ανεγερθεί ένα γραæειακÞ συγκρÞ-τηµα των 5.000 τ.µ., øρειάúεται εµπïρικÞ ïικÞπεδï (µε συντε-λεστή δÞµησης 180%) γύρω στις 3.000 τ.µ. Με µέση τιµή αγï-ράς/αêία είναι τï ïικÞπεδï αυτÞ σε σηµερινές τιµές στην περι-æέρεια τïυ κέντρïυ των πÞλεων είναι γύρω στις (x 3.000ευρώτ.µ.) = 9.000.000 εκ. ευρώ.- Τï κÞστïς κατασκευής ενÞς σύγøρïνïυ γραæειακïύ συγκρï-τήµατïς µαúί µε τïυς øώρïυς στάθµευσης Þπως αυτïί απαι-

τïύνται απÞ τïυς ïικïδïµικïύς κανïνισµïύς, είναι γύρω στις1.400 ευρώ τ.µ.Ή έστω για 5.000 τ.µ. = 7.000.000 εκ. ευρώΣυνïλικÞ κÞστïς (γη + κτίρια) 16.000.000 εκ. ευρώ

Εάν τï κτήµα είναι τïυ Κράτïυς πïυ ανεγείρει τï ίδιï τïκτίριï, τÞτε µε τα σηµερινά δεδïµένα, µια απÞδïση επί τïυσυνïλικïύ κÞστïυς της τάêης τïυ 5% τïν øρÞνï, ή ενïίκιï800.000 ευρώ τïν øρÞνï (ή 14.33 ευρώ /µήνα) είναι λïγική. Ωςεκ τïύτïυ και στï παράδειγµα αυτÞ εάν τï úητïύµενï/συµæω-νηθέν ενïίκιï µε τïν ιδιïκτήτη είναι 10 ευρώ τ.µ. ή συνïλικά600.000 ευρώ/øρÞνï, η απÞδïση είναι µÞνï 3.75% τïν øρÞνïκαι άρα συµæέρει η ενïικίαση απÞ τïν ιδιïκτήτη. Εάν δε τïΚράτïς δανείúεται πέραν τïυ 7% τÞκï, τÞτε συµæέρει η ενïι-κίαση απÞ ιδιïκτήτη.- Εάν τï ανεγείρει τï Κράτïς θα πρέπει ασæαλώς να øρεώσειστï έργï την γη έστω και εάν είναι δική τïυ, αλλά για τïν ιδιώ-τη ιδιoκτήτη τι σηµαίνει για τï ίδιï έργï;(α) Αγïρά ïικïπέδïυ 9.000.000 εκ. ευρώΜεταâιâαστικά (έστω) 650.000 εκ. ευρώ(â) Πληρωµή Φ.Π.Α. στην ανέγερση τïυ7.000.000 εκ. ευρώ (x17%) 1.190.000 εκ. ευρώ

Άµεση είσπραêη απÞ τï Κράτïς έστω 1.840.000 εκ. ευρώ(γ) Ενïίκιï απÞ τï Κράτïς 800.000 ευρώ /øρÞνïΜείïν για æïρïαπαλλαγές έστω150.000 ευρώ, καθαρÞ εισÞδηµα 650.000 ευρώΦÞρïς εισïδήµατïς (µε τα υπÞλïιπα 23%)

150.000 ευρώ /øρÞνïΚεæαλαιïπïίηση πρïς 6% (factor 16.666)Συνïλική πληρωµή æÞρïυ εισïδήµατïς κατάΤην διάρκεια της «úωής» τïυ κτιρίïυ/ενïικίασης

2.500.000 εκ. ευρώ

ΣυνïλικÞ εισÞδηµα τïυ Κράτïς(1.840.000 + 2.500.000 εκ. ευρώ) = 4.3 εκ. ευρώ

- ∆ηλαδή στï κÞστïς τïυ Κράτïυς των 16 εκ. ευρώ θα πρέπεινα πρïστεθεί τï «διαæυγών» εισÞδηµα τïυ Κράτïυς των 4.3εκ. ευρώ, ή συνïλικÞ πïσÞ/ κÞστïς στï Κράτïς των 20.3 εκ.ευρώ.- ΠρÞσθετα θα πρέπει να ληæθεί υπÞψη τï κÞστïς συντήρη-σης και διαøείρισης γύρω στις (ø6% επί τïυ κÞστïυς) - κÞστïςπïυ δεν θα επωµισθεί τï Κράτïς εάν τï ενïικιάúει.Ανά έτïς πïυ θα κïστίúει στï Κράτïς 43.000 ευρώ/έτïςΚυâερνητικά τέλη (æÞρïς ακίνητης ιδιïκτησίας) έστω 135.000ευρώ /έτïς178.000 ευρώ /έτïς

Κεæαλαιïπïίηση πρïς 6% (factor) 16.666∆ιαæυγών εισÞδηµα κατά την διάρκειας της úωήςΤïυ κτιρίïυ/ενïικίασης 2.166.000 ευρώΑυτά και άλλα.

ΠρÞσθετα η ενïικίαση ενÞς γραæείïυ ιδιώτη, έøει τï πλε-ïνέκτηµα εκ µέρïυς τïυ Κράτïυς να τερµατίσει την ενïικίασηεάν έøïυν αλλάêει ïι συνθήκες (π.ø. ανάγκη µεγαλύτερïυøώρïυ, ανυπαρêία øώρων στάθµευσης στï µέλλïν πïυ ίσωςτώρα να υπάρøïυν σε παραπλήσια κενά ïικÞπεδα κλπ), ή λÞγωαλλαγής της τεøνïλïγίας κλπ. Ίσως ακÞµη να υπάρøει και Þρïςστην ενïικίαση Þτι τï Κράτïς να έøει τï δικαίωµα αγïράς ανάπάσα στιγµή σε τρέøïυσες τιµές, ïύτως ώστε να καλυæθεί καιαπÞ αυτήν την µεριά τï Κράτïς.

Ασæαλώς τï θέµα δεν είναι απλÞ και ïι δηλώσεις περί πλη-ρωµής ενïικίων εκ µέρïυς τïυ Κράτïυς πïλλών εκατïµµυ-ρίων/øρÞνï, είναι παραπλανητικές, για να δικαιïλïγïύν τηνανέγερση ιδίων γραæείων.

Πιστεύïυµε Þτι η κάθε περίπτωση θα πρέπει να µελετάταιêεøωριστά µε τïυς πιï πάνω παράγïντες (και άλλïυς) υπÞψη,ενώ η άµεση εγκατάλειψη υæιστάµενων ενïικιαúÞµενων γρα-æείων θα πρïκαλέσει αναστάτωση µε αλυσιδωτές επιδράσειςστην αγïρά ακινήτων, ιδιαίτερα των γραæείων.

Θα επανέλθïυµε µε πλήρη µελέτη και µε âïήθεια æïρïτε-øνικών επί τïυ θέµατïς και στην σύγκριση µεταêύ των πρï-σæïρών και τïυ συστήµατïς Β.Ã.Τ. είτε σε Κρατική είτε σειδιωτική γη.

∞∞ÓÓÙÙÒÒÓÓËË˜ §§ÔÔ˚˙ÔÔ˘∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

∞ÁÔÚ¿ ‹ ÂÓÔÈÎ›·ÛË Î˘‚ÂÚÓËÙÈÎÒÓ ÁÚ·ÊÂ›ˆÓ;

8 ΜΑΪÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ÌΡΗΜΑ&ΑΓÃΡΑ

∆∆ÚÚÂÂÈÈ˜ ··ÏÏÏÏ··ÁÁ¤¤˜ ÛÛÙÙÔÔ ¢¢ÈÈÔÔÈÈÎÎËËÙÙÈÈÎÎfifi ™™˘ÌÌ‚‚ÔÔ‡‡ÏÏÈÈÔÔ ÙÙÔÔ˘ CCIIPPAA Σε τρεις αλλαγές στï ∆ιïικητικÞ Συµâïύλιï τïυ Κυπριακïύ

Ãργανισµïύ Πρïσέλκυσης Επενδύσεων (CIPA) πρïøώρησε oΠρÞεδρïς της ∆ηµïκρατίας Νίκïς Αναστασιάδης κι αυτÞ επει-δή τα µέλη τïυ ∆Σ τïυ ïργανισµïύ απïæάσισαν να θέσïυν τηνπαραίτηση τïυς στη διάθεση τïυ νεïεκλεγέντα πρïέδρïυ.

ΑπÞ τï ∆ιïικητικÞ Συµâïύλιï τïυ Ãργανισµïύ απïøωρïύνïι Αντρέας Σïæïκλέïυς, Νίκïς ΡωτÞς και Μιøάλης Αâραάµ.Υπενθυµίúïυµε πως ïι δύï πρώτïι απïτέλεσαν τïυς τελευταί-

ïυς διïρισµïύς πïυ έκανε η κυâέρνηση ÌριστÞæια λίγες µÞλιςώρες πριν τï τέλïς της διακυâέρνησης της. Πρïς αντικατά-στασή τïυς διïρίúïνται στï ∆ιïικητικÞ Συµâïύλιï τïυÃργανισµïύ ï δικηγÞρïς Ηλίας Νεïκλέïυς τïυ ïίκïυ ΑνδρέαςΝεïκλέïυς, ï γενικÞς διευθυντής της ÃΕΒ Μιøάλης Πήλικïςκαι ï σύµâïυλïς σε θέµατα ενέργειας Γιώργïς ∆ηµητρίïυ.

Ã ÌριστÞδïυλïς Αγκαστινιώτης παραµένει στην πρïεδρίατïυ CIPA αæïύ æαίνεται να øαίρει της εµπιστïσύνης τïυ

Πρïέδρïυ της ∆ηµïκρατίας. Τα µέλη τïυ ∆ιïικητικïύΣυµâïυλίïυ είναι: ÌριστÞδïυλïς Αγκαστινιώτης, ÌρίστïςΜαυρέλλης, Μάριïς Κλείτïυ, Ìάρης Παπαøαραλάµπïυς(ΓενικÞς ∆ιευθυντής CIPA), Ìάρης Αναστασίïυ, ÌρίστηςÌριστïæÞρïυ, Ευγένιïς Ευγενίïυ, Άγγελïς Γρηγïριάδης,Κυριάκïς Κακïυρής, Θωµάς Καúάκïς, Κυριάκïς ΚÞκκινïς,Νέλλη Κïυλία, ΝικÞλας Θεïøαρίδης, Ηλίας Νεïκλέïυς,Μιøάλης Πήλικïς, Γιώργïς ∆ηµητρίïυ.

ªÂ›ˆÛË ÂÈÙÔÎ›Ô˘ ÚˆÛÈÎÔ‡ ‰·ÓÂ›Ô˘ ÛÙÔ 2,5%

Στï 2,5% θα µειωθεί τï επιτÞκιï τïυ δανείïυ πïυ σύναψε τï∆εκέµâριï τïυ 2011 η Κύπρïς απÞ τη Ρωσία, σύµæωνα µε έγγραæατων πιστωτών πïυ είδαν τï æως της δηµïσιÞτητας. Τï έγγραæï υπï-στηρίúει πως η Ρωσία έøει συµæωνήσει να επεκτείνει την περίïδïαπïπληρωµής τïυ δανείïυ και να µειώσει τα επιτÞκια.

Τï δάνειï ύψïυς 2,5 δις ευρώ λήγει τï ∆εκέµâριï τïυ 2016 και,σύµæωνα µε τï έγγραæï, η Ρωσία συµæώνησε σε επιµήκυνση της εêυ-πηρέτησης τïυ µέøρι τï 2018. Τï ύψïς τïυ επιτïκίïυ είναι Þµïιï µεαυτÞ πïυ θα δανειστεί η Κύπρïς τα 10 δις ευρώ απÞ τïν ΕυρωπαϊκÞΜηøανισµÞ Στήριêης.

Τï συµâïύλιï τïυ µηøανισµïύ αναµένεται να συνέλθει τις επÞµε-νες µέρες για να δώσει την τελική έγκριση στη δανειακή σύµâαση τηςΚύπρïυ και την εκταµίευση της πρώτης δÞσης, πïυ υπïλïγίúεταικαταâληθεί κïντά µέσα Μαΐïυ. Τï έγγραæï αναæέρει Þτι η Κύπρïςέøει συµµïρæωθεί µε Þλïυς τïυς Þρïυς των διεθνών πιστωτών. ΤïρωσικÞ δάνειï είøε δïθεί µε επιτÞκιï 4,5%. «Έøει ληæθεί âεâαίωσηαπÞ τις κυπριακές αρøές Þτι έøει πρïκύψει επίσηµη συµæωνία µετα-êύ της Κύπρïυ και της Ρωσικής Ãµïσπïνδίας για επέκταση της λήêηςτïυ ρωσικïύ δανείïυ, πïυ θα αρøίσει πληρώνεται απÞ τï 2018, και µεί-ωση τïυ επιτïκίïυ απÞ τï 4,5% στï 2,5%. «Υπάρøει τώρα συµµÞρæω-ση τÞσï ïυσίας Þσï και διαδικασίες µε Þλα τις απαραίτητες πρïϋπï-θέσεις», αναæέρει τï έγγραæï ηµερïµηνίας 30 Απριλίïυ.

Η ΑνδÞρα, τï Λïυêεµâïύργï και η Μάλτα είναι µικρέςευρωπαϊκές øώρες µε µεγάλα τραπεúικά συστήµατα, Þµωςη ïµïιÞτητά τïυς µε την Κύπρï τελειώνει εκεί, αναæέρει σεέκθεσή τïυ ï ïίκïς αêιïλÞγησης Fitch.

«Αυτές ïι øώρες Þøι µÞνï έøïυν πιï υγιείς τράπεúες καιισøυρÞτερα κράτη απÞ την Κύπρï, αλλά και η δïµή τïυ τρα-πεúικïύ τïυς κλάδïυ σηµαίνει πως είναι λιγÞτερï ευάλω-τες σε µια απïσταθερïπïιητική απÞσυρση καταθέσεων απÞµη κατïίκïυς και σε úηµιές απÞ την έκθεση στï εêωτερικÞ»,τïνίúει ï ïίκïς.

Στην έκθεση αναæέρεται Þτι τï Λïυêεµâïύργï και ηΜάλτα έøïυν επίσης µικρÞτερα εγøώρια τραπεúικά συστή-µατα. Ã εγøώριïς τραπεúικÞς κλάδïς τïυ Λïυêεµâïύργïυπïυ ανέρøεται σε 1,6 æïρές τï ΑΕΠ και της Μάλτας επίσης1,6 æïρές τï ΑΕΠ είναι µέτριïι σε σøέση µε την Κύπρï πïυæθάνει τï 4,6 æïρές τï ΑΕΠ, σύµæωνα µε τα τελευταίαστïιøεία της Ευρωπαϊκής Κεντρικής Τράπεúας.

Ùπως αναæέρεται, ïι συνïλικïί τραπεúικïί τïµείς τïυΛïυêεµâïύργïυ και της Μάλτας είναι πïλύ µεγάλïι (24æïρές τï ΑΕΠ και 8 æïρές τï ΑΕΠ αντίστïιøα), καθώςσυµπεριλαµâάνïυν και τις θυγατρικές και τα υπïκαταστή-µατα êένων τραπεúών, πïυ έøïυν αµελητέïυς δεσµïύς µετην εγøώρια ïικïνïµία, καθώς ïι συναλλαγές τïυς γίνïνταικατά κύριï λÞγï µε µη κατïίκïυς.

Ã ïίκïς αναæέρει Þτι εάν ïι τράπεúες των øωρών αυτών

øρειαστïύν στήριêη, θα είναι πιï πιθανή η στήριêη να πρï-έλθει απÞ την µητρική τράπεúα και τï κράτïς πïυ âρίσκε-ται η έδρα τïυς.

Ã εγøώριïς και ï συνïλικÞς τραπεúικÞς τïµέας τηςΑνδÞρας αντιστïιøεί σε 5 æïρές τï ΑΕΠ, και είναι πïλύµεγάλïς για να µπïρέσει να στηριøθεί στην κρατική υπï-στήριêη, δεδïµένων των περιïρισµένων πÞρων των αρøώντης øώρας.

ΩστÞσï, τïνίúεται, τï µεγάλï µέγεθïς των εγøώριωντραπεúών πρïέρøεται απÞ τα διεθνή franchise τïυς στηνιδιωτική τραπεúική και Þøι απÞ την πιστωτική επέκταση, δια-θέτïντας άνετη ρευστÞτητα και ισøυρά κεæαλαιακά επίπε-δα. Επïµένως, ï ïίκïς δεν εκτιµά πως θα υπάρêει ανάγκηνα úητηθεί κρατική στήριêη.

«Ãι εγøώριες τράπεúες στην ΑνδÞρα, τï Λïυêεµâïύργïκαι τη Μάλτα είναι πρïς τï παρÞν ισøυρÞτερες απÞ αυτέςτης Κύπρïυ πριν τη διάσωση. Ãι αêιïλïγήσεις âιωσιµÞτη-τάς τïυς είναι σøεδÞν Þλες σε επενδυτική âαθµίδα, ενώτης Κύπρïυ είναι σε κερδïσκïπικÞ επίπεδï απÞ τï 2011»,αναæέρεται.

Ãι εγøώριες τράπεúες σ’ αυτές τις øώρες, αναæέρει ïïίκïς, έøïυν øαµηλÞτερη εêάρτηση απÞ την øρηµατïδÞτη-ση απÞ καταθέσεις µη κατïίκων, σε σøέση µε τïν κυπριακÞτραπεúικÞ κλάδï, Þπïυ ïι êένες καταθέσεις πυρïδÞτησανµια ταøύτατη ανάπτυêη των περιïυσιακών στïιøείων.

∏∏ ∫∫‡‡ÚÚÔÔ˜ ÂÂ››ÓÓ··ÈÈ ‰‰ÈÈ··ÊÊÔÔÚÚÂÂÙÙÈÈÎÎ‹‹ ÂÂÚÚ››ÙÙˆÛÛËË ÏÏ¤¤ÂÂÈÈ ÔÔ FFiittcchh

ŒÌÂÈÓÂ ¯ˆÚ›˜ ÊÙÂÚ¿ Ô ÕÁÁÂÏÔ˜ ÛÙÔ ªÔÓ·ÁÚÔ‡ÏÏÈ√È ƒÒÛÔÈ ÙÂÏÈÎ¿ ‰ÂÓ Â¤Ó‰˘Û·Ó ÛÙÔ ÌÂÁ·Ï‡ÙÂÚÔ ¿Á·ÏÌ· ÙÔ˘ ÎfiÛÌÔ˘

ΜÞνï στις εêαγγελίες έµεινε τελικά η απÞ την αρøή,αµæιλεγÞµενη αισθητικής και καταâïλών, κατασκευή πïυήθελαν να κτίσïυν Ρώσïι επιøειρηµατίες στην Κύπρï.

Η εντυπωσιακïύ µεγέθïυς κατασκευή ενÞς θεÞρατïυαγγέλïυ - τïυ µεγαλύτερïυ αγάλµατïς στïν κÞσµï - Þπωςείøε ανακïινωθεί απÞ τï καλïκαίρι τïυ 2011 δεν πρïøώρη-σε πïτέ, αν και µε âάση τïν πρïγραµµατισµÞ των επενδυ-τών θα ήταν έτïιµï τï 2013.

Ùπως πρïγραµµάτιúαν ïι Ρώσïι επιøειρηµατίες θα έκτι-úαν σε έκταση της Εκκλησίας της Κύπρïυ, στïΜïναγρïύλλι, έναν θεÞρατï άγγελï.

Σύµæωνα µε τα σøέδια τïυς, τï άγαλµα θα ήταν τï µεγα-λύτερï στïν κÞσµï, και θα τï ïνÞµαúαν τïν «ΚαλÞ Άγγελïτïυ ΚÞσµïυ». Τα σøέδια περιέγραæαν ένα πελώριï µνηµείï135 µέτρων, πïυ θα τïπïθετήτï στï επιστέγασµα ενÞς επί-σης µεγάλïυ συνεδριακïύ κέντρïυ πïυ θα øτιúÞταν στηνπεριïøή, «øαιρετίúïντας» Þσïυς θα έâλεπαν απÞ τη θάλασ-σα και την παραλία τïυ Αγίïυ Γεωργίïυ.

Ως εµπνευστής και δηµιïυργÞς τïυ έργïυ εµæανιúÞτανη «∆ιεθνής Λέσøη Φιλανθρώπων της Ευρώπης»(«International Club of Philanthropists of Europe»), έναρωσικÞ ίδρυµα πïυ âρισκÞταν απÞ τï 2009 και στην Κύπρï(µετά τη Ρωσία, τη Σλïâακία και τï Κιργιστάν). Αν και πρï-σπαθήσαµε να âρïύµε ïτιδήπïτε αæïρά αυτή την λέσøη, εντïύτïις δεν κατέστει δυνατÞ. Η ανέγερση τïυ µνηµείïυαπïæασίστηκε τÞτε µετά απÞ συνάντηση των επενδυτώνκαι της Εκκλησίας της Κύπρïυ, και Þπως απïæασίστηκε θαανεγείρετï σε γη πïυ θα ενïικίαúαν απÞ την Εκκλησία.Σίγïυρα η επένδυση αυτή είøε øαρïπïιήσει ιδιαιτέρως καιτην κïινÞτητα Μïναγρïυλλίïυ, πïυ θα τï æιλïêενïύσε,λαµâάνïντας υπÞψη και τα ïικïνïµικά ïæέλη πïυ θα µπï-ρïύσε να απïæέρει.

Τï έργï, τï ïπïίï έæτασε µέøρι τï στάδιï των αδειïδï-τήσεων, επρÞκειτï να øτιστεί σε ένα λÞæï, δυτικά τηςψαρïταâέρνας πïυ âρίσκεται στην παραλία τïυ ΑγίïυΓεωργίïυ, στï Πεντάκωµï. Η Þλη κατασκευή, υπïλïγιúÞταννα κïστίσει 100 εκ. ευρώ, και πρïέâλεπε τη δηµιïυργίασυνεδριακïύ κέντρïυ øωρητικÞτητας 1300 ατÞµων, ένα«πρïεδρικÞ συνεδριακÞ κέντρï» για 300 άτïµα, θέατρï,πïλυτελή αίθïυσα δεêιώσεων, καæέ, εστιατÞρια και µιαµïντέρνα εκκλησία, τï «ναÞ της καλïσύνης και της ειρή-νης». Κïρυæαίï, ωστÞσï, σηµείï τïυ έργïυ, θα ήταν τïάγαλµα ενÞς αγγέλïυ, τï ïπïίï, ατενίúïντας την κυπριακήγη απÞ ύψïς 135 µέτρων, θα ήταν τï µεγαλύτερï άγαλµαστïν κÞσµï, êεπερνώντας κατά κάπïιες δεκάδες µέτρα τï

Άγαλµα της Ελευθερίας, στη Νέα ΥÞρκη, και τïν Ιησïύ τïνΛυτρωτή στï Ρίï Ντε Τúανέιρï.

Με âάση τα σøέδια των Ρώσων επενδυτών, ï θεÞρατïςάγγελïς θα ύψωνε στα øέρια τïυ ένα περιστέρι, συµâïλίúï-ντας, σύµæωνα µε τα λεγÞµενα των κατασκευαστών, τηνειρήνη και την ελπίδα και σηµατïδïτώντας καλά νέα για την«άæιêη µιας νέας επïøής στην ιστïρία της ανθρωπÞτητας,την Επïøή τïυ Ελέïυς». Κάτω απÞ την επιæάνεια τïυ αγάλ-µατïς πρïâλεπÞταν µάλιστα να αναγραæïύν τα ïνÞµατατων «æιλανθρώπων» και των «πρïστατών» («patrons») τïυέργïυ, «αντιπρïσώπων µιας νέας παγκÞσµιας ελίτ, η ïπïίαδηµιïυργεί την ιστïρία τïυ 21ïυ αιώνα».

Σε ύψïς ίδιï µε αυτÞ τïυ αγάλµατïς υπïλïγιúÞταν νατïπïθετηθεί µια σηµαία µε τï έµâληµα της Λέσøης, η ïπïίαïραµατίúεται τïν Þλï øώρï ως ένα µνηµείï πïυ θα πρïσελ-κύει πïλλïύς τïυρίστες. «Μαúί θα υψώσïυµε τï έµâληµατïυ Καλïύ Αγγέλïυ τïυ ΚÞσµïυ πάνω απÞ την Άγια Γη τηςΚύπρïυ και θα πρïσελκύσïυµε εκατïµµύρια υπïστηρικτέςτïυ Έργïυ απ’ Þλï τïν κÞσµï», είøαν αναæέρει τÞτε. Η øρη-µατïδÞτηση της επένδυσης θα πρïερøÞταν απÞ δωρεέςπïυ η Λέσøη æιλïδïêïύσε να πρïσελκύσει τÞσï µέσω τïυδιαδικτύïυ, Þσï και απÞ µια εµπïρική -«æιλανθρωπική»-κάρτα, η ïπïία παρïυσιαúÞταν ως «Κάρτα-ΦύλακαςΆγγελïς».

EÂÓ‰˘Ù¤˜ ·fi ÙËÓ ·ÁÎfiÛÌÈ· ÂÏ›ÙΗ Λέσøη «∆ιεθνής Λέσøη Φιλανθρώπων της Ευρώπης»

ιδρύθηκε στην Κύπρï τï 2009, «µε τις ευλïγίες και τηνπνευµατική καθïδήγηση τïυ ΑρøιεπισκÞπïυ ÌρυσïστÞµïυ»και πρÞεδρïς της Λέσøης στην Κύπρï παρïυσιαúÞταν ïδικηγÞρïς, Πανίκïς Ãνïυæρίïυ ï ïπïίïς είøε δηλώσει εêαγ-γέλλïντας την δηµιïυργία τïυ έργïυ πως ïι «Φιλάνθρωπïικαι Πρïστάτες πïυ τï απαρτίúïυν, αντιπρïσωπεύïυν µίανέα, παγκÞσµια ελίτ, επιτυøηµένïυς ανθρώπïυς, ïι ïπïίïιέøïυν æτάσει σε υψηλή πνευµατική ανάπτυêη και έøïυνµεγάλï παγκÞσµιï κύρïς και πρïïδευτική σκέψη για τηντρίτη øιλιετία». Στη Λέσøη æαίνεται Þτι συµµετείøαν και ïιδικηγÞρïι Λεωνίδας Γεωργίïυ και Ìρίστïς Νεïκλέïυς, ïαρøιτέκτïνας Σαργκσιάν Μερïυγκιάν, ï τραπεúικÞςΑντώνης Ìαρίτïυ και πλήθïς διευθυντών εταιρειών απÞ τηΡωσία.

Ã Αρøιεπίσκïπïς είøε δηλώσει τÞτε σøïλιάúïντας τηςεêαγγελίες των δηµιïυργών πως δεν αæïρά την Εκκλησίατï τι θα κάνïυν εκεί. «Η εταιρεία µάς πλησίασε και µας είπε

αν της νïικιάúïυµε αυτÞ τï øωράæι. Και είπαµε «ευøαρί-στως», αν πληρώνïυν ενïίκιï, ανέæερε.

Τï έργï είøε κερδίσει και τη συµπάθεια τïυ κïινïτικïύσυµâïυλίïυ Μïναγρïυλλίïυ, τï ïπïίï πρÞσâλεπε στηνπρïσέλκυση τïυριστών απ’ Þλï τïν κÞσµï.

Σε επικïινωνία µας µε τïν κïινïτάρøη Μïναγρïυλλίïυ,Παρασκευά Ηρακλέïυς, µας ανέæερε Þτι τï 2010, επισκέ-æθηκε την κïινÞτητα µια ïµάδα Ρώσων «ενÞς ιδρύµατïς»,η ïπïία τïυς µίλησε για ένα µεγαλεπήâïλï έργï στηνπεριïøή, τï ïπïίï παρïυσίασαν ως θαύµα. «Ήθελαν ναεκµεταλλευτïύν την περιïøή µας εδώ, γιατί είµαστε ένασταυρïδρÞµι ηπείρων, για σκïπïύς συνεδρίων, για εκθεσια-κÞ øώρï και για παγκÞσµιας εµâέλειας εκδηλώσεις. Ήθελαννα κάνïυν κάτι, τï ïπïίï να µείνει για πάντα στïυς αιώνεςκαι να θεωρείται ένα θαύµα», µας δήλωσε ï κ. Ηρακλέïυς.Συνεøίúïντας µας ανέæερε πως αν και είøαν πρïøωρήσειστην ενïικίαση τïυ øώρïυ και αæïύ κατέâαλαν τα συµæω-νηθέντα ενïίκια για ένα øρÞνï, µετά µας ανακïίνωσαν Þτιδεν θα πρïøωρήσïυν στï έργï και εκ τÞτε δεν έøïυµε ενη-µερωθεί για τίπïτα πïυ να αæïρά την επένδυση αυτή»,σηµείωσε.


4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

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Τï τελευταίï σκάνδαλï µε την παράνïµηøρησιµïπïίηση κρέατïς αλÞγïυ στη διατρï-æική αλυσίδα ïδήγησε την ΚïµισιÞν στηναπÞæαση να πρïτείνει νέïυς κανÞνες καιµέτρα µε στÞøï την ενίσøυση της επιâïλήςτων πρïτύπων υγείας και ασæάλειας στïσύνïλï της αγρïδιατρïæικής αλυσίδας.

Η νέα δέσµη µέτρων πρïâλέπει µιαεκσυγøρïνισµένη και απλïυστευµένη πρï-σέγγιση της πρïστασίας της υγείας, µε âάσητην επικινδυνÞτητα, καθώς και πιï απïτελε-σµατικά εργαλεία ελέγøïυ µε σκïπÞ τη δια-σæάλιση της ïυσιαστικής εæαρµïγής τωνκανÞνων πïυ διέπïυν τη λειτïυργία της τρï-æικής αλυσίδας.

Η ισøύïυσα νïµïθεσία, πïυ διέπει τηντρïæική αλυσίδα σε επίπεδï ΕΕ, περιλαµâά-νει 70 περίπïυ νïµïθετικές πράêεις. Η δέσµηµεταρρυθµίσεων πïυ πρïτείνεται σήµερα θαπεριïρίσει τις σøετικές νïµïθετικές πράêειςσε 5 ενώ, παράλληλα, θα µειώσει τη γραæειï-κρατία Þσïν αæïρά τις διεργασίες και τις δια-δικασίες πïυ απαιτïύνται για τïυς αγρÞτες,τïυς κτηνïτρÞæïυς και τïυς υπεύθυνïυςεπιøειρήσεων τρïæίµων (παραγωγïύς, επιøει-ρήσεις µεταπïίησης και διανïµείς) µε σκïπÞνα τïυς επιτρέψει να ασκïύν µε µεγαλύτερηευκïλία την επαγγελµατική τïυς δραστηριÞ-τητα.

Η αγρïδιατρïæική âιïµηøανία απïτελείτï δεύτερï σε µέγεθïς ïικïνïµικÞ κλάδï τηςΕΕ, ï ïπïίïς απασøïλεί περισσÞτερα απÞ 48

εκατ. άτïµα και έøει αêία 750 δις. ευρώ ετη-σίως.

¡¤ÔÈ Î·ÓfiÓÂ˜ ‚¿ÛË ÂÈÎÈÓ‰˘ÓfiÙËÙ·˜Σύµæωνα µε την ΚïµισιÞν, τα νέα µέτρα

θα είναι επωæελή για τις επιøειρήσεις γιατίµειώνεται τï διïικητικÞ κÞστïς, αλλά καικυρίως για τïυς καταναλωτές, δεδïµένïυ Þτιτα πρïϊÞντα θα γίνïυν ασæαλέστερα και τïσύστηµα απïτελεσµατικÞτερï και διαæανέ-στερï.

Τα κύρια στïιøεία της πρÞτασης αναæïρι-κά µε τïυς ελέγøïυς είναι τα εêής:

- Ενίσøυση των µέσων πïυ διαθέτïυν ïιαρµÞδιες Αρøές των κρατών µελών για ναελέγøïυν επί τÞπïυ τη συµµÞρæωση µε τηνïµïθεσία της ΕΕ (µέσω ελέγøων, επιθεωρή-σεων και δïκιµών).

- ΑπïτελεσµατικÞτερα µέτρα απÞ τιςΑρøές επιâïλής, ïύτως ώστε να πρïστατεύï-νται ïι καταναλωτές αλλά και ïι έντιµïι υπεύ-θυνïι επιøειρήσεων απÞ τïυς κινδύνïυς (καιïικïνïµικής æύσης) πïυ θα µπïρïύσαν ναπρïκύψïυν λÞγω παράâασης σε κάπïια στά-δια της αγρïδιατρïæικής αλυσίδας.

- Ãι νέïι κανÞνες ακïλïυθïύν µια πρï-σέγγιση πïυ âασίúεται περισσÞτερï στην επι-κινδυνÞτητα, επιτρέπïντας, έτσι στις αρµÞ-διες Αρøές να επικεντρώνïυν τïυς πÞρïυςτïυς στα πλέïν σηµαντικά úητήµατα.

- Τï ισøύïν σύστηµα καταâïλής τελών για

τη øρηµατïδÞτηση της απïτελεσµατικήςυλïπïίησης των εν λÞγω ελέγøων στï πλαί-σιï ενÞς âιώσιµïυ συστήµατïς στï σύνïλïτης αγρïδιατρïæικής αλυσίδας θα επεκταθείκαι σε άλλïυς τïµείς στïυς ïπïίïυς δεν επι-âάλλïνται επί τïυ παρÞντïς τέλη.

- Ãι πïλύ µικρές επιøειρήσεις θα εêαιρïύ-νται απÞ την καταâïλή τέτïιων τελών, αλλάÞøι απÞ τïυς ελέγøïυς, ώστε να µην επηρεά-úεται η ανταγωνιστικÞτητά τïυς.

- Τα κράτη µέλη θα κληθïύν να ενσωµα-τώσïυν πλήρως τïυς ελέγøïυς για την κατα-πïλέµηση της απάτης στα εθνικά τïυς σøέδιαελέγøων και να διασæαλίσïυν Þτι τï ύψïςτων øρηµατικών πρÞστιµων πïυ επιâάλλïνταιστις περιπτώσεις αυτές είναι Þντως απïτρε-πτικÞ.

Τα âασικά στïιøεία της πρÞτασης για τηνυγεία των úώων πρïâλέπïυν επίσης:

- Εισαγωγή ενιαίας νïµïθετικής πράêηςγια τη ρύθµιση της υγείας των úώων στην ΕΕµε âάση την αρøή «η πρÞληψη είναι καλύτερηαπÞ τη θεραπεία».

∏∏ ÎÎÚÚ››ÛÛËË ∫∫‡‡ÚÚÔÔ˘ÂÂËËÚÚ¤¤··ÛÛÂÂ BBNNPP PPaarriibbaass

Ãι ïικïνïµικές εêελίêεις στην Κύπρïείøαν αντίκτυπï στα ïικïνïµικά απïτελέ-σµατα της γαλλικής τράπεúας BNP Paribas.

Σύµæωνα µε την ίδια την τράπεúα, τακέρδη της µειώθηκαν απÞτïµα κατά τïπρώτï τρίµηνï τïυ 2013 λÞγω της δύσκïληςκατάστασης στην εγøώρια λιανική αγïρά. Ηµείωση ήταν κατά τï ήµισυ, δηλαδή περίπïυσε 1,6 δισεκατïµµύρια ευρώ.

∂∂ııÓÓÈÈÎÎfifi ÛÛ˘ÌÌ‚‚ÔÔ‡‡ÏÏÈÈÔÔ ÛÛÙÙÈÈ˜ 1155 ªª··˝ÔÔ˘

Συνεδρία τïυ εθνικïύ συµâïυλίïυσυγκάλεσε ï πρÞεδρïς της ∆ηµïκρατίαςΝίκïς Αναστασιάδης. Επίσηµη ανακïίνωσηαναæέρει Þτι η συνεδρία θα γίνει στις 15Μαΐïυ, 2013, στις 9.30 τï πρωί, στïΠρïεδρικÞ Μέγαρï.

¶¶ÙÙ‹‹ÛÛÂÂÈÈ˜ °°ÏÏ··ÛÛÎÎÒÒ‚‚ËË -- ∫∫··ÙÙÂÂ¯fifiÌÌÂÂÓÓ··

Πτήσεις της Cyprus Premier Holidays στακατεøÞµενα θα πραγµατïπïιïύνται απÞ τïνΙïύνιï απÞ τï αερïδρÞµιï της ΓλασκÞâης.

Τï τïυρκïκυπριακών συµæερÞντων γρα-æείï tour operator µε έδρα τη Βρετανίαπραγµατïπïιεί ήδη πτήσεις στï κατεøÞµενïαερïδρÞµιï Τύµπïυ µέσω Τïυρκίας απÞ τïΜάντσεστερ και τï αερïδρÞµιï Στάνστεντ,πïυ εêυπηρετεί τï Λïνδίνï.

8 ΜΑΪÃΥ, 2013

financialmirror.com | 5


∂¤Ó‰˘ÛË ÙË˜ ÂÎÎÏËÛ›·˜ ÛÂ ËÏÈÔıÂÚÌÈÎfi ¿ÚÎÔ ‡„Ô˘˜ €100 ÂÎ.∞Ó¤ÁÂÚÛË ÍÂÓÔ‰Ô¯Â›Ô˘ ÛÙËÓ ¶¿ÊÔ ÎfiÛÙÔ˘˜ €70 ÂÎ.

Αναπτυêιακά έργα εκατïµµυρίων ευρώπρïωθεί η Εκκλησία, επιâεâαιώνïντας πλή-ρως τï δηµïσίευµα της Financial Mirror πρïδύï µηνών, αλλά και τï Þτι η εκκλησία παράτην ύæεση πρïøωρεί µε τα αναπτυêιακάέργα πïυ έøει πρïγραµµατίσει.

Σύµæωνα µε τïν Αρøιεπίσκïπï, τα Þσαέργα πρïγραµµατίúει η εκκλησία θα πρï-σæέρïυν øιλιάδες θέσεις εργασίας.

Ã Αρøιεπίσκïπïς αναæερÞµενïς στιςεπενδύσεις της Εκκλησίας, είπε πως στηνΠάæï θα ανεγερθεί ένα µεγάλï êενïδïøείïσε περιïυσία της Αρøιεπισκïπής για τïïπïίï θα êïδευτïύν γύρω στα 60 µε 70 εκ.ευρώ.

Επίσης είπε Þτι έøει κλείσει συµæωνίαγια ένα ηλιïθερµικÞ πάρκï έêω απÞ τηΛευκωσία, για 75 µεγαâάτ, µια επένδυσηάνω των 100 εκ. ευρώ.

Στην περιïøή της Μακεδïνίτισσας, ηΑρøιεπισκïπή θα δηµιïυργήσει ένα αγγλÞ-æωνï σøïλείï, ενώ σε επαæή πïυ έøει ηΕκκλησία της Κύπρïυ µε Ρώσïυς καιΙσραηλίτες τρïøιïδρïµείται η κατασκευήενÞς εργïστασίïυ ηλεκτρικής ενέργειαςπερίπïυ 75 µεγαâάτ για τï ïπïίï θα êïδευ-τïύν αρκετά εκατïµµύρια.

Σύµæωνα µε τïν Αρøιεπίσκïπï, ηΕκκλησία της Κύπρïυ θα πρïøωρήσει και µεάλλα έργα σε συνεργασία µε ΚύπριïυςεµπïρευÞµενïυς και µε κεæάλαια πïυ θαέρθïυν απÞ τï εêωτερικÞ.

Ùπως είøαµε δηµïσιεύσει µε ïδηγίες

τïυ ΑρøιεπισκÞπïυ Κύπρïυ ÌρυσïστÞµïυγίνïνται µελέτες, πïυ στïøεύïυν στην δηµι-ïυργία στην Κύπρï των πρώτων πïλυτελέ-στατων êενïδïøείων για άτïµα της τρίτηςηλικίας.

Στα πïλυτελέστατα αυτά êενïδïøείαπïυ θα έøïυν τις κατάλληλες υπïδïµές γιααυτή την ηλικία και θα λειτïυργïύν ïλÞøρï-να, θα παρέøεται διαµïνή, διατρïæή, ιατρï-æαρµακευτική περίθαλψη, υπηρεσίες ευε-êίας και πïλλά άλλα.

ΣτÞøïς είναι η ανάπτυêη τïυ ΙατρικïύΤïυρισµïύ, ένας τïµέας ï ïπïίïς µπïρεί νααπïæέρει πïλλά θετικά στην κυπριακή ïικï-νïµία.

Μιλώντας στην εæηµερίδα µας ïΑρøιεπίσκïπïς ÌρυσÞστïµïς, είøε τïνίσειπως «Η Κύπρïς λÞγω κλίµατïς πρέπει ναεπενδύσει στïν ΙατρικÞ ΤïυρισµÞ», για νατïνίσει πως η Κύπρïς µÞνï υπηρεσίες µπï-ρεί να πρïσæέρει, και σε αυτÞ πρέπει να επι-κεντρωθïύµε.

Ã ιατρικÞς τïυρισµÞς είναι µία νέασυνεøώς αναπτυσσÞµενη ïικïνïµική δρα-στηριÞτητα παγκïσµίως. Αναæέρεται στηµετάâαση εκτÞς και εντÞς συνÞρων ανθρώ-πων µε πρïâλήµατα υγείας πρïκειµένïυ νατïυς παραøθεί ιατρική æρïντίδα πïυ στï-øεύει στην πρÞληψη, διάγνωση και διατήρη-ση της υγείας τïυς. Απαιτεί σύνθεση,συνεργασία και κïινή πρïσπάθεια τïυ επι-øειρηµατία τïυρισµïύ και τïυ ιατρïύ.Περιλαµâάνει επίσης υπηρεσίες µεταæïράς,

ενηµέρωσης, êενάγησης, εστίασης και δια-µïνής των τïυριστών υγείας σε επιλεγµέναêενïδïøεία.

Η δηµιïυργία αυτών των êενïδïøείωνστïøεύει στην πρïσέλκυση τïυριστών τηςτρίτης ηλικίας κυρίως απÞ τις ΒÞρειεςøώρες, καθ’ Þλη την διάρκεια τïυ øρÞνïυ,γεγïνÞς πïυ θα ïδηγήσει και στï άνïιγµαπïλλών θέσεων εργασίας, Þπως ιατρικïύ-νïσηλευτικïύ πρïσωπικïύ αλλά και τïυêενïδïøειακïύ τïµέα.

Σε δηλώσεις τïυ στην Πάæï, ï ΚύπρïυÌρυσÞστïµïς εêέæρασε την εκτίµηση Þτι ηΚυâέρνηση θα κάνει τï παν για να υπάρêειανάπτυêη, να κινηθεί η αγïρά και να έρθειτï øαµÞγελï êανά στα πρÞσωπα Þλων.

Ã Αρøιεπίσκïπïς εêέæρασε αισιïδïêίαÞτι µε σκληρή δïυλειά «θα âγïύµε απÞ

πάνω», σηµειώνïντας Þτι η Αρøιεπισκïπήέøει εκπïνήσει µερικά σøέδια και πïλύσύντïµα θα πρïøωρήσει στην ανάπτυêη.Αρκετά έργα θα δώσïυν δïυλειά σε øιλιά-δες εργάτες – επιστήµïνες, ανέæερε,εκæράúïντας παράλληλα τη âεâαιÞτητα πωςτï ίδιï θα πράêει και η ΚυâέρνησηΑναστασιάδη και Þτι «παρά τις δυσκïλίες θαανατείλïυν και καλύτερες ηµέρες».

Σøïλιάúïντας την επίσκεψη τïυΠρïέδρïυ Αναστασιάδη στï Ισραήλ, είπεπως η Κύπρïς έøει ανάγκη τï Ισραήλ αλλάκαι τï Ισραήλ την Κύπρï. Μια καλή συνερ-γασία, συνέøισε, θα απïâεί πρïς Þæελïς καιτων δύï øωρών, πρïσθέτïντας πως «έøïυντεθεί γερά θεµέλια, η συνεργασία είναιδεδïµένη, και Þλα θα εêελιøθïύν Þσï γίνε-ται πιï καλά».

¢Ú·Ì·ÙÈÎ‹ ÌÂ›ˆÛË ÙˆÓ ÂÈÙÔÎ›ˆÓ ÛÙËÓ Â˘Úˆ˙ÒÓËΗ Ευρωπαϊκή Κεντρική Τράπεúα πρïøώ-

ρησε σε µια επείγïυσα µείωση των επιτï-κίων κατά 0.25% αλλά ï πρÞεδρÞς της,Μάριï Ντράγκι, πρïειδïπïίησε τις κυâερνή-σεις της ευρωúώνης Þτι δεν πρέπει να στα-µατήσïυν τις πïλιτικές λιτÞτητας.

Τï διïικητικÞ συµâïύλιï της ΕΚΤ ανα-κïίνωσε την πρώτη περικïπή τïυ κÞστïυςδανεισµïύ απÞ τïν Ιïύλιï τïυ 2012, µειώνï-ντας τα επιτÞκια στï ιστïρικÞ øαµηλÞ τïυ0,5%. Η απÞæασή ανακïινώθηκε στη συνά-ντηση της Τράπεúας στην Μπρατισλάâα µεæÞντï τα ïικïνïµικά στïιøεία, συµπεριλαµ-âανïµένων τα στïιøείων για την ανεργίαπïυ έøει æτάσει στï 12% για τα 17 κράτηµέλη τïυ ενιαίïυ νïµίσµατïς.

Τï ευρώ υπïøώρησε περισσÞτερï απÞ1% έναντι τïυ δïλαρίïυ στα 1,3 δïλάριαστïν απÞηøï των σøïλίων τïυ Ντράγκι. ÃπρÞεδρïς της ΕΚΤ πρÞτεινε επίσης Þτι ηΕΚΤ θα εêετάσει την επιâïλή αρνητικών επι-τïκίων για καταθέσεις στην κεντρική τράπε-úα, για να απïτρέψει τις τράπεúες απÞ τα να‘σταθµεύïυν’ τα øρήµατα τïυς στην ΕΚΤαντί να τα δανείúïυν στις επιøειρήσεις. ΤïεπιτÞκιï απïδïøής καταθέσεων της ΕΚΤâρίσκεται ήδη στï µηδέν.

¶ÚÔÛ‹ÏˆÛË ÛÙ· Ì¤ÙÚ· ÏÈÙfiÙËÙ·˜

Εêηγώντας την απÞæαση της τράπεúαςνα µειώσει τα επιτÞκια στην τακτική συνέ-ντευêη Τύπïυ ï Ντράγκι επεσήµανε Þτι τïΑΕΠ στην ευρωúώνη έøει πλέïν µειωθεί γιαπέντε συνεøÞµενα τρίµηνα, και Þτι «τïασθενές ïικïνïµικÞ κλίµα έøει επεκταθείκαι στï πρώτï τρίµηνï τïυ 2013».

ΩστÞσï, ï Ντράγκι πρïέτρεψε τïυæïρείς øάραêης πïλιτικής να διατηρήσïυν

την πρïσήλωση τïυ στα µέτρα λιτÞτηταςενώ µαίνεται µια έντïνη συúήτηση στηνΕυρώπη για τï αν ïι øώρες σε κρίση θα πρέ-πει να έøïυν τη επιλïγή να κïπάσïυν ταµέτρα για δραστική µείωση τïυ ελλείµµα-τïς.

«Για να æέρïυµε τï øρέïς σε πτωτικήπïρεία, ïι øώρες της ευρωúώνης δεν θαπρέπει να σταµατήσïυν τις πρïσπάθειέςτïυς για τη µείωση των ελλειµµάτων τïυκρατικïύ πρïϋπïλïγισµïύ τïυς και νασυνεøίσïυν, Þπïυ øρειάúεται, τη νïµïθετικήδράση ή αµέσως να εæαρµÞσïυν διαρθρωτι-κές µεταρρυθµίσεις, µε τέτïιï τρÞπï ώστενα ενισøύσïυν τη δηµïσιïνïµική âιωσιµÞ-

τητα και τις δυνατÞτητες ïικïνïµικής ανά-πτυêης », δήλωσε ï πρÞεδρïς της ΕΚΤ.

Ã David Brown τïυ New Economics View,δήλωσε: «Η µείωση των επιτïκίων της ΕΚΤδεν απïτελεί έκπληêη, δεδïµένïυ Þτι είøεεπισηµανθεί απÞ τïν Ντράγκι κατά τη συνε-δρίαση τïυ περασµένïυ µήνα. Είναι αρκετÞ;Ùøι. Τï ïριακÞ απïτέλεσµα της µείωσηςείναι πïλύ περιïρισµένï, αλλά τïυλάøιστïναναµένïυµε να έøει κάπïια συµâïλική επί-δραση στην âελτίωση της ïικïνïµικής εµπι-στïσύνης».

ΩστÞσï, η ΕΚΤ δεν επιâεâαίωσε ελπίδεςÞτι θα ανακïινώσει ένα λεπτïµερές πλάνïπïλιτικών µέτρων για να êεµπλïκάρει τη

øïρήγηση δανείων σε µικρές επιøειρήσεις,ïι ïπïίες δεν είναι πλέïν σε θέση να απï-κτήσïυν πρÞσâαση στïν τραπεúικÞ δανει-σµÞ σε πρïσιτές τιµές, ιδίως στις περιæερει-ακές ïικïνïµίες της ευρωúώνης.

Αντ’ αυτïύ, ï Ντράγκι είπε Þτι «θα αρøί-σει διαâïυλεύσεις µε τα άλλα ευρωπαϊκάθεσµικά Þργανα σøετικά µε τις πρωτïâïυ-λίες για την πρïώθηση µιας λειτïυργïύσαςαγïράς για asset-backed securities γιαδάνεια πρïς µη øρηµατïπιστωτικές επιøει-ρήσεις.» ΑυτÞ θα µπïρïύσε να επιτρέψειστις τράπεúες να êεκινήσïυν τα δάνεια σεµικρές επιøειρήσεις και την ανταλλαγή τïυςγια πιï ρευστά περιïυσιακά στïιøεία µε τηνΕΚΤ, αλλά ï Ντράγκι δεν έδωσε λεπτïµέρει-ες για τï πώς ένα τέτïιï σύστηµα θα µπï-ρïύσε να λειτïυργήσει.

Η καγκελάριïς της Γερµανίας ΆνγκελαΜέρκελ, η ïπïία είναι υπïψήæια για επανε-κλïγή τï Σεπτέµâριï, είøε πρÞσæαταεκæράσει αµæιâïλίες σøετικά µε την ανάγκηγια µείωση των επιτïκίων, λέγïντας Þτι ïιΓερµανïί απïταµιευτές θα επωæεληθïύναπÞ ένα υψηλÞτερï επιτÞκιï.

Ùµως, η ΕΚΤ έøει γίνει Þλï και περισσÞ-τερï ανήσυøη για µια πιστωτική κρίση σεïρισµένες øώρες της ευρωúώνης καθώς ηøρηµατïδÞτηση για τις επιøειρήσεις στε-ρεύει. Ã Ντράγκι δήλωσε «απïγïητευµέ-νïς» πïυ ïι τράπεúες δεν δανείúïυν περισ-σÞτερï, πρïσθέτïντας Þτι η ΕΚΤ θα µπï-ρïύσε να øρησιµïπïιήσει µÞνï τα εργαλείαπïυ έøει στη διάθεσή της.

Η πτώση τïυ πληθωρισµïύ στï 1,2%,τïν Απρίλιï - πïλύ κάτω τïυ ανώτατïυïρίïυ τïυ 2% της ΕΚΤ - âïήθησε εêάλλïυνα δηµιïυργηθεί τï κλίµα για τη µείωση στïκÞστïς δανεισµïύ.

¶ËÁ‹: Sofokleous10.gr

Η συúήτηση περί τïυ νέïυ µïντέλïυ ïικïνïµικής ανάπτυ-êης πïυ καλείται να διαµïρæώσει η κυπριακή Κυâέρνηση,µετά τις εêελίêεις στïν τραπεúικÞ τïµέα, έøει αρøίσει καιεκτÞς Κύπρïυ, απÞ τï διεθνή Τύπï, ïικïνïµïλÞγïυς και ανα-λυτές.

Ùπως επισηµαίνεται, µαúί µε τï øρηµατïπιστωτικÞ κλάδïθα επηρεαστεί και µεγάλï µέρïς τïυ υπÞλïιπïυ τριτïγενïύςτïµέα πïυ παράγει πάνω απÞ τï 80% τïυ κυπριακïύ ΑΕΠ,συνυπïλïγίúïντας τïν τïυρισµÞ. Η συúήτηση πάντως, πέρααπÞ τις ανησυøίες και τις επιæυλάêεις, αναδεικνύει και µιασειρά επιλïγών και πρïïπτικών.

Σε Þ,τι αæïρά τις τράπεúες, τï νέï τïπίï αλλάúει τις ισïρ-ρïπίες. «ΑπÞ τη µία πλευρά θα µπïρïύσε να είναι µια ευκαι-ρία για τις θυγατρικές êένων τραπεúών να επεκτείνïυν τιςδραστηριÞτητές τïυς και απÞ την άλλη θα είναι δύσκïλï ναανταγωνιστïύν την Τράπεúα Κύπρïυ, έναν θεσµÞ πïυ θακατέøει τεράστιï µερίδιï της αγïράς», δήλωσε στï ΚυπριακÞΠρακτïρείï Ειδήσεων η ΚαίτηΦυλακτή, καθηγήτρια ∆ιεθνώνÌρηµατïïικïνïµικών στï CassBusiness School στï Λïνδίνï.

ΕκτÞς τραπεúικïύ συστή-µατïς, η Κύπρια καθηγήτριαεκτιµά Þτι δεν υπάρøει λÞγïςνα σταµατήσει να είναι ελκυ-στικÞ τï µïντέλï της παρïøήςυπηρεσιών πρïς διεθνείς επι-øειρήσεις, συµπεριλαµâανïµέ-νων ασæαλιστικών, ναυτιλια-κών και νïµικών υπηρεσιών.

«ΣηµαντικÞς αριθµÞς τωνπυλώνων αυτïύ τïυ µïντέλïυπïυ έøïυν καταστήσει τηνΚύπρï ελκυστική εêακïλïυ-θïύν να υæίστανται: θεσµική σταθερÞτητα, øαµηλά επίπεδαδιαæθïράς και γραæειïκρατίας, εργατικÞ δυναµικÞ µε υψηλήµÞρæωση, σταθερÞ νïµικÞ σύστηµα πïυ âασίúεται στα âρετα-νικά πρÞτυπα, καλή γεωγραæική τïπïθεσία, καλή υπïδïµήεπικïινωνιών. Μπïρεί ï ευνïϊκÞς συντελεστής æïρïλïγίαςεπιøειρήσεων να έøει αυêηθεί, αλλά η Κύπρïς διατηρεί έναεκτενές δίκτυï διµερών æïρïλïγικών συνθηκών», σηµειώνει.

Σύµæωνα µε την κ. Φυλακτή, η παράλληλη µείωση στïυςµισθïύς πïυ θα πρïκύψει απÞ την αυêανÞµενη ανεργία και ηµείωση των τιµών θα καταστήσïυν την Κύπρï πιï ανταγωνι-στική και πιï ελκυστική.

Η τάση στις συúητήσεις περί νέων µïντέλων ανάπτυêηςείναι να γίνεται αναæïρά σε τïµείς πïυ ήδη έøïυν σηµαντικήσυνδρïµή στην εθνική παραγωγή. Υπάρøïυν Þµως για κάθεøώρα ανταγωνιστικά πλεïνεκτήµατα πïυ ενδεøïµένως δεν

έøïυν αêιïπïιηθεί στï έπακρï. «Νïµίúω Þτι κάτι πïυ λείπειαπÞ τη συúήτηση, Þπως και στην Ελλάδα, είναι η âιïµηøανï-πïίηση της γεωργικής παραγωγής, δηλαδή η επεêεργασία-µεταπïίηση αγρïτικών πρïϊÞντων», επισήµανε ï ΒασίληςΜïναστηριώτης, ανώτερïς λέκτïρας Πïλιτικής ÃικïνïµίαςΝïτιïανατïλικής Ευρώπης στï London School of Economics.

∏ Ó·˘ÙÈÏ›· ˆ˜ ¿ÍÔÓ·˜ ·Ó¿Ù˘ÍË˜Ã τïυρισµÞς πάντως είναι αναπÞæευκτα ένας απÞ τïυς

τïµείς πïυ λαµâάνει κïρυæαία θέση στη συúήτηση περί ανά-πτυêης. Ãι ειδικïί στï Λïνδίνï επισηµαίνïυν µεν τïν έντïνïανταγωνισµÞ πïυ αντιµετωπίúει η Κύπρïς και την ανάγκηδιïρθωτικών κινήσεων, Þπως για παράδειγµα στï κÞστïς τωνυπηρεσιών, αλλά αναγνωρίúïυν Þτι υπάρøïυν δυνατÞτητεςπεραιτέρω ανάπτυêης. Ùπως πρÞσæατα έγραψε στη στήλητïυ ï πιï αναγνωρίσιµïς δηµïσιïγράæïς τïυριστικών θεµά-

των στη Βρετανία, ï ΣάιµïνΚάλντερ, παρά την κρίση στïνησί «ï ήλιïς ακÞµα λάµπει, ταâïυνά θα είναι θαυµάσια και ηυπïδïøή απÞ τïυς ΚυπρίïυςÞπως πάντα úεστή».

Στï µυαλÞ πïλλών ï τïυ-ρισµÞς συνïδεύεται ως âασικήαναπτυêιακή πρïïπτική απÞ τηναυτιλία. Σε πρÞσæατη συνέ-ντευêή τïυ ï διευθυντής τηςναυτιλιακής εταιρείας ZelaShipping µε έδρα τη âρετανι-κή πρωτεύïυσα και πρÞεδρïςτης Κυπριακής Ένωσης Πλïιï-κτητών Γιώργïς Μïύσκαςσηµείωσε Þτι η ναυτιλία µπï-

ρεί να αναδειøθεί σε άêïνα ανάπτυêης.«ΑυτÞ πïυ µπïρïύµε να κάνïυµε είναι να πρïσπαθήσïυ-

µε να πρïωθήσïυµε την κυπριακή σηµαία ακÞµα περισσÞτε-ρï, ιδίως στην Ελλάδα. Η Κύπρïς είναι æθηνÞτερη απÞ άλλεςøώρες για τη νηïλÞγηση πλïίων», είøε αναæέρει ï κ.Μïύσκας.

Ένας παράγïντας πïυ κατά τïν Βασίλη Μïναστηριώτηθέτει Þρια στην κυπριακή πρïσπάθεια ανάκαµψης είναι τïµέγεθïς της ïικïνïµίας τïυ νησιïύ και η γεωγραæία. «ΗΚύπρïς δεν µπïρεί να âασιστεί σε µεγάλης κλίµακας παρα-γωγή πïυ να της επιτρέπει να είναι ανταγωνιστική. Αæ’ ετέ-ρïυ επειδή είναι µικρή ïικïνïµία Þ,τι και να κάνει θα είναισε κάπïιïν τïµέα υψηλής εêειδίκευσης. Θα µπïρïύσε ïτïµέας αυτÞς να øτιστεί εντÞς ενÞς παραγωγικïύ δικτύïυπρïσæïράς πïυ να συνδέεται και µε άλλες øώρες, αλλά για

την Κύπρï θα είναι δύσκïλï επειδή ïι υπÞλïιπες øώρεςείναι η Ελλάδα και τα µέλη της ΕΕ πïυ είναι µακριά».

Κάτι άλλï πïυ µπïρεί να γίνει σε µικρή κλίµακα είναι ïικαινïύριες τεøνïλïγίες πïυ έøïυν να κάνïυν κυρίως µε ICT(τεøνïλïγία πληρïæïριών και επικïινωνιών) ή øρηµατïïι-κïνïµικά πρïϊÞντα, λïγισµικÞ κτλ. «∆εδïµένïυ Þτι ηΚύπρïς έøει ένα πλεïνέκτηµα µε τï δυνητικÞ ανθρώπινïκεæάλαιÞ της, ιδίως µε τïν επαναπατρισµÞ καλών απïæïί-των, κάτι τέτïιï µπïρεί να αναπτυøθεί. ∆ηλαδή µπïρεί ναστηθεί µια επιøείρηση δέκα ατÞµων µε µια κεæαλαιακή âάσησøετικά µικρή και να έøει ανταγωνιστικÞ πρïϊÞν», πρÞσθεσεï Έλληνας ïικïνïµïλÞγïς.

∆εν µπïρεί κανείς να παραγνωρίσει ασæαλώς τïν παρά-γïντα æυσικÞ αέριï. Ãι περισσÞτερïι παρατηρητές τïυλάøι-στïν στη Βρετανία πιστεύïυν πως η Κύπρïς έøει µπρïστάτης µια σπάνια ïικïνïµική πρïïπτική, η ïπïία Þµως δύσκï-λα µπïρεί να αêιïπïιηθεί άµεσα. «ΑκÞµα δεν êέρïυµε πÞσïγρήγïρα και τι µεγέθïυς κέρδη θα αρøίσει να παράγει (τïæυσικÞ αέριï). Αν η Κύπρïς πηγαίνει πρïς τï µïντέλï τηςΝïρâηγίας για τη διαøείριση των εσÞδων, τÞτε αυτÞ σηµαί-νει Þτι τα λεæτά δεν θα øρησιµïπïιηθïύν άµεσα, αλλά ωςµακρïπρÞθεσµη εγγύηση, τï ïπïίï είναι πïλύ καλÞ και øρή-σιµï και µπïρεί να øρηµατïδïτήσει την ανάπτυêη», είπε ï κ.Μïναστηριώτης.

Ã Κρίστïæερ ΚÞïυτς µελετά µε πρïσïøή τις πρïïπτικέςπïυ δηµιïυργεί στην ευρύτερη περιïøή ï εντïπισµÞς æυσι-κïύ αερίïυ στην κυπριακή ΑÃ· ως αναλυτής θεµάτων ενέρ-γειας στη ΜεσÞγειï. Ανέæερε Þτι ï Þπïιïς πραγµατικÞςαντίκτυπïς στην κυπριακή ïικïνïµία απέøει ακÞµα πïλύ γιανα επηρεάσει τις τρέøïυσες ïικïνïµικές πρïκλήσεις.

«ΒραøυπρÞθεσµα τï æυσικÞ αέριï πιθανÞτατα θα παίêειµεγαλύτερï ρÞλï ως εργαλείï διαπραγµάτευσης παρά ωςπαράγïντας άµεσης ïικïνïµικής ανάπτυêης ή ανάκαµψης.Πριν την εγκατάσταση των αναγκαίων υπïδïµών για τηµεταæïρά τïυ αερίïυ σε µια âιώσιµη αγïρά και την απïκα-τάσταση της εµπιστïσύνης πïυ θα ενθαρρύνει τις κρίσιµεςêένες επενδύσεις, η Κύπρïς δεν θα πρέπει να στηριøθεί σταπρïσδïκώµενα έσïδα για να καλύψει τις άµεσες ïικïνïµι-κές της ανάγκες», σηµείωσε.

Ã διεθνής αναλυτής εκτίµησε επίσης Þτι τï αέριï θααντιµετωπιστεί απÞ την κυâέρνηση Αναστασιάδη ως µέσïδιασæάλισης ïικïνïµικής στήριêης απÞ την Ευρώπη µεαντάλλαγµα τη µελλïντική συνεργασία και ανάµιêη στη δια-δικασία παραγωγής. «Για την ώρα τï αέριï παραµένει υπÞτïν εγøώριï έλεγøï, αλλά δεδïµένïυ τïυ µεγέθïυς τωνïικïνïµικών πρïâληµάτων της øώρας δεν είναι êεκάθαρïπÞσï περισσÞτερï θα µπïρέσει η κυâέρνηση να τï κρατή-σει εκτÞς διαπραγµατεύσεων», σøïλίασε ï ΚρίστïæερΚÞïυτς.

∞ÏÏ¿˙Ô˘Ó ÔÈ ÙÚ·Â˙ÈÎ¤˜ ÈÛÔÚÚÔ›Â˜ ÛÙËÓ ∫‡ÚÔ


6 | EI∆ΗΣΕΙΣ | financialmirror.com

∆Ô ÌÓËÌfiÓÈÔ „ËÊ›ÛÙËÎÂ, Ë ·‚Â‚·ÈfiÙËÙ· ÛÙÔ ÙÚ·Â˙ÈÎfi Û‡ÛÙËÌ· ·Ú·Ì¤ÓÂÈ

Αντίστρïæα µετρά ï øρÞνïς πλέïν για τï τραπεúικÞ µαςσύστηµα αν και τï µνηµÞνιï πέρασε απÞ την κυπριακή âïυλή.

Η απÞæαση της κεντρικής τράπεúας της Κύπρïυ, µε τιςευλïγίες πάντïτε της ΕΚΤ, να άρει τïυς περιïρισµïύς µÞνïτων êένων τραπεúών τείνει να µετατρέψει την Κύπρï σε øώραµε δύï Ευρώ.

Ένα ευρώ παγιδευµένï στις κυπριακές τράπεúες (Ευρώ Α)και ένα ευρώ ελεύθερï στις êένες τράπεúες (Ευρώ Β).

Τï παγιδευµένï στις κυπριακές τράπεúες ευρώ, σαæέστα-τα δεν έøει την ίδια αêία µε ένα ελεύθερα διακινïύµενï! Ùσïιέøïυν «παγιδευµένα ευρώ» δεν θα διστάσïυν σε κάπïια æάσηστï εγγύς µέλλïν να πληρώσïυν τï τίµηµα ανταλλαγής τïυςµε «ελεύθερα ευρώ». Η µαύρη αγïρά πïυ τείνει να δηµιïυργη-θεί µπïρεί να ωθήσει σε αναπρïσαρµïγή της κεντρικής ισïτι-µίας ευρώ Α και ευρώ Β.

Ãι παγιδευµένïι καταθέτες Þσï περνά ï øρÞνïς και υπÞτην πίεση της έλλειψης ρευστÞτητας δεν θα διστάσïυν ναδεøθïύν την ανταλλαγή των παγιδευµένων ευρώ τïυς µεσαæέστατα λιγÞτερα ευρώ τα ïπïία µπïρïύν να τα διακινïύνελεύθερα.

Είναι επιτακτική ανάγκη ïι διακρίσεις µεταêύ κυπριακώνκαι êένων τραπεúών να σταµατήσïυν και τα µέτρα να αρθïύνγια Þλες ανεêαιρέτως της τράπεúες πïυ λειτïυργïύν στηνΚύπρï.

Ίσως να παράµεναν µÞνï για την τράπεúα Κύπρïυ η ïπïίαïύτως ή άλλως είναι καταδικασµένη υπÞ τις περιστάσεις αæïύδεν υπάρøει πρïηγïύµενï τράπεúας πïυ έâαλε øέρι στïυςκαταθέτες της και κατÞρθωσε να µείνει úωντανή. ΜÞνη λύσηγια την τράπεúα είναι να êεκινήσει απÞ την αρøή µε άλλï Þνïµαµε άλλï ∆Σ και κυρίως µε êένïυς επενδυτές.

Ùσï ïι διακρίσεις Þµως µεταêύ êένων και κυπριακών τρα-πεúών διατηρïύνται θα αυêάνεται ï κίνδυνïς η øώρα να µετα-τραπεί σε µια σύγøρïνη Κïύâα στην ïπïία υπάρøïυν δύï νïµί-σµατα. Στην κïµµïυνιστική Κïύâα κυκλïæïρïύν δύï είδηπέσï. Τï ανταλλάêιµï σε συνάλλαγµα και τï µη ανταλλάêιµï,πïυ κυκλïæïρεί αναγκαστικά. Η αναλïγία τïυς είναι 1 πρïς 25.Τï µη ανταλλάêιµï καλύπτει τρέøïυσες καταναλωτικές ανά-γκες των νïικïκυριών, ενώ τï ανταλλάêιµï, συναλλαγές «ανω-τέρïυ επιπέδïυ» (πρÞσâαση σε πïλυτελή αγαθά και υπηρε-σίες). Ãπως είναι γνωστÞ, η ύπαρêη δύï νïµισµάτων δεν πρï-ωθεί ιδιαίτερα την ïικïνïµική ανάπτυêη της Κïύâας. Έøειµετατρέψει µεν τïυς συναλλασσïµένïυς σε ευαίσθητïυςδέκτες σηµαδιών απÞ την αγïρά και σε αντίστïιøïυς αγïρα-στές ή απïθεµατïπïιητές αγαθών, έøει âïηθήσει δε τï κυâερ-νητικÞ κÞµµα να έøει πρÞσâαση σε συνάλλαγµα, êεπερνώνταςσε µικρή κλίµακα τï ïικïνïµικÞ εµπάργκï πïυ υæίσταται ηΚïύâα απÞ τις ΗΠΑ.

Είναι πράγµατι αêιïπερίεργï τï γεγïνÞς Þτι η ΕυρωπαϊκήΚεντρική Τράπεúα, ï θεµατïæύλακας Þλων των κεντρικών τρα-πεúών να επιτρέπει να διαιωνίúεται για τÞσες εâδïµάδες Þληαυτή η αâεâαιÞτητα στï κυπριακÞ τραπεúικÞ σύστηµα και ναµην λειτïυργεί ως δανειïδÞτης ύστατης ανάγκης... Ίσως ïιαêιωµατïύøïι της να αναλώνïνται πυρïσâεστικά στï συµµά-úεµα των καταστάσεων πïυ θα µπïρïύσαν να δηµιïυργήσïυνïι δηλώσεις Ντάισελµπλïυµ, περί πιθανÞτητας τï µïντέλï διά-

σωσης τïυ κυπριακïύ τραπεúικïύ συστήµατïς να απïτελέσειπρÞτυπï για άλλες øώρες. Ùπως και να ’ναι Þµως, η ïλιγωρίατης ΕΚΤ µπïρεί να πυρïδïτήσει καταστρïæικές εêελίêεις.

Εêάλλïυ αν ισøύσïυν επί µακρÞν τα µέτρα, µπïρεί να ωθή-σïυν σε δωρïδïκίες, να καταρρακώσïυν την εµπιστïσύνη καιπεραιτέρω την ίδια την κυπριακή ïικïνïµία, να δηµιïυργήσïυνένα ντÞµινï και τελικά να ïδηγήσïυν τη øώρα εκτÞςΕυρωúώνης. Η εµπειρία απÞ την επιâïλή κεæαλαιακών ελέγ-øων σε άλλες øώρες είναι Þτι Þταν επιâληθïύν είναι δύσκïλïνα καταργηθïύν. Τα αντίστïιøα µέτρα στην Ισλανδία âρίσκï-νται ακÞµη σε ισøύ, µια πενταετία µετά την επιâïλή τïυς. ΣτηνΑργεντινή επιâλήθηκαν τï 2001 και ίσøυσαν για έναν øρÞνï.

∆εν έøïυµε ιδιαίτερï λÞγï να πιστέψïυµε Þτι τα πράγµα-τα θα είναι διαæïρετικά για την Κύπρï. Αν δεν υπάρøει σήµε-ρα αρκετÞ ρευστÞ γιατί να πιστέψïυµε Þτι θα υπάρêει σε µιαâδïµάδα, έναν µήνα ή και έναν øρÞνï;

Μια εναλλακτική λύση παραµένει υπαρκτή. Η ΕυρωπαϊκήΚεντρική Τράπεúα µπïρεί να δηλώσει πρÞθεση για την άνευïρίων διάθεση ρευστÞτητας στις κυπριακές τράπεúες τώρα,πïυ ανακεæαλαιïπïιïύνται, øαλαρώνïντας ταυτÞøρïνα τιςαπαιτήσεις Þσï αæïρά τις εγγυήσεις πïυ µπïρïύν να τις παρέ-øïυν ïι συγκεκριµένες τράπεúες. Με αυτÞ τïν τρÞπï η πρïσω-ρινή αυτή ρευστÞτητα πïυ θα παρέøει στις τράπεúες θα είναι,έστω πρïσωρινά, καλυµµένη απÞ τις Þπïιες εêασæαλίσεις µπï-ρïύν να παρέøïυν στην ΕΚΤ ïι τράπεúες. Ασæαλώς τï εγøεί-ρηµα δεν είναι απλÞ, καθώς ïι τράπεúες δεν µπïρïύν να πρï-σæέρïυν τις εγγυήσεις πïυ θα µπïρïύσαν να πρïσæέρïυνπρï της 15ης Μαρτίïυ. Θα µπïρïύσε ωστÞσï η ΕΚΤ να øαλα-ρώσει τις δικές της απαιτήσεις για εγγυήσεις, ενώ θα µπïρïύ-σε να µειωθεί και τï πïσïστÞ «κïυρέµατïς» των καταθέσεωνπïυ επέâαλε η Κεντρική Τράπεúα της Κύπρïυ.

Foreign Exchange AnalystEmail: [email protected]

¡¡››ÎÎÔÔ˜ ªªÈÈ¯··ËËÏÏ››‰‰ËË˜

8 ΜΑΪÃΥ, 2013

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∂∂: ∞ÓÂÍÂÚÂ‡ÓËÙ· Ù· ÂÏÏËÓÈÎ¿ ÎÔÈÙ¿ÛÌ·Ù· ˘‰ÚÔÁÔÓ·ÓıÚ¿ÎˆÓ

Η Ελλάδα έøει καλÞ αλλά ανεêερεύνητï δυναµικÞ κïιτα-σµάτων υδρïγïνανθράκων, επισηµαίνεται σε έκθεση τηςΕυρωπαϊκής Επιτρïπής αναæïρικά µε την ενεργειακή εêάρτη-ση των øωρών- µελών.

Στην έκθεση υπïγραµµίúïνται ïι πρÞσæατες εêελίêειςστïν τïµέα των ερευνών µε την πρïκήρυêη τριών “ïικïπέ-δων” (Ιωάννινα, ΠατραϊκÞς κÞλπïς, Κατάκïλï) σε úώνες, Þπïυ,Þπως αναæέρεται, δεν υπάρøïυν γεωπïλιτικά úητήµατα ως ηïριïθέτηση κυριαρøικών δικαιωµάτων στï Αιγαίï.

Τïνίúεται, ωστÞσï, Þτι ïι αâεâαιÞτητες (ως πρïς τï µέγε-θïς των κïιτασµάτων και τη δυνατÞτητα αêιïπïίησής τïυς)είναι ακÞµη τÞσï µεγάλες πïυ δεν επιτρέπïυν την αλλαγή τωνπρïτεραιïτήτων της ενεργειακής πïλιτικής.

∂Í·ÚÙËÌ¤ÓË ·fi ÙÈ˜ ÂÈÛ·ÁˆÁ¤˜Σύµæωνα µε την ίδια έκθεση, της Γενικής ∆ιεύθυνσης

ïικïνïµικών υπïθέσεων της ΕΕ: Πάνω απÞ τï 50% της ετή-σιας ενεργειακής κατανάλωσης καλύπτεται απÞ εισαγÞµενïπετρέλαιï, γεγïνÞς πïυ καθιστά την Ελλάδα µια απÞ τις πιïευάλωτες ευρωπαϊκές øώρες ως πρïς την ασæάλεια εæïδια-σµïύ. Η εêάρτηση απÞ τï εισαγÞµενï αργÞ αντισταθµίúεται ενµέρει απÞ τη διαæïρïπïίηση των πηγών εæïδιασµïύ (Ρωσία,Σαïυδική Αραâία, Λιâύη, Ιράκ, Καúακστάν και παλαιÞτερα Ιράν)

και απÞ τï γεγïνÞς Þτι τï υπÞλïιπï 50% των ενεργειακώναναγκών της øώρας καλύπτεται απÞ εγøώριες πηγές Þπως ïλιγνίτης και ïι ανανεώσιµες, ενώ αυêάνεται και η συµµετïøήτïυ æυσικïύ αερίïυ στï ενεργειακÞ ισïúύγιï.

Στïν τïµέα της διύλισης επισηµαίνεται Þτι η αγïρά øαρα-κτηρίúεται απÞ υπερρύθµιση και συγκέντρωση σε δύï παίκτες(ΕΛΠΕ και ΜÞτïρ Ùιλ) καθώς κι Þτι εγøώριες και ευρωπαϊκέςΑρøές έøïυν επισηµάνει έλλειψη ανταγωνισµïύ στην εσωτερι-κή αγïρά Στïν τïµέα της ηλεκτρικής ενέργειας ïι âασικέςπρïκλήσεις παραµένïυν η κυριαρøία της ∆ΕΗ, η έλλειψη αντα-γωνισµïύ και η συσσώρευση øρεών (απλήρωτïι λïγαριασµïίρεύµατïς, έλλειµµα τïυ λïγαριασµïύ των ανανεώσιµωνπηγών, ïæειλές πρïς τη ∆ΕΠΑ, κ.α.) Η ΕΕ θεωρεί πιθανή περαι-τέρω αύêηση των τιµïλïγίων τής ηλεκτρικής ενέργειας µετάτην απελευθέρωσή τïυς απÞ 1ης Ιïυλίïυ τïυ 2013 και επανα-λαµâάνει την πρÞταση για πώληση περιïυσιακών στïιøείωντης ∆ΕΗ Þπως τα λιγνιτωρυøεία.

Και στïν τïµέα τïυ æυσικïύ αερίïυ επισηµαίνεται Þτι ταøρέη πρïς τη ∆ΕΠΑ ύψïυς 300 εκατ. ευρώ απïτελïύν σηµα-ντικÞ εµπÞδιï για την ιδιωτικïπïίηση της εταιρίας καθώς καιÞτι η εêάρτηση απÞ τη Ρωσία, πïυ ήταν 80% τï 2005, έøειπεριïριστεί στï µισÞ καθώς αυêήθηκαν ïι εισαγωγές æυσικïύαερίïυ απÞ την Τïυρκία, καθώς και η øρήση υγρïπïιηµένïυæυσικïύ αερίïυ.

¶Ú¿ÛÈÓË ÂÓ¤ÚÁÂÈ·Για τις ανανεώσιµες πηγές, η ΚïµισιÞν εκτιµά Þτι η ανάπτυ-

êή τïυς στηρίøθηκε στις υψηλές τιµές απïρρÞæησης της“πράσινης” ενέργειας ïι ïπïίες Þµως ïδήγησαν σε αύêησητïυ ελλείµµατïς για τï λïγαριασµÞ øρηµατïδÞτησης τωνΑΠΕ. Σηµειώνεται επίσης η λήψη µέτρων κατά τï δεύτερï εêά-µηνï τïυ 2012 (πïυ συνεøίστηκε και εæέτïς) για την αντιµετώ-πιση τïυ ελλείµµατïς αυτïύ. Η ΕΕ επισηµαίνει τέλïς Þτι λÞγωκαι της ïικïνïµικής κρίσης η Ελλάδα υπερκάλυψε τïυς στÞ-øïυς τïυ ΚιÞτï για τις εκπïµπές διïêειδίïυ τïυ άνθρακα.

Συγκεκριµένα, η Ελλάδα είøε αναλάâει την υπïøρέωση στïδιάστηµα 2008- 2012 να µην αυêήσει τις εκπïµπές διïêειδίïυτïυ άνθρακα περισσÞτερï απÞ 25% σε σøέση µε τï 1990. ΤïπïσïστÞ αύêησης τελικά ήταν σηµαντικά øαµηλÞτερï (15,2%).Τïνίúεται, ωστÞσï, Þτι για να επιτευøθεί ï στÞøïς τïυ 2020(µείωση των εκπïµπών κατά 4% σε σøέση µε τï 2005) θα øρει-αστεί η λήψη επιπρÞσθετων µέτρων.

Η Ελλάδα θα είøε σήµερα êεπεράσει την κρίση εάν τηνάνïιêη τïυ 2010 είøε øρεïκïπήσει και απïøωρήσει απÞ τηνΕυρωúώνη, υπïστηρίúει ï ΓερµανÞς ïικïνïµïλÞγïς,ΠρÞεδρïς τïυ Ινστιτïύτïυ Ãικïνïµικών Ερευνών Ifo τïυΜïνάøïυ, Ìανς-Βέρνερ ·ιν, σε συνέντευêή τïυ στην εæηµε-ρίδα «Die Welt» και τάσσεται υπέρ µιας ανïιøτής νïµισµατικήςένωσης, απÞ την ïπïία τα κράτη θα µπïρïύν να απïøωρή-σïυν πρïσωρινά και να αναúητήσïυν µεταâατική âïήθεια µεσøέδια τύπïυ «Μάρσαλ».

«Ãι πέτρες πïυ πετïύν εναντίïν µας θα γίνïνται µεγαλύ-τερες Þσï συνεøίúεται η σηµερινή πïλιτική», δηλώνει ï κ. ·ιν,αναæερÞµενïς στις ευθύνες πïυ απïδίδïνται στην Γερµανία

για την σηµερινή κατάσταση στις υπερøρεωµένες øώρες καιπρïσθέτει: «Ήταν µεγάλï λάθïς να παραâιάσïυµε τηνΣυνθήκη τïυ Μάαστριøτ και να κρατήσïυµε την Ελλάδα στïευρώ µε δηµÞσια δάνεια πïυ αναλïγïύν εν τω µεταêύ στï160% τïυ ΑΕΠ και τα ïπïία δεν θα εêυπηρετηθïύν πïτέ. ΑυτÞâïήθησε τις δικές µας και τις γαλλικές τράπεúες και κάπïιïυςπλïύσιïυς στην Ελλάδα, αλλά για τïν λαÞ σήµανε µÞνï ανερ-γία και γενικÞτερη δυσκïλία.

Η Ελλάδα θα είøε âγει τώρα απÞ την κρίση, εάν την άνïι-êη τïυ 2010 είøε πτωøεύσει και είøε απïøωρήσει απÞ τï ευρώ.Θα είøε σε µεγάλï âαθµÞ απελευθερωθεί απÞ τï øρέïς τηςκαι θα είøε, µε µια υπïτιµηµένη δραøµή, ανακτήσει την αντα-

γωνιστικÞτητά της. Η ανεργία των νέων σίγïυρα δεν θα ήτανστï 60% πïυ είναι σήµερα». Εκτιµά µάλιστα Þτι αυτÞ πïυ επι-τρέπει σήµερα η Γερµανία να συµâαίνει στην Ελλάδα είναι«µια καταστρïæή για τïυς ανθρώπïυς εκεί» και επισηµαίνειÞτι ï κÞσµïς θεωρεί υπεύθυνïυς τïυς Γερµανïύς, παρÞτιδίνïυν τα περισσÞτερα øρήµατα. «Αυτή η πïλιτική µας κάνειæτωøÞτερïυς και ταυτÞøρïνα µας παρïυσιάúïυν Þλï καιπερισσÞτερï µε σâάστικες», δηλώνει øαρακτηριστικά και πρï-ειδïπïιεί Þτι, «εάν αυêηθïύν ïι δυσκïλίες στις µεγάλεςøώρες, δεν θα µπïρïύµε έτσι κι αλλιώς να συνεøίσïυµε τηνπïλιτική πïυ εæαρµÞúεται στην Ελλάδα, λÞγω έλλειψης κεæα-λαίων».

™™˘ÌÌÌÌÂÂÙÙÔÔ¯‹‹ ÌÌÂÂÙÙfifi¯ˆÓÓ ÛÛÙÙÈÈ˜ ··˘ÍÍ‹‹ÛÛÂÂÈÈ˜ ÎÎÂÂÊÊ··ÏÏ··››ÔÔ˘ ∂∂ııÓÓÈÈÎÎ‹‹˜,, ∞∞ÏÏÊÊ·· ÎÎ··ÈÈ ¶¶ÂÂÈÈÚÚ··ÈÈÒÒ˜

Σε τρïøιά υλïπïίησης µπαίνει αυτές τις µέρες η περίïδïςάσκησης των δικαιωµάτων για τη συµµετïøή των µετÞøων τωντραπεúών Εθνικής, Alpha και Πειραιώς, στις αυêήσεις κεæαλαί-ïυ για τη συγκέντρωση τïυ ïρίïυ τïυ 10% της ιδιωτικής συµ-µετïøής, στï πλαίσιï τις διαδικασίας ανακεæαλαιïπïίησηςτïυς.

Η Eurobank, µετά απÞ σøετική απÞæαση της ∆ιïίκησής της,λαµâάνïντας υπÞψη Þλες τις σøετικέςεêελίêεις πïυ µεσïλάâησαν ως συνέ-πεια των απïæάσεων για αναστïλή τηςσυγøώνευσης µε την Εθνική Τράπεúακαι êεøωριστή διαδικασία ανακεæαλαιï-πïίησης των δυï τραπεúών, πρïøωρείπλέïν στην πλήρη ανακεæαλαιïπïίησήτης απÞ τï Ταµείï ÌρηµατïπιστωτικήςΣταθερÞτητας (ΤÌΣ).

Ùπως επισηµάνθηκε στην πρÞσæα-τη Γενική της Συνέλευση, âασικÞς στÞ-øïς είναι η Τράπεúα να απïτελέσει τηνπρώτη συστηµική τράπεúα πïυ θα επιστρέψει πλήρως σε ιδιω-τικά øέρια. Στï πλαίσιï αυτÞ ανακïίνωσε ήδη τις πρώτες πρω-τïâïυλίες πρïς την κατεύθυνση αυτή, Þπως την απÞæασή τηςνα πρïøωρήσει σε νέα αύêηση κεæαλαίïυ 580 εκατ. ευρώ τηνïπïία θα καλύψïυν ïι κάτïøïι αντίστïιøων υâριδικών τίτλωντης τράπεúας.

Αναæïρικά µε τις αυêήσεις κεæαλαίïυ των υπÞλïιπωντριών συστηµικών τραπεúών, Þπως ανακïίνωσε και επίσηµα ηAlpha Bank, η αύêηση κεæαλαίïυ 457 εκατ. ευρώ πïυ θα πραγ-µατïπïιήσει είναι πλήρως εγγυηµένη απÞ διεθνείς øρηµατïïι-κïνïµικïύς ïίκïυς, γεγïνÞς πïυ απïτελεί ψήæï εµπιστïσύ-νης τÞσï στην Alpha Bank, Þσï γενικÞτερα και για τις πρïïπτι-κές τïυ εγøώριïυ τραπεúικïύ συστήµατïς.

Η περίïδïς άσκησης êεκινάει στις 17 Μαϊïυ και ïλïκληρώ-νεται στις 31 τïυ ιδίïυ µηνÞς.

Την επιτυøία της συµµετïøής των ιδιωτικών κεæαλαίωνέøει εêασæαλίσει και η Τράπεúα Πειραιώς. Ùπως έøει ανακïινώ-σει ï πρÞεδρïς της Τράπεúας Μιøάλης Σάλλας τï ελάøιστïπïσÞ πïυ πρέπει να συγκεντρωθεί στï πλαίσιï της ιδιωτικήςσυµµετïøής πïυ είναι 519 εκατ. ευρώ, έøει ήδη υπερκαλυæθείκαθώς στην αύêηση κεæαλαίïυ θα µετέøïυν µε 400 εκατ. ευρώï πïρτïγαλικÞς Þµιλïς BCP και µε 170 εκατ. ευρώ η Societe

Generale.Σε πλήρη εêέλιêη âρίσκεται η ανα-

úήτηση νέων επενδυτών για να συµµε-τάσøïυν στην κάλυψη της ιδιωτικήςσυµµετïøής της Εθνικής Τράπεúας ενώστην πρÞσæατη γενική συνέλευση τηςτράπεúας ï διευθύνων σύµâïυλïςΑλέêανδρïς Τïυρκïλιάς απηύθυνε πρï-σκλητήριï συµµετïøής στïυς ήδη υæι-σταµένïυς µετÞøïυς εκæράúïντας τηναισιïδïêία τïυ Þτι ï στÞøïς είναι επι-τεύêιµïς. Η Εθνική Τράπεúα έøει ως

στÞøï να αντλήσει απÞ τïυς µετÞøïυς της ή και νέïυς επεν-δυτές πïσÞ 12% των απαιτïύµενων κεæαλαίων (9,7 δις ευρώ.ευρώ) δηλαδή έως 1,1 δισ. ευρώ, ενώ παράλληλα θα πρïøωρή-σει στην έκδïση µετατρέψιµων ïµïλÞγων έως πïσïύ 1,9 δισ.ευρώ εæÞσïν αυτÞ κριθεί σκÞπιµï.

Η περίïδïς άσκησης τïυ δικαιώµατïς συµµετïøής τωνµετÞøων και των δυï αυτών συστηµικών τραπεúών, τηςΕθνικής και της Τράπεúας Πειραιώς, θα έøει επίσης διάρκειααπÞ δύï έως τρεις εâδïµάδες και στÞøïς είναι ïι εγγραæές ναέøïυν ïλïκληρωθïύν µέøρι τις πρώτες ηµέρες τïυ ερøÞµενïυµήνα, ώστε µέøρι τα µέσα Ιïυνίïυ να êεκινήσει η διαπραγµά-τευση των νέων µετïøών.

Η ïλïκλήρωση της διαδικασίας ανακεæαλαιïπïίησης τωνελληνικών τραπεúών απïτελεί απαραίτητη πρïϋπÞθεση ώστεïι τράπεúες να απïκτήσïυν êανά τις υγιείς ïικïνïµικές âάσεις

πïυ θα επιτρέψïυν στις τράπεúες να αντλïύν ρευστÞτητα απÞτη διατραπεúική αγïρά, πïυ θα έøει ως απïτέλεσµα να µπï-ρïύν µε την σειρά τïυς να την διïøετεύïυν στην πραγµατικήïικïνïµία. Σε κάθε περίπτωση âασική πρïϋπÞθεση για τηνεπανεκκίνηση της ελληνικής ïικïνïµίας είναι να ανïίêïυνêανά ïι στρÞæιγγες δανεισµïύ τïυ εγøώριïυ τραπεúικïύσυστήµατïς ώστε να είναι σε θέση να øρηµατïδïτήσïυν τηνανάπτυêη της ελληνικής ïικïνïµίας, µε Þτι θετικÞ συνεπάγε-ται αυτÞ για αντιµετώπιση úητηµάτων Þπως η ανεργία κλπ.

∫π¡∏∆ƒ∞Τï κίνητρï πïυ δÞθηκε στïυς επενδυτές για τη συµµετï-

øή τïυς στις αυêήσεις είναι τï δικαίωµα πïυ παίρνïυν γιακαθεµία µετïøή πïυ συµµετέøïυν στην αύêηση κεæαλαίïυ.ΕιδικÞτερα, τï ρίσκï πïυ αναλαµâάνïυν ïι πιθανïί µικρÞτερïιαλλά και µεγαλύτερïι επενδυτές, έναντι των κερδών (της απÞ-δïσης) πïυ µπïρεί να έøïυν σε âάθïς øρÞνïυ, είναι ιδιαίτεραδελεαστικÞ, λένε αναλυτές της αγïράς.

Ãι ίδιïι εêηγïύν Þτι για καθεµία νέα µετïøή πïυ θα λάâïυνµέσω της αύêησης, εæÞσïν η µετïøή διπλασιάσει την τιµή τηςµέσα στα επÞµενα 4 øρÞνια, τα κέρδη µπïρïύν να 9πλασια-στïύν, εæÞσïν η αύêηση κεæαλαίïυ καλύψει τï 10% τωνσυνïλικών κεæαλαιακών αναγκών. ΑυτÞ είναι δυνατÞ να συµ-âεί, διÞτι µε την κάθε νέα µετïøή πïυ απïκτά ï µέτïøïς, λαµ-âάνει και ένα «δικαίωµα» («warrant») τï ïπïίï ïυσιαστικά τïυδίνει τï δικαίωµα να αγïράσει 9 µετïøές σε µία πρïκαθïρισµέ-νη τιµή, λίγï υψηλÞτερη απÞ την τιµή της αύêησης κεæαλαίïυ.Τï δικαίωµα αυτÞ απïκτά ï µέτïøïς µÞνï εæÞσïν µπει στηναύêηση τïυ µετïøικïύ κεæαλαίïυ µιας τράπεúας.

ΕκτÞς απÞ τις µετïøές, θα διαπραγµατεύïνται στïÌρηµατιστήριï Αθηνών και τα «δικαιώµατα». Ãι επενδυτές θαµπïρïύν να απïκïµίσïυν την αêία τïυς µε µία απλή øρηµατι-στηριακή πράêη.

∏∏ ∂∂ÏÏÏÏ¿¿‰‰·· ¤¤ÚÚÂÂÂÂ ÓÓ·· ‚‚ÁÁÂÂÈÈ ··fifi ÙÙÔÔ ÂÂ˘ÚÚÒÒ ÙÙÔÔ 22001100ª¤¯ÚÈ ÙÒÚ· ı· Â›¯Â ‚ÁÂÈ ·fi ÙËÓ ÎÚ›ÛË

Η SAP και ï εêïυσιïδïτηµένïς συνεργάτης της AMS AdvancedManagement Solutions Ltd ανακïίνωσαν την συµæωνία για υλïπïίη-ση της λύσης SAP CRM for Insurance στην εταιρεία Trust InsuranceCyprus (www.trustcyprusinsurance.com), µέλïς τïυ Ãµίλïυ - NestInvestments Holdings (Cyprus) Limited (www.nestco.org).

Τï ∆ιïικητικÞ Συµâïύλιï επέλεêε την λύση SAP CRM forInsurance επιδιώκïντας την κάλυψη των συνεøώς αυêανÞµενων ανα-γκών της εταιρείας για ταøύτερη και απïτελεσµατικÞτερη εêυπηρέ-τηση των πελατών της. ΣτÞøïς της λύσης SAP είναι η ενïπïίηση τωνεσωτερικών διαδικασιών πïυ αæïρïύν Þλï τïν κύκλï εêυπηρέτησηςτïυ πελάτη πετυøαίνïντας έτσι Þøι µÞνï αύêηση τïυ âαθµïύ ικανï-πïίησης των πελατών αλλά και µείωση τïυ κÞστïυς.

Η Trust International Insurance Company ( Cyprus) Ltd, ιδρύθηκετï 1990 και µε έδρα τη ΛεµεσÞ, παρέøει ασæαλιστικές υπηρεσίες σεδιεθνή επίπεδï.

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Νέï σηµείï εêυπηρέτησης δηµιïύργησε ηCHANEL στï πïλυκατάστηµα Debenhams Olympiaστη ΛεµεσÞ. Ã νέïς øώρïς Þπως και ï εêïπλισµÞςεêυπηρέτησης παρïυσιάστηκαν πρÞσæατα. Ãνέïς øώρïς της CHANEL ï ïπïίïς συγκεντρώνειµïναδικά πλεïνεκτήµατα και ιδιαίτερα øαρακτηρι-στικά πïυ σύµæωνα µετα στïιøεία πïυ δÞθη-καν είναι ï µεγαλύτε-ρïς πïυ διαθέτειµέøρι αυτή τη στιγµή ηChanel στην Κύπρï.Έøει εµâαδÞ 18τετραγωνικά µέτρα,και εêειδικευµένïυςøώρïυς, Þπïυ ï πελάτης µπïρεί να πάρει πρïσω-πικές συµâïυλές ïµïρæιάς απÞ τï έµπειρï καιεêειδικευµένï πρïσωπικÞ. Ã εργïνïµικÞς τïυσøεδιασµÞς πρïσæέρει άνεση øώρïυ και ευκïλίακινήσεων πïυ âïηθïύν τïυς πελάτες της CHANELνα µυηθïύν στï µαγικÞ κÞσµï της ïµïρæιάς. Στïσηµείï εêυπηρέτησης της CHANEL στï πïλυκατά-στηµα Debenhams Olympia στη ΛεµεσÞ διατίθεταιÞλη η σειρά καλλυντικών της γνωστής µάρκας,Þπως αρώµατα, πρïϊÞντα µακιγιάú και κρέµες περι-πïίησης πρïσώπïυ.

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ΑπÞ τις 26 Σεπτεµâρίïυ 2013, ïι πελάτες τηςLufthansa θα µπïρïύν να ταêιδεύïυν απÞ τηΦρανκæïύρτη πρïς τη Σαγκάη πέντε æïρές τηνεâδïµάδα µε Airbus A380. Η Σαγκάη είναι ï δεύτε-ρïς - µετά τï Πεκίνï - πρïïρισµÞς της Κίνας πïυεêυπηρετείται απÞ αερïσκάæïς A380 τηςLufthansa. Η πτήση LH 728 αναøωρεί απÞ τη Φρανκ-æïύρτη στις 17.20 µεάæιêη στη Σαγκάη στις09.55. Η πτήση επι-στρïæής LH 729 ανα-øωρεί στις 13.15 απÞτη Σαγκάη και æθάνειστη Φρανκæïύρτηστις 18.55 (τïπικήώρα). Κατά τη διάρ-κεια τïυ αερïπïρικïύ ταêιδιïύ, πïυ διαρκεί 10ώρες και 35 λεπτά, ïι επιâάτες απïλαµâάνïυνÞλες τις ανέσεις τïυ µεγαλύτερïυ επιâατικïύαερïσκάæïυς τïυ κÞσµïυ. Τï A380 της Lufthansaέøει øωρητικÞτητα 526 θέσεων: 8 στη First Class,98 στη Business Class και 420 στην EconomyClass. ΕκτÞς της Σαγκάης και τïυ Πεκίνïυ, στïθερινÞ πρÞγραµµα 2013 η Lufthansa έøει δρïµï-λïγήσει τï A380 πρïς Ìιïύστïν, Γιïøάνεσ-µπïυργκ, Σαν Φρανσίσκï, Σιγκαπïύρη και ΤÞκιï.ΠερισσÞτερες πληρïæïρίες σøετικά µε τï A380 δια-τίθενται µέσω τïυ συνδέσµïυ www.lufthansa.com/A380.

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Graffiti, øρώµα, µïυσική, øïρÞς και δηµιïυργι-κÞτητα πλαισίωσαν και æέτïς τï Street LifeFestival. ∆ηµιïυργïί graffiti, ανάµεσά τïυς και ïµεγάλïς νικητής τïυ διαγωνισµïύ της PrimeTel,ïµάδα “Layup”, έδωσαν µία άλλη πνïή στην καρ-διά της Λεµεσïύ. Στις ïδïύς ΣαριπÞλïυ και Αθηνώνïι πάσσαλïι µεταµïρ-æώθηκαν σε πρωτÞτυπαέργα τέøνης. Ενώ ÞλïιÞσïι έδωσαν τï παρώντïυς είøαν την ευκαιρίανα κάνïυν øειρïτεøνίες,skateboarding, úωγρα-æιές και να απïλαύσïυν,δωρεάν, πïτά. ΓιαακÞµα µία øρïνιά η PrimeTel στηρίúει τέτïιες ενέρ-γειες πïυ σκïπÞ έøïυν να αναδείêïυν την ανάγκητων πïλιτών για δηµιïυργία. Για περισσÞτερες πλη-ρïæïρίες σøετικά µε την PrimeTel κάντε κλικ στïwww.primetel.com.cy ή καλέστε 133 ή επισκεæθεί-τε ένα απÞ τα κέντρα εêυπηρέτησης της PrimeTel.

Τη συøνÞτητα πτήσεων στï δρïµïλÞγιï Λάρνακα - Βιέννη αυêάνειαύêησε απÞ τις 26 Απριλίïυ 2013 µέøρι τα τέλη Νïεµâρίïυ η AustrianAirlines, πρïσθέτïντας µια επιπλέïν πτήση στï θερινÞ της πρÞγραµ-µα, πρïσæέρïντας συνïλικά έως και 12 πτήσεις την εâδïµάδα απÞ τηΛάρνακα. Τï æετινÞ καλïκαίρι, η Austrian Airlines εêυπηρετεί συνïλικά130 πρïïρισµïύς σε 55 øώρες. Στη Βιέννη, ïι επιâάτες øρειάúïνταιµÞλις 25 λεπτά για να µετεπιâιâαστïύν στην επÞµενη πτήση τïυς.Καθώς η Βιέννη είναι ï ταøύτερïς σταθµÞς µετεπιâίâασης στηνΕυρώπη. Στα πλαίσια τïυ θερινïύ πρïγράµµατïς 2013, η AustrianAirlines θα αυêήσει τις υπηρεσίες πρïς τη ΒÞρειï Αµερική. ΑπÞ τις 17Μαΐïυ και εêής, θα πετά πέντε æïρές την εâδïµάδα πρïς τï Σικάγï, τηµεγαλύτερη πÞλη των µεσï- δυτικών πïλιτειών των ΗΠΑ.

Με επτά επιπλέïν πτήσεις την εâδïµάδα πρïς Αγία Πετρïύπïλη(Ρωσία), τέσσερις επιπλέïν πτήσεις πρïς Chisinau (Μïλδαâία), µίαπτήση την εâδïµάδα απÞ Βιέννη πρïς Αµµάν (Ιïρδανία), Yerevan(Αρµενία), Sibiu (Ρïυµανία) και ΣκÞπια (Πρώην Γιïυγκïσλαâικής∆ηµïκρατίας της Μακεδïνίας) και δύï πτήσεις την ηµέρα πρïς Koδice(Σλïâακία), η Austrian Airlines θα ενισøύσει τï ρÞλï της ως η σηµαντι-κÞτερη εêειδικευµένη αερïπïρική εταιρία στην Ανατïλική Ευρώπη,πρïσæέρïντας την ιδανική σύνδεση Ανατïλής µε ∆ύση.

Η Heineken, πιστή στη δέσµευσή της στην πïιÞτη-τα, διïργάνωσε για τρίτη συνεøÞµενη øρïνιά στηνΚύπρï, τï πρÞγραµµα Heineken Star Serve. ΈνανµïναδικÞ και διαδραστικÞ τρÞπï εκπαίδευσης σερâι-ρίσµατïς τïυ τέλειïυ πïτηριïύ µπύρας draught.

Επαγγελµατίες τïυ øώρïυ απÞ Þλη την Κύπρï,είøαν την ευκαιρία να παρακïλïυθήσïυν απÞ τïν κ.Eric Tackenkamp Heineken Draught Master, µία ïλï-κληρωµένη Premium Heineken εµπειρία.

Ã κ.Tackenkamp µïιράστηκε τα µυστικά τηςτέøνης τïυ τέλειïυ σερâιρίσµατïς µπύρας draughtκαι πρÞτεινε τρÞπïυς αύêησης των πωλήσεων µέσωτης απÞλυτης ικανïπïίησης των πελατών.

Και αυτÞ γιατί η Heineken πιστεύει Þτι ï µÞνïςλÞγïς να παραγγείλει κάπïιïς ένα δεύτερï πïτήριµπίρας είναι η πïιÞτητα τïυ πρώτïυ πïυ ήδη έøεικαταναλώσει!

Στα δυï σεµινάρια σε Λευκωσία και ΛεµεσÞ συµµε-τείøαν επαγγελµατίες τïυ κλάδïυ µαúικής εστίασηςαπÞ Þλη την Κύπρï.

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Ένα σηµαντικÞ øρηµατικÞ πïσÞ συγκέντρωσε η ΚΕΑΝΙΤΑ και ηGreen Dot Κύπρïυ για τïν Παγκύπριï Σύνδεσµï Σπαστικών καιΑνάπηρων Παιδιών ΑΝΕΜΩΝΗ, µέσα απÞ την πρωτïâïυλία «3 αλλάγιατί;» πïυ πραγµατïπïιήθηκε σε ïικïλïγικά σøïλεία της Κύπρïυ.

Τï πïσÞ µαúεύτηκε απÞ την πώληση ïικïλïγικών τσαντïύλων καισυλλεκτικών κïυτιών πïυ πρïέκυψαν απÞ τïν ïµώνυµï περιâαλλïντι-κÞ διαγωνισµÞ της ΚΕΑΝΙΤΑ στïν ïπïίï έλαâαν µέρïς εκατïντάδεςπαιδιά µε úωγραæιές εµπνευσµένες απÞ τï περιâάλλïν.

Ùλα τα έσïδα απÞ τις πωλήσεις, πïυ ανήλθαν στις 4650 ευρώ,παραδÞθηκαν απÞ την Brand Manager της ΚΕΑΝΙΤΑ, κα ΜαρίαÃδυσσέως, τïν ΕµπïρικÞ ∆ιευθυντή της Green Dot Κύπρïυ κ. ΣάκηΘεïδïσίïυ και τïν ΓενικÞ ∆ιευθυντή της Green Dot Κύπρïυ κ.Κυριάκï Παρπïύνα, στïν εκπρÞσωπï τïυ Ιδρύµατïς ΑΝΕΜΩΝΗ, κ.Πïλύâιï Μυλωνά. Ã ïικïλïγικÞς διαγωνισµÞς της ΚΕΑΝΙΤΑ «3 αλλάγιατί;» είναι η συνέøεια και άλλων διαγωνισµών µέσα στα πλαίσια τïυευρύτερïυ πρïγράµµατïς «Η ΚΕΑΝΙΤΑ σκέæτεται πράσινα», πïυστïøεύει στην ευαισθητïπïίηση παιδιών σε θέµατα περιâάλλïντïςκαι ανακύκλωσης.


8 | ΑΓΟΡΑ | financialmirror.com

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China’s self-imposed revolution

Are China’s leaders efficient technocrats who can rule with-out the messy impediments of democracy, or hapless bureau-crats ensconced in a corrupt system they cannot change? Manyforeign admirers prefer the former picture, but within China thecorrupt-bureaucrats image is ever more widely held. FormerPremier Wen Jiabao stoked popular cynicism by repeatedly mak-ing grand, sweeping statements about the urgency of econom-ic and political reform, and then delivering modest incrementalchange at best. Now his former deputy Li Keqiang is runningthe show. Will he continue Wen’s sorry record, or improve thewalk-to-talk ratio? The signs suggest that Li will be a far moreaggressive reformer than his mentor.

On Monday, Li ran a meeting of China’s State Council whichresulted in a published agenda for economic policy change thatgoes far beyond Wen-era platitudes in its boldness and specifici-ty. The two most notable measures are the following:

- The government will this year publish an “operationalplan” for capital-account liberalization, including the creationof a system allowing Chinese domestic investors to investabroad. In the past, Chinese officials have talked vaguely aboutopening cross-border capital flows eventually. The new languageimplies specific plans to gradually prise open the capital accountbeginning within a year or two.

- The government will speed urban income and consump-tion growth by setting up a new and more flexible residence per-mit system, which will eventually displace the much-malignedhousehold registration system (hukou) as a mechanism forChinese citizens’ access to social services and public benefits.The two-tier hukou system discourages social mobility andincome growth, by entrenching divisions between urban and

rural residents and inhibiting migration to urbanareas. (Related to this, the State Council should issuea national urbanization strategy by mid-year; thiswill not be yet another investment stimulus plan for local gov-ernments, but an attempt to ensure stronger household incomeand consumption growth:

Other interesting items on the State Council’s agendainclude: budget reforms to control the accumulation of localgovernment debt; reform of utility prices paid by consumers;and an overhaul of the public hospital system. But perhaps themost important one to watch is what Li has chosen as his sig-nature initiative: a push for deregulation, aimed at cutting theendless government approvals required for Chinese companiesto make investments or conduct routine business operations.Given the enormous reach and highly interventionist characterof China’s government regulation, the potential productivitygains here are substantial—Li himself has called it a “self-imposed revolution.

The risk to this idealistic deregulatory plan has always beenthat it gets bogged down in lower levels of the bureaucracy thatare unwilling to give up power. To his credit, Li has enforced the

delivery of regular, quantitative progress on his promise to cut1,700 line items of government approval by a third. The StateCouncil had already approved the elimination of 71 of these, andcame up with another 62 to pass at the latest meeting.

Li himself proclaims he wants to be judged on deeds, notwords: on taking office in March he commented on national TV:“in advancing reform the important thing is to take action; talk-ing the talk is not as good as walking the walk.” With the struc-tural problems in China’s economy mounting, the country can-not afford another all-talk, no-walk leadership. Yet a crash pro-gram of liberalization “shock therapy” has never seemed a like-ly prospect—the divisions among China’s different leaders andinterest groups mean that reform can only advance through bar-gaining and compromise. But fortunately, Li is now taking stepsto turn the new leadership’s early and laudable rhetoric on eco-nomic reform into action. If he keeps this up, we may have toget accustomed to the novel spectacle of China actually walkingthe walk of reform.

Marcuard’s Market update by GaveKal Research

May 8 - 14, 2013

financialmirror.com | WORLD MARKETS | 17

Labour vs. Capital, after the crisisFew of us at Marcuard spent the May Day holiday thronging

the streets shouting socialist slogans. This will not surprisemany of our readers. But what may surprise is our growing con-cern about labor’s precipitous loss of income share to capital.

One concern lies simply in aggregate demand. As the OECDpointed out in a paper last year, people with less wealth tend toconsume a greater share of their income. As real incomes for“labor” stagnate or decline, a nation’s consumption powerweakens. This sluggish growth in consumption makes it all theharder for OECD nations to resume robust economic growth. And indeed, wherever we look in the rich world we see confir-mation of this economic reality. Unemployment remains highor is worsening in many European nations, and is receding at apainfully slow rate in the US. Global growth may be flagging yetagain, with the latest batches of data raising the prospect of afourth straight spring-time “soft patch”.

So it is no surprise that companies are seeing lacklustertopline growth. Take the US. The 72% of S&P 500 companiesthat have reported in the 1Q13 earnings season saw revenues fallby an average –1.8% YoY. Yet EPS growth has expanded by anaverage 2.5%, thanks to margin expansion and capital manage-ment. Dividends are expanding and companies are takingadvantage of cheap money to further enhance earnings pershare through buybacks (e.g., Apple). As a result shareholders(i.e., “capital”) are not doing badly at all.

The strong performance of the S&P 500 despite lacklusterreal median income growth is another reminder that since the2008 crisis, the wealth gap has widened, not narrowed.Aggressive monetary policy has driven up asset prices—dispro-portionately benefiting upper-income households with lots of

capital at their disposal—but so far not triggered a broaderrevival in employment and consumption. Japan is the latest tojoin this game: since its monetary policy turned aggressive lastNovember the stock market is up 45% in local currency terms,but average wages have stayed flat.

For the moment the OECD economies and their companiesseem to be surviving—the social compact has not crumbled,and firms continue to improve profitability. But the situationcannot last forever: eventually electorates will despair at lowincome growth and demand more radical change, and eventu-ally companies will run out of room to boost EPS through buy-backs, because their equity capital will be cut to the bone.

How do we get out of this situation? There is no cleananswer. Quantitative easing advocates argue that we simplyneed to do more QE for longer, and everything will work out.

The evidence for this so far is meager, since the apparent impactof QE is to widen inequality by boosting asset prices while doinglittle for structural unemployment (the counterargument ofcourse is that without QE the employment situation would befar worse).

At the other end of the spectrum, the argument for an endto QE, a rise in interest rates and a consequent likely economicrestructuring through massive bankruptcies are logically consis-tent but politically impractical. Moreover, it ignores the fact thatthe declining labor share of income is a decades-long phenom-enon with many deep sources—capital efficiency, technology,globalization, the increased economic weight of theeducated/highly skilled. In addition, demographic factors willdepress structural economic growth rates in coming decades.Any way you slice it, it’s difficult to see a solution to the currenteconomic mess that will make both labor and capital happy.

Disclaimer: This information may not be construed as advice and in partic-ular not as investment, legal or tax advice. Depending on your particularcircumstances you must obtain advice from your respective professionaladvisors. Investment involves risk. The value of investments may go downas well as up. Past performance is no guarantee for future performance.Investments in foreign currencies are subject to exchange rate fluctuations.Marcuard Cyprus Ltd is regulated by the Cyprus Securities and ExchangeCommission (CySec) under License no. 131/11.

www.marcuardheritage.com

Date Country Detail Forecast PreviousMAY 8 EUR German Industrial Production M/M due 1.00pm -0.10% 0.50%MAY 8 CAD Housing Starts due 3.15pm 175k 181k

MAY 8 US 10-year Bond Auction due 8.00pm 1.8/2.8MAY 9 NZD Unemployment Rate & Employment Change due 1.45am 1.10% -1.00%MAY 9 EUR German, French and Swiss bank holiday MAY 9 GBP Manufacturing Production M/M due 11.30am 0.40% 0.80%MAY 9 GBP Industrial Production M/M due 11.30am 0.30% 1.00%MAY 9 GBP Bank of England MPC meeting on interest rates due 2.00pm 0.50% 0.50%MAY 9 EUR Spanish 10-year bond auctionMAY 8 US Weekly Unemployment Claims due 3.30pm 333k 324k

MAY 9 US Wholesale Inventories M/M due 5.00pm 0.30% -0.30%MAY 10 EUR German Trade Balance due 9.00am 18.1B 17.1BMAY 10 GBP Trade Balance in GBP due 11.30am -8.9B -9.4BMAY 10 ALL G7 Meetings - Day 1 MAY 10 CAD Employment Change due 3.30pm 13.5k -54.5kMAY 10 US Fed Chairman Ben Bernanke speaks starting 4.30pm

MAY 10 US Federal Budget Balance due 9.00pm 93.9B -106.5BIndicated times are Cyprus time Source: Eurivex

Weekly Economic Calendar French industry output falls in MarchFrench industrial output fell by a worse-than-expected 0.9%

in March due to lower production in the farm and transportsectors and a sharp drop in refining activity, data showed onTuesday. The monthly fall, in part an adjustment from a 0.8%rebound in February driven by the restarting of a refinery, wasworse than the 0.3% dip predicted by economists in a Reuterspoll. Output over the first quarter in the moribund industrialsector — which makes up about 12% of France’s economy —was down 0.4% compared with the previous quarter.

President Francois Hollande is struggling, a year into histerm, to fulfil a campaign pledge to pull the industrial sector

out of a long slump that is driving a steady stream of layoffs.His government said this week that measures taken so far toboost competitiveness would take time to bear fruit.

Manufacturing output, a measure that excludes water, ener-gy and mining, was down 1.0% in March after a 0.8% rise theprevious month, the data from the INSEE statistics officeshowed.

Separately, customs data showed that the March tradedeficit, another gauge of France’s flagging competitiveness,narrowed to 4.696 bln euros from 5.645 bln in Februarythanks to deliveries of Airbus planes and a cruise liner.

Economics is rarely a black and white story. While it may beexpedient and profitable to simplify matters, trading up or downon various assets, the complex reality for economists is thatdata releases and the financial markets often reveal a multi-lay-ered picture. Consider for example the NFP employment fig-ures released in the US on Friday, one of the key monthly indi-cators of US economic health.

The figures seem to suggest that all is rosy, and the marketscertainly responded accordingly in the immediate aftermath.The payrolls showed that 165,000 jobs were created last month,significantly higher than the number of 145,000 which was pre-dicted by economists. This means that the unemployment ratenow stands at 7.5%, the lowest level in four years. Businessesthat suffered and fired employees in the recession are now

enjoying higher revenues andare in a position to hire again.

Alan Krueger, chairman ofthe Obama administration’sCouncil of Economic Advisers,was quick to attribute the rise inemployment to successful polit-ical strategy, “it is critical thatwe remain focused on pursuingpolicies to speed job creationand expand the middle class.”

At first glance, the NFP fig-ures serve to indicate that theUS economy and job market arestronger than investors had

previously thought. Indeed, following the news, US stockssurged and the Dow Jones index rose above 15,000 for the veryfirst time in its history.

The news is particular welcome to international investors

and businesses who have been deterred from Europe by thecontinent’s ongoing debt crises. The US labour market gainsstand in direct contrast to a report, also published on Friday,that the euro-area economy will shrink in 2013 more than waspreviously estimated with high unemployment levels.

However, when you look for the details behind the impres-sive US headlines, another side to the story becomes apparent.Construction employment fell and manufacturing payrollsremained flat. These are two sectors with a very notable influ-ence on the economy, future infrastructures and development.In addition, average weekly earnings and aggregate hours aredown, which could have a long-term impact on consumerspending power.

The reality is that the labour market, while showing overallimprovements, is still uncertain and uneven. It is these details,this multi-layered reality that causes the fluctuations we see inthe trading markets after the release of key reports. Investorsrespond to the initial headlines, and only afterwards, take in thebigger picture. As the market corrects itself, there is typically afluctuation of close peaks and troughs. That would explain whyon Friday, after the Dow Jones reached its highest in history, itthen dropped slightly, but still closed the day at 142.38 pointshigher at 14,973.96. Traders of short-term options can profitfrom both the market reaction and correction, while longer-terminvestors need to wary of acting before any market correction.

Either way, if you are still reading at the bottom of this arti-cle, you’ll do well to apply the same approach when investing:always look past the headlines.

The Australian dollar slumped to a two-month trough on Tuesday after the ReserveBank of Australia cut rates to a record low,while the euro remained capped as the com-mon currency was unable to shake off dovishcomments from the European Central Bankchief.

The yen bounced back from a 10-day lowversus the dollar on Japanese exporters’ buyingafter a long weekend in Japan, though manytraders expect the currency to stay under pres-sure after a solid U.S. job report last week.

The big mover was the Australian dollar,which fell 0.7% to $1.0181 after RBA cut ratesby a quarter of a percentage point to 2.75% cit-ing a historically high Aussie dollar. The mar-ket had been evenly divided on the chance ofpolicy easing on Tuesday. The Aussie brokethrough a support around $1.0220 and fell asto $1.0178, its lowest since March 4. The low

that day of $1.0116 is seen as an importantsupport.

The common currency was at $1.3084, lit-tle changed on the day after having pulled backfrom Monday’s high of $1.3141. It fell as far as$1.3053 after the head of the European CentralBank (ECB) reiterated the central bank’s readi-

ness to cut interest rates again if needed. In aspeech in Rome, ECB President Mario Draghisaid the bank would monitor incoming dataclosely and be ready to cut rates further,including the deposit rate currently at zero.“For southern European countries, a euroabove $1.30 would be too high for their econ-omy. Among major central banks, the ECB has

been the only bank that is not expanding itsbalance sheet. But It will likely consider such astep,” a trader told.

Initial support for the euro is seen around$1.3024, the 76.4% retracement of its April 24-May 1 rally and the 55-day moving average at$1.3021. Vassili Serebriakov, strategist at BNP

Paribas, said further downside risks for theeuro are likely to be limited thanks to ongoingsignificant support from European marketsentiment. “Both European financial equitiesand the core-periphery spreads have beenmoving in a favourable direction and indicate

that EUR/USD can potentially strengthen tothe 1.34-1.35 area.”

The common currency also ceded a bit ofground against the yen, slipping to 129.72from Monday’s session high of 130.40 and offa 3-year high of 131.10 set last month. Thepullback in the euro saw the dollar index driftup to 82.244 from Monday’s low of 81.982,helping keep it well away from last week’s 2-month trough of 81.331. The dollar slipped0.2% to 99.11 yen, after having risen as high as99.455 on Monday on the back of the upbeatU.S. jobs data last Friday.

Still, many market players think the curren-cy is gearing up for another go at tough resist-ance at the 100 level, which it has failed twiceto pierce last month even as the Japanese cur-rency came under constant pressure from theBank of Japan’s aggressive monetary easinglast month.

Aussie slides to 2-month low after RBA cut, euro tripped by ECB

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

U.S. needs to remain focused on job creation

May 8 - 14, 2013

18 | WORLD MARKETS | financialmirror.com

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www.bbinary.comAlan Krueger

May 8 - 14, 2013

financialmirror.com | WORLD MARKETS | 19

Alwaleed’s Kingdom plans hotel salel On prowl for acquisitions, says no rush for Twitter to go public

Saudi billionaire Prince Alwaleed bin Talal will hold ontohis most high-profile investments, which range from stakesin Citigroup and News Corp to microblogging site Twitter,while seeking out new targets to diversify his global portfolio.

Kingdom Holding, Alwaleed’s investment vehicle, hasasked investment banks to identify possible acquisition tar-gets around the world and plans to sell its stake in 20-30hotels in the next two years.

“We have talked with certain investment banks to look atopportunities that we may have not seen in our region. Thisis in motion right now,” said Alwaleed, who owns 95% ofKingdom.

“We intentionally try to be diversified by location and byindustry so we won’t have much concentration in onearena.”

Kingdom Holding, which went public in 2007, has a mar-ket value of around $17 bln, making it one of the largest list-ed investment firms in the Middle East.

Alwaleed, a nephew of King Abdullah, has also moved todivest some of his investments in real estate and hotels inrecent months, and said he plans to sell 20-30 more hotels inAfrica, the Middle East and Asia in the next two years.

Kingdom owns stock in hotel ownership and manage-ment companies such as Movenpick, Fairmont, Raffles andFour Seasons, which Alwaleed said he would not sell. It alsohas direct stakes in specific hotels run by these companies.

Kingdom has been selling such stock in recent months. Itbooked a $32.9 mln gain from sale of some equity in NewYork’s Plaza hotel in December, retaining 25%.

However, despite these plans, he said Kingdom would

retain a stake in major hotel companies and in landmarkassets.

“Hotels that we as Kingdom Holding directly own such asthe Plaza Hotel in New York, the Savoy in London, the FourSeasons in Toronto and George V in Paris, these are theanchor ones that are not for sale,” he said.

He has made investments in Monaco’s Monte Carlo GrandHotel and currently holds a 10% stake in Euro Disney SCA.

In August 2011, Al Waleed announced plans to build thenext tallest building in the World, the Kingdom Tower at aheight of at least 1,000 metres.

Kingdom Holding first-quarter net profit rose 9% year-on-year, but the company’s share price has dropped 18% sincethe start of 2013.

Alwaleed said he thought the share price was “just takinga breather” after being one of the strongest performingstocks in Saudi Arabia’s all-share index last year.

HIGH-PROFILE INVESTMENTSAlwaleed said Kingdom would retain its holding in major

investments including Citigroup, News Corp, Twitter and itsmost recent acquisition, the Chinese online retailer 360buyJingdong.

Kingdom owns 2% of Citi and 7% of voting shares inRupert Murdoch’s News Corp. It has invested $300 mln inTwitter and $160 mln in 360buy.

He said he did not anticipate Twitter would launch an IPOsoon and should draw lessons from Facebook’s disappointinglaunch last year.

“There’s no rush for Twitter to go public. We never push

them to go public fast. The issue is when will Twitter beready to go public?” he said.

Citigroup posted a 30% increase in first-quarter net profitin April, beating analysts forecasts as the No.3 U.S. bank gen-erated more money from underwriting stock issues andadvising companies on mergers.

The stock has risen 18.8% year-to-date and surged nearly45% in the last one year.

He also said he had not yet decided whether to retainstock in both the entertainment and publishing wings ofNews Corp after the company carries out plans to split its tel-evision and film assets from its newspapers this summer.

However, he said it would make sense for the media com-pany to try to buy out other investors in British satellitechannel BSkyB once the fallout from the scandal of phonehacking at the News of the World unit fades into the back-ground.

RBS pushes for sale of UK gov’t stakel Sale of shares could start in mid-2014; Taxpayer to make profit in long run

State-backed Royal Bank of Scotland on Friday pushed forthe British government to start selling its 82% stake as early asnext year even though it could mean a loss for taxpayers.

Chairman Philip Hampton said the aim was to have a busi-ness in strong enough shape to start preparing a prospectuswith the government for a sale from the middle of 2014.

“It could be earlier, that’s a matter for the government,”Hampton said in an interview on the bank’s website.

Britain pumped 45.5 bln pounds into RBS during the 2008financial crisis, leaving the government with a controllingstake.

The bank has been through a big restructuring - sheddingunderperforming assets and cutting jobs. It reported its firstquarterly profit in 18 months on Friday. But taxpayers are stillsitting on a paper loss of 19 bln pounds, based on RBS’s cur-rent share price.

The government is keen to start selling its holding but isunder pressure to get a good deal for taxpayers ahead of a gen-eral election in 2015.

RBS is pushing for a sale so it can run its business withoutstate interference. Hampton has said the bank needed freedomto execute its recovery plan without political meddling.

But rival Lloyds Banking Group, 39% state-owned after abailout in the crisis, could prove a more attractive business tosell. Lloyds reported a big jump in first quarter profit last week,pushing its shares close to a price where the government couldbreak even if it sold out.

Other factors affecting the government’s decision to sellincluded the outcome of talks on capital requirements betweenthe banks and Britain’s new financial regulator and a reviewinto banking standards by a parliamentary panel.

SELL AT A LOSSRBS Chief Executive Stephen Hester said the government

might have to take a loss initially when it starts selling, giventhe depressed state of bank shares and tougher regulation of theindustry. But he expected the UK taxpayer to make a profit inthe long run.

RBS shares were down 5.7% to 290 pence on Friday, wellbelow the 407 pence mark which the government regards as itsbuy-in level.

Under Hester, RBS has shed around 900 bln pounds inassets and is focusing on lending to British households andsmall businesses. He said the bank was starting to see a pick-upin loan demand, echoing comments from Lloyds, which said itscore loan book had returned to growth quicker than expected.

RBS made a pretax profit of 826 mln pounds in the firstquarter, compared with a loss of 1.5 bln pounds in the sameperiod last year.

The investment bank’s income fell short of expectations andit said it expected a “muted” year as it cuts back on risk andshrinks the business to focus on fixed income products.

The bank still has to sell 315 UK branches to meet demandsfrom European regulators. RBS said it was working towardslisting them on the stock market but was also open to otheroptions and was having talks with potential investors. It expectsto rebrand this business as Williams & Glyn’s.

Lloyds to sell stakein Sainsbury’s Bank

J Sainsbury, Britain’s third largest supermarketgroup, is in advanced talks with Lloyds Banking Groupto take full ownership of the Sainsbury’s Bank jointventure.

The statement was prompted by media speculationover the weekend that Sainsbury’s was on the verge ofbuying out Lloyds’ 50% stake in the bank.

Sainsbury’s was the first major British supermarketto open a bank through the joint venture in February1997.

Sainsbury’s Bank provides a range of productsincluding insurance, credit cards, savings and loans.

A Sainsbury’s buyout of Lloyds’ stake would mirrorTesco’s acquisition of RBS’s stake in Tesco PersonalFinance five years ago.

Sainsbury’s is scheduled to publish 2012-13 resultson Wednesday.

Customer numbers leap at Metro BankMetro Bank, which launched in 2010 as Britain’s first new

high street lender for more than a century, saw customer num-bers surge in 2012, benefiting from the unpopularity of the estab-lished banks.

Metro, which operates 17 branches in London and the southeast of England, said that customer accounts rose by 183% to136,000 at the end of the year, with numbers increasing by a fur-ther 25% in the first quarter of 2013.

Customer deposits nearly trebled to 576 mln pounds, echoingthe rate of growth in its loan book, which stood at 168 mlnpounds at the end of 2012.

Challengers such as Metro Bank, Virgin Money and Aldermorehave looked to pick up customers either unhappy with the serv-ice provided by bigger banks or those who have been shunned byestablished lenders as they shrink balance sheets and build upcapital reserves to meet new regulations. Britain’s ‘Big Five’ -Lloyds, RBS, Barclays, HSBC and Santander UK - have beenplagued by scandals ranging from the mis-selling of loan insur-ance to the rigging of benchmark interest rates.

Metro Bank made a 2012 net loss of 34.6 mln pounds, whichit said reflected significant investment in building stores, infra-structure and systems.

The bank raised 126 mln pounds in June from externalinvestors to fund future expansion and is targeting a listing on theLondon Stock Exchange in 2014.

The Japanese ExperimentAfter years of tweaks, Japan has now initiated a major shift

in its policy paradigm, with reactions ranging from greatoptimism that the country may finally be lifted out of a quar-ter-century of economic stagnation, to concerns that theauthorities’ dramatic change of course may in fact end upmaking things worse. But, while debate naturally focuses onJapan’s economic, financial, and political maneuvers, the tip-ping point could well lie abroad.

Prime Minister Shinzo Abe’s new government hasembraced a revolutionary (rather than evolutionary) eco-nomic-policy approach that engages several initiatives, someof which were once deemed implausible, unthinkable, oreven undesirable. From the doubling of the money supply toadditional fiscal stimulus and wide-ranging structuralreforms, the new policy paradigm is nothing less than one ofthe boldest economic-policy experiments in Japan’s post-warhistory.

To demonstrate their seriousness, Japanese officialsmoved quickly to commit to measurable metrics. On the pol-icy input side, they have specified and begun to implementpurchases of securities totaling $75 bln per month (threetimes as much, in relative terms, as the US Federal Reservecurrently purchases under its unconventional monetary-pol-icy regime). On the output side, and after many years of per-sistent deflation (prices fell 0.5% last month), Japan is nowtargeting a 2% inflation rate within two years, thus under-scoring its commitment to avoid a pre-mature withdrawal ofmonetary support for growth.

Already, financial markets have responded with alacrity.The Japanese equity market is up an impressive 55% sincehints of the paradigm shift started hitting investors’ radarscreens. At the same time, the Japanese yen has depreciatedsharply, including by more than 20% against the strugglingeuro.

This response is part of the transmission mechanism forthe Japanese government’s policies. The surge in the stockmarket benefits domestic investors, making them likelier tospend more (what economists call the “wealth effect”). This,in turn, should revive corporate “animal spirits,” leading tohigher investment in new plants and equipment, togetherwith higher wages and salaries.

These are, of course, the same mechanisms that the Fedhas targeted for almost three years in its own efforts to stim-ulate higher growth in the US. The macroeconomic out-

comes have consistently fallen short of expectations, andthere is reason to believe that it will be even more difficult inJapan for monetary policy alone to gain sufficient traction.

Japan’s aging population mutes the potential impact ofboth the wealth effect and animal spirits. Resource flexibilityis lower than in the US. Interest rates are already low. Theexperience of deflation is well entrenched. And, given Japan’s

high level of public indebtedness, the risks of collateral dam-age and unintended consequences are potentially higher.

With gross overall government debt already at 238% ofGDP, some worry that Japan would face the threat of eco-nomic and financial dislocation were a failed policy experi-ment to lead its private sector – which traditionally has dis-played an enormous home bias – to disinvest from Japan.This does not mean that Japan’s policy revolution will neces-sarily disappoint. But, critically, it does mean that even if youbelieve that the BOJ’s actions are necessary for Japan toemerge from its economic malaise, they certainly are not suf-ficient.

Japan’s experiment requires meeting two additional con-ditions if it is to avoid going the way of previous failed policyinitiatives: meaningful structural reforms that essentiallychange how segments of the economy respond and operate;and other countries’ continued acquiescence in the currencydepreciation needed to boost the impact of slower-movingdomestic dynamics through meaningful gains in global mar-ket share.

Meeting the first condition is in the hands of Japanese cit-izens and their elected representatives. The required reforms,though achievable, will test the government’s resolve andimplementation capabilities, as well as the population’s will-ingness to face immediate disruptions in exchange for thepromise of longer-term gains.

The second requirement is very different. It can beachieved only if other countries are willing to sacrifice out-put, either because they have no choice, or because they

believe that, over the medium-term, a stronger Japaneseeconomy will benefit them as the longer-term income effectsoffset the impact of immediate market disruptions.

But will the rest of the world accommodate Japan’s boldpolicy experiment, or will it take protective steps and thusimpede the operation of a crucial policy transmission mech-anism? While initial indications are encouraging, the jury isstill out.

Many affected countries – including those hit by the tradeeffects (such as China, South Korea, Taiwan, and eurozonemembers) and those susceptible to the capital-flow channel(such as Brazil, Indonesia, and Mexico) – have not yet hadenough time to react. Japan’s policy change was big andabrupt, and several of the countries on the receiving end havebeen focused on complex domestic challenges.

A few countries – particularly Brazil, China, and SouthKorea – have noticed. But their reactions have been general-ly muted by Japan’s success in getting a US-led initiative atthe G-20 to classify its policy response as constituting the useof “domestic tools” to pursue “domestic objectives.”

It is just a matter of time until the rest of the world catch-es up with the reality of how Japan’s experiment affectsthem. The hope is that, bolstered by evidence of Japan’s seri-ous pursuit of structural reforms, they will accommodate theexperiment in two ways: by not retaliating, and by undertak-ing their own domestic reforms that compensate for the out-put lost to Japan. In other words, a growing pie for all betteraccommodates all.

The fear is that neither Japan’s subsequent actions nor theaffected countries’ domestic realities will justify the risk oflost market share, especially at a time when the global econ-omy as a whole – and global policy coordination – is strug-gling. Here the risk involves currency wars and other beggar-thy-neighbor disruptions.

There is currently insufficient data to predict either out-come confidently. As we await additional evidence, let usappreciate how rarely we witness, in real time, such amomentous policy shift.

Mohamed A. El-Erian is CEO and co-CIO of PIMCO, and the author of When Markets Collide.


May 8 - 14, 2013

20 | COMMENT | financialmirror.com

By Mohamed A. El-Erian

Controlling China’s currencyIt is indisputable that China is over-issuing currency. But the

reasons behind China’s massive liquidity growth – and the mosteffective strategy for controlling it – are less obvious.

The last decade has been a “golden age” of high growth andlow inflation in China. From 2003 to 2012, China’s annual GDPgrowth averaged 10.5%, while prices rose by only 3% annually.But the unprecedented speed and scale of China’s monetaryexpansion remain a concern, given that it could still trigger highinflation and lead to asset-price bubbles, debt growth, and capi-tal outflows.

Data from the People’s Bank of China (PBOC) show that, asof the end of last year, China’s M2 (broad money supply) stoodat 97.4 trln yuan ($15.6 trln), or 188% of GDP. To compare, M2in the United States amounts to only roughly 63% of GDP. Infact, according to Standard Chartered Bank, China ranks firstworldwide in terms of both overall M2 and newly issued curren-cy. In 2011, China accounted for an estimated 52% of theworld’s added liquidity.

But a horizontal comparison of absolute values is inadequateto assess the true scale of China’s monetary emissions. Severalother factors must be considered, including China’s financialstructure, financing model, savings rate, and stage of economicdevelopment, as well as the relationship between currency andfinance in China.

China’s intensive economic monetization is a key factor driv-ing its money-supply growth. But China’s sharply rising mone-tization rate cannot be judged against the high, steady rates ofdeveloped countries without bearing in mind that China’s mon-etization process began much later, and has distinct structuraland institutional foundations.

As China has opened up its economy, deepened reforms, andbecome increasingly market-oriented, the government has facil-itated the continuous monetization of resources – includingnatural resources, labor, capital, and technology – by ensuring

their constant delivery to the market. This has fueled risingdemand for currency, leading to the expansion of the monetarybase, with the money multiplier – that is, the effect on lendingby commercial banks – boosting the money supply further.

And, as GDP growth has become increasingly dependent ongovernment-led investment, currency demand has continued torise. Indeed, the rapid expansion of bank credit needed to

finance skyrocketing government-led investment is increasingthe amount of liquidity in China’s financial system. As a result,in the last four years, China’s M2, spurred by a stimulus pack-age totaling 4 trln yuan in 2008 and 2009, has more than dou-bled.

This trend is exacerbated by the declining efficiency of finan-cial resources in the state sector, a product of the soft budgetconstraint implied by easily accessible, cheap capital.Consequently, maintaining high GDP growth rates requires anever-increasing volume of credit and a continuously growingmoney supply. So China is stuck in a currency-creating cycle:GDP growth encourages investment, which boosts demand forcapital. This generates liquidity, which then stimulates GDPgrowth.

The key to controlling China’s monetary expansion is to clar-ify the relationship between currency (the central bank) andfinance (the financial sector), thereby preventing the govern-ment from assuming the role of a second currency-creatingbody. According to Pan Gongsheng, a deputy governor of the

PBOC, the relationship between the central bank and the finan-cial sector entails both a division of labor and a system of checksand balances. In theory, the financial sector serves as a kind ofaccountant for the treasury and the government, while thePBOC acts as the government’s cashier.

In practice, however, the relationship between currency andfinance is vague, with both assuming quasi-fiscal functions.China’s low official government debt largely reflects the role ofcurrency in assuming quasi-fiscal liabilities – not only the write-off costs incurred from reforming state-owned banks, but alsothe takeover of banks’ bad debts via note financing and the pur-chase of asset-management companies’ bonds. These activitiesboth damage the PBOC’s balance sheet and constrain monetarypolicy.

At the same time, finance takes on quasi-fiscal functions byexcluding government fiscal deposits – government deposits inthe national treasury, commercial banks’ fiscal savings, and cen-tral treasury cash managed through commercial-bank deposits– from the money supply. Given the large volume of fiscaldeposits – which totaled 2.4 trln yuan (3.3% of M2) at the end of2010 – their impact on the money supply cannot be ignored.

Clarifying the relationship between currency and finance isessential to ensuring that all newly issued currency is backed byassets. Only by exerting a harder budget constraint on the statesector, limiting fiscal expansion, and reducing dependence ongovernment-led investment can China’s excessive currencyissuance be addressed in the long term.

Zhang Monan is a fellow of the China Information Center, a fellow of the China Foundation for International Studies, anda researcher at the China Macroeconomic Research Platform.


By Zhang Monan

May 8 - 14, 2013

financialmirror.com | COMMENT | 21

The Competition FactorSince the global economic downturn began in 2008, debate

has centered on the macroeconomic strategies and instrumentsused to address the crisis and foster recovery. But correctingimbalances and addressing short-term slowdowns or recessions,while important, should not be allowed to overshadow the need toestablish long-term conditions for solid and sustainable econom-ic growth.

So far, macroeconomic policy has borne both the blame foreconomic malaise and the hope that it can be overcome. But weshould be devoting as much attention to the microeconomicproblems – such as poor incentives, market failures, and regulato-ry shortcomings – that led us into the crisis in the first place.

Indeed, just as microeconomic problems in the financial sectortriggered a credit crunch and fueled a global recession, so micro-economic factors hold the key to recovery. Many economies needto fix the financial sector and restore credit, while many more needto raise productivity in order to boost growth and create jobs.

Some industries suffer from counterproductive and ill-con-ceived regulation; others are ailing as a result of monopolisticbehavior by dominant firms, or because they face a lack of effec-tive competition and transparency in utilities and financial servic-es. Fixing these problems would help us to return to a path ofgrowth and prosperity for all.

To achieve this, we first must follow the Hippocratic oath andavoid doing more harm. Governments around the world shouldignore the temptation to relax competition in order to providerelief to particular industries or economic groups.

The renowned American economist Mancur Olson argued thatstagnation in developed economies results from cartels and lob-bies becoming more numerous and powerful over time, until theyeventually drain a country’s economic dynamism. Preserving acompetitive environment in which markets remain open and con-testable is the best tonic, because firms must constantly innovateand perform better under such conditions. This, in turn, makesour societies more creative and, ultimately, more prosperous.

Efforts to relax competition have many faces. But all of them

make an economy less productive and redistributewealth to small, coordinated groups with vested inter-ests and a strong inclination to lobby the government.The most common approach is protectionism, which has beenpart of the political discourse in various countries in recent years.But official measures to help national producers at the expense ofdomestic business customers and consumers are always short-sighted, for they fail to help producers to address the challengesthat they will have to face sooner or later anyway.

Similarly, old-fashioned dirigisme – such as attempts to “pickwinners,” foster national “champions,” or keep failed businessmodels alive through state subsidies – is both harmful anddoomed to fail. And misplaced regulation – for example, in theservice sector – remains a barrier to healthy competition in manycountries.

Once we have stopped doing harm, we must start doing theright things. Economic policy is like gardening: pulling on plantswill not make them grow faster, but a successful gardener can pro-vide them with the right environment in which to flourish.

Relying on competition can help societies to unleash well-functioning markets’ power to provide goods and services. Toachieve this, policymakers must have a sound enforcement frame-work at their disposal, take an economy-wide approach, andattract the participation of all stakeholders.

Sound enforcement implies legal tools and resources to pursueand implement an economic policy, along with an institutionaldesign that reduces meddling by vested interests. Consider, forexample, the importance of impartial and effective antitrustauthorities, or subsidy schemes that are sufficiently well designedto ensure that they truly serve the public interest.

An economy-wide approach is needed because markets areinterconnected. Misguided regulation or market failures that harmcompetition anywhere can burden the entire economy. The glob-al crisis erupted because major problems in the functioning of thebanking sector had been left unaddressed. The poor functioning ofinput markets, such as markets for energy or intermediary prod-

ucts, can also do a lot of economic harm, not least because it ham-pers external competitiveness.

Finally, strengthening competition throughout the economyrequires broad support. This cannot be achieved without bridgingideological divisions and overcoming political pressures from par-ticular economic groups. Advocacy can play a key role, by educat-ing not only policymakers, but also citizens and businessmen,about the benefits of competition. There should be a wide consen-sus that a pro-competitive environment is one of the keys to eco-nomic prosperity.

Australia provides a good example of how pro-competitive poli-cies deliver results. Its economy was one of the OECD’s worst interms of productivity growth in the 1980’s; a decade later,Australia was in third place. In the interim, all of the country’s eco-nomic regulation was examined from the standpoint of maximiz-ing competition, and a national pro-reform consensus was forged.

Currently, significant efforts are underway in several countries,including Mexico. Structural reforms to boost productivity willalso be crucial to ensure Europe’s economic recovery and the sur-vival of its social model. The “Single Market Acts I & II” provide acomprehensive agenda to tap fully the potential of an integratedand competitive market of 500 million consumers to catalyzegrowth and prosperity in the European Union. We know fromexperience that competition works. By basing economic policy onthis experience, we could not only avert Olson’s grim prophecy.We could also accelerate economic recovery, increase the pace ofinnovation, and raise livelihoods for millions of people worldwide.Joaquin Almunia is Vice President of the European Commissionand EU Commissioner for Competition. Eduardo Pérez Motta is President of the Mexican Federal Competition Commissionand Chair of the International Competition Network.


By Joaquin Almunia andEduardo Perez Motta

May 8 - 14, 2013

22 | WORLD MARKETS | financialmirror.com

What you should know before trading in goldWhen any market crashes, it’s a shock. For a real nose

dive it normally takes something unexpected and dramatic tokick it of. If people had any idea of the reason or that it wascoming then the fall would start early and be more shallow.

Gold fell off a cliff on Monday and many were leftscratching their heads. Did gold crash because of good newsor bad news? Was the crash engineered by dark forcesmanipulating the world economy and protecting the dollar?

The bottom line is no one really knows why gold crashed.Likely someone was a forced seller. Markets, gold orotherwise, have a logic all their own.

Gold is a badly understood thing. Gold lovers have a crazyview on it, even governments seem to have an irrational take.Gold is “the mad metal” and here are five things to bear inmind when you love or hate on gold because:

1. There is gold and then there is paper goldThe gold price is set buy trading in derivative contracts in

gold, contracts that are mostly not backed by the physicalmetal. When gold slumped on the 15th of April it said thatabout two months of the world’s production was sold intothe market. This was not real gold but the promise to delivergold or the equivalent in cash. When you buy a gold ETF ora gold share you are not buying gold you are buying a proxyfor gold.

This means the two values, between real gold and papergold can get out of whack and that the value of paper goldcan heavily influence the value of the metal in strange ways.That’s not to say it makes it more or less valuable, only to saythat when markets get into trouble the value of the proxiesthey trade can shift dramatically with no real linkage to goldproduction or even demand.

As such gold fans need not worry about short-termmoves, however dramatic, because they should be holdinggold for the long term and for the benefits that gold offers indiversification.

Don’t trade gold. You will lose.

2. There are two schools of thought on inflationLots of people believe we will get high inflation.

Government QE has printed vast amounts of new cash andmany expect this to turn into price rises and a cycle ofgrowing inflation. If you believe this you must hold gold.

On the other hand, banks were creating vast amounts ofmoney during the credit boom and that vanished so in factmoney supply may not be being increased; only replaced byQE. This could explain the lack of inflation in the officialnumbers. As such gold isn’t a great investment.

Skeptics suggest the inflation is the alright, just not in thegoods we buy from China. You know the stuff, iPhones etc.

but that inflation can be clearly seen infood and services. As such gold looks areasonable bet.

If people are starting to believe the‘no inflation’ story gold will fall. But isit really so low, if the bond bubble burstwhat then?

3. The gold standardSadly for the hard core gold bugs,

there will never be a new gold standard.There will never, ever be a return to agold standard, not even if the worldimplodes. If there was gold would haveto be a million dollars an ounce.

There is just not enough gold in theworld to be used as a value backedmoney medium. If gold was turnedinto money it would end up beingmoney as detached from real value aspaper. Communists would love gold asmoney because if we went back to goldcoins as cash, we simply wouldn’t havemuch money around and littleeconomy to go with it. Of courseRomans had gold as money and guesswhat, they had mighty inflation too.Paper doesn’t create inflation anddevaluation, government does, and itcan do it with a gold backed currencyor without it.

4. Gold is not a stable store of valueIt is a myth to believe gold is a constant store of value.

Like anything else the price of gold is created by supply anddemand. When the Spanish pillaged South America andbrought the gold and silver back to Europe, there wasrampant inflation. More gold meant gold money was worthless and the price of things in gold went up.

Gold used to be worth a lot less than it is today. In ancienttimes silver was money and gold was five times more valued.Then the ratio went to 10, then 20 then 40 and so on. Nowthis ration swings about daily. You don’t have to look hard tosee gold is as vulnerable to swings in values as any othercommodity. When it’s fixed by government, its value is asphony as any dollar bill.

5. Gold is a commodityTo many people gold is something special. It’s more than

just another metal that comes out of the ground. This maywell be because since the dawn of time gold has been a statussymbol and status is what breeds success or simply justbreeds.

Whatever you feel about gold, it is just a metal. That isn’tnecessarily a bad thing and it doesn’t mean it needs to becheaper.

Gold supply has not kept up with demand so its price shouldrise. Where once gold was used on things that could be easilyrecycled. Now gold is used in things that don’t get recycled in

a way that the gold is being recovered. So gold is being lost.As such a lot of gold is being thrown away. Add this to the

fact that there is claimed to be a deficit of new gold minedabove consumption, gold should enjoy upward pricepressure, with or without runaway inflation.

However, theories apart, if you want to know which waygold is going to move the best thing to do is watch it everyday on sites such as ADVFN.com and you should build up afeel for its real value. Gold should be a small part of yourinvestment portfolio and nothing beats keeping tabs on yourinvestments and the markets themselves.

Nothing holds the same value for long and the road tofinancial wellbeing is to buy what is cheap and sell what isexpensive and to know which is which. On ADVFN that won’tcost you a penny, golden or otherwise.

Of course you want a prediction on the future of gold anda wild one too. Well you are in luck!

Gold will be $5,000 by 2020, because inflation will hit.When the short end of the bond curve can’t be shuffled

back into the long end at a low interest rate the short bondswill be turned into cash as the bonds come due. This willexplode economic activity, assets and inflation. If the statereflationists like Professor Kaufman are right, this won’thappen. But then how are they going to get the deficit downas a sustainable function of GDP? The idea is “slowly.”

Twitter: @ClemChambers

By Clem ChambersContributor, Forbes

Parcel2Go boss says Amazon, eBay is way for SMEs Fil Adams-Mercer, the founder of the UK’s largest

online parcel delivery service Parcel2Go, has said hebelieves online marketplaces such as eBay andAmazon are still a great option for start-upbusinesses.

He recalled on the company’s blog his ownexperiences setting up businesses, provided tips forbudding entrepreneurs and even suggested a businessplan he claims anyone can make money from.

But when it comes to online trading, Adams-Mercerbelieves eBay and Amazon remain two of the bestoptions for start-ups.

“eBay and Amazon are probably the best places tostart anything off,” he said. “But it is more difficultthan you think because a lot of people don’t calculatethings like their shipping costs and VAT.”

According to the millionaire, one of the most

important things that anyone can do if they’rethinking of getting their own business off the groundis to simply get on with it and make a start.

“Stop being afraid. Yes, you will get ripped offsometimes in life but it’s better to do something andfail than not do it, just as long as you learn from it,”he said.

“You’d find that you’d work for half the moneyyou’re on now if you could survive off it, and be a lothappier being the master of your own destiny.”

Parcel2Go courier services are now used by morethan 750,000 people in the UK. A huge range ofdomestic and international services are on offer,including economy, same day and next day parceldelivery.

Parcel2Go uses worldwide couriers such asParcelforce, FedEx and CityLink.

May 8 - 14, 2013

financialmirror.com | GREECE | 23

IMF: Greece making progress, but must do more on taxes

Greece has made progress in reducing government debt andimproving its competitiveness, but needs to follow through onstructural reforms to ensure its economy recovers, the IMF saidon Monday after a mission visit to the country.

The Fund said Greece must do more to fight its ‘notorious’tax evasion and open up labour competition to ensure the bur-den of austerity does not fall disproportionately on wage-earn-ers and pensioners.

“Decisive corrective actions are needed in each of these areasto promote an early supply response and achieve a more bal-anced distribution of the burden of adjustment,” the IMF saidafter its visit. “The mission welcomes that the government isrefocusing its program in recognition of these problems.”

Measures to cut Greece’s budget deficit and make its econo-my more competitive are key conditions of its 240 bln eurobailout from the EU and the IMF.

But tax evasion is endemic, making it more difficult for thegovernment to shore up its finances and denting support forthe pro-bailout ruling coalition.

Middle-class wage earners and pensioners, the hardest-hitgroup in the six-year recession, account for 70% of total person-al income declared.

The IMF called on the government to strengthen the inde-pendence of the tax administration to make it easier to reformthe system. It also said Greece must lay off public workers to beable to hire new qualified staff, and not just rely on voluntary

departures. “The taboo against mandatory dismissals must beovercome,” the IMF said.

Under the current bailout plan agreed in November, Athenshas to cut 150,000 public sector jobs overall from 2010 to 2015,about a fifth of the total, through hiring curbs, retirement anddismissals.

Lay-offs are a sensitive issue in Greece where unemploy-ment has hit a record high of 27.2% and the economy is nowin its sixth year of recession — though recent polls show mostGreeks want the reform of the public sector.

As a condition for receiving further bailout funds, MPs lastmonth approved a plan that makes it easier to fire governmentemployees for disciplinary reasons, and also extends an unpop-ular property tax and opens up professions such as accountantsand bakers.

DEBT TOO HIGHThe IMF said Greece has made “exceptional” progress on

reducing its fiscal deficit since 2010, with its primary budgetsurplus, or the surplus before taking into account debt financ-ing costs, set to improve by 10% by the end of the year.

But the country’s public debt remains “much too high,” theWashington-based lender said.

“It is, therefore, very welcome that European partners havenow accepted that Greece could need significant exceptionalsupport on below-market terms in order to restore debt sustain-

ability and that they have committed to provide additionalrelief, if needed,” the IMF said, in order to ensure debt fallsbelow 110% of GDP by 2022.

Finance Minister Yannis Stournaras said the country wouldseek more debt relief if the government managed to achieve aprimary surplus this year.

And Greece’s international lenders have also agreed theycould give the country further debt relief, probably in the shapeof lower financing costs, if it meets its fiscal targets.

The critical long-term goal for Athens is to bring its debt asa proportion of GDP down to a manageable size. The ratio cur-rently stands at more than 160%. The IMF has said it must becut to 120% by 2020 to be “sustainable”.

The IMF has insisted on strict debt targets as a condition ofhelping Greece get its economy in shape, but the Fund has alsobeen criticized for failing to predict Greece’s deep recession.

Moody’s assigns B1 ratings to Frigoglass; stable outlook

Moody’s Investors Service has assigned a first-time pro-visional (P)B1 corporate family rating (CFR) and B1-PDprobability of default rating (PDR) to Frigoglass S.A.I.C., oneof the world’s leading manufacturer of beverage coolers andone of the largest glass bottle manufacturers in West Africaand the Middle East.

Concurrently, Moody’s has also assigned a provisional(P)B1 senior unsecured rating to the group’s proposed issueof EUR 250 mln of senior unsecured notes due 2018. Theoutlook on all ratings is stable.

“The ratings recognises the group’s global presence andits long-term relationships with customers including thelargest Coca-Cola bottlers and some of the largest beer pro-ducers in the world,” said Paolo Leschiutta, Moody’s leadanalyst for Frigoglass.

“These strengths compensate for Frigoglass’s modestsize overall — approximately EUR 581 mln in revenues as atyear-end 2012 — in comparison to its much larger cus-tomer base, and a degree of customer concentration, as

Coca-Cola Hellenic (CCHBC, Baa1 negative) accounts for25% of the group’s revenues,” added Leschiutta.

The rating is also supported by the dominant position ofFrigoglass in most of its markets, particularly in emergingmarkets.

Incorporated in Greece, Frigoglass produces beveragerefrigerators (or iced-cold merchandiser) for global playersin the beverage industry, with key customers includingCoca-Cola Company bottlers, major brewers, Pepsi anddairy companies. Truad Verwaltungs A.G., a trust controlledby the Leventis family, owns 45% of the shares and is a long-term investor in the group.

Frigoglass was part of CCHBC group until 1996 and hasretained strong ties with the group since then. WhileMoody’s recognises Frigoglass’s success in recent years inincreasing its customer diversification, the group is likely tohave weak negotiating power with most of its customersand remains exposed to raw material price volatility, whichcould affect its profitability going forward, Moody’s added.

Emma Delta takes OPAP stake for €652 mlnThe Greek privatisation body Hellenic Republic Asset

Development Fund (HRADF) said it has accepted theimproved offer of Emma Delta Ltd for the acquisition of a33% stake in gaming monopoly OPAP.

Emma Delta, a Czech-Greek joint venture that was thesole bidder in the final stage of the auction, raised its bidby 30 mln euros to 652 mln (EUR 6.20/share), while theGreek state will also receive 60 mln euros (EUR 0.57/share)in a cash dividend for FY12 corresponding to its 33% stakein OPAP.

“This means that the total financial consideration for33% of OPAP shares is 712 mln euros (EUR 6.77/share) ora 10% discount against current market capitalisation of2,389 mln euros,” said Dimitris Birbos, analyst at theInvestment Bank of Greece. The stock was last trading onthe Athens Stock Exchange (ASE) at EUR 7.49/share.

The winning bidder Emma Delta is a regulated variableequity fund, controlled by Jiri Smejc (66.7% - shareholderof PPF Group) and George Melissanidis (33.3%). Thefund’s investors are the Emma Group, KKCG, ICT Group,J&T Finance Group, businessmen George Melissanidis and

Christos Kopelouzos, while local media reported thatLottomatica is also participating in Emma Delta.

The HRADF’s independent appraiser has estimated thefair value of 33% of OPAP shares at 650 mln euros (post2012 dividend). According to OPAP’s business plan for2013-2022, the company is expected to record net profitsof 213 mln euros (EUR 0.67/share) in 2015 (first year offull operation of its new games), which implies a 10x 2015ep/e or a 17% discount against Lottomatica’s p/e ratio for2015.

“On the whole, we are not excited with the final consid-eration paid for the controlling stake in OPAP, which willstart reaping the benefits from the launch of its new games(VLTs, scratch tickets, state lotteries, internet games) from2015 onwards,” explained IBG’s Birbos.

“On the positive side, the successful conclusion ofOPAP’s privatisation will send a strong message to localand foreign investors that the Greek government is deter-mined to implement the asset sales programme agreedwith its creditors, thus further improving investor senti-ment for the Greek economy,” Birbos added.

Alpha Bank to trade ex-rightsShares in Alpha Bank will trade without rights to its planned 457

mln euro share offering from May 13, the Athens bourse said, asthe country’s big banks kick off their recapitalisation.

Greece’s top four banks, including Alpha, need 27.5 bln euros infresh funds to restore their solvency after incurring losses on badloans and on the country’s sovereign debt write-off.

Alpha’s rights offering, part of a 4.57 bln euro capital strength-ening exercise, got the go-ahead from the securities regulator andwill be underwritten by J.P. Morgan, Citigroup, HSBC and France’sCredit Agricole.

Rights will trade from May 17 to 27, and the subscription peri-od for the offering will run from May 17 to 31.

The bank will also issue new common shares to raise up to 92.9mln euros on which existing shareholders will waive their rights.These shares will be privately placed with institutional investors.

The remaining funds to plug its 4.57 bln euro capital need willbe provided by the state rescue fund - the Hellenic FinancialStability Fund (HFSF) - in exchange for new shares with limitedvoting rights.

EU clears aid for ATEbankThe European Commission has approved the liquidation aid

given to ATEbank, whose healthy assets were sold to Piraeus Bankin July 2012, with the rest to be wound down.

While three measures taken by Greece, such as a 7.471 bln euroinjection to bridge the bank’s funding gap, were considered to bestate aid for ATEbank, the European Commission said they werelimited and within the rules.

“The Commission found that the aid was limited to the mini-mum necessary to ensure an orderly resolution. In addition, themarket exit of ATEbank limits the distortions of competitionbrought about by the aid,” said the Commission.

It said the takeover of healthy assets by fourth-biggest lenderPiraeus Bank did not constitute state aid, with Piraeus putting inthe best bid in a tender process.

Hochtief sells airports Hochtief said it sold its airports unit to Canada’s Public Sector

Pension Investment Board for 1.1 bln euros ($1.4 bln), to help funda shift towards ground transportation and energy infrastructure.

The division has holdings in airports in Budapest, Duesseldorf,Hamburg, Sydney and Tirana, said the German builder, which iscontrolled by Spain’s ACS It also sold Athens Airport as part of thetransaction, which will take retroactive effect from January 1 thisyear, even though it had previously taken that hub out of the bun-dle, citing economic troubles in Greece.

Few roadblocks to equities’ climb after new high

With Friday’s U.S. payrolls report serving as a springboardto lift Wall Street stock indexes to new all-time highs,investors are left to contemplate whether the gains will fizzleor if the upward momentum will continue.

Investors cheered the jobs report on Friday, which showedemployment rose at a faster-than-anticipated pace in Apriland hiring in the prior two months was much stronger thanpreviously thought.

The report eased investor concerns after a raft of soft data,particularly in the manufacturing sector, and sent the S&P500 hurtling past what was viewed as its final resistance levelof 1,600 to a fresh all-time closing high of 1,614.42.

With little in the way of economic data on tap this weekand earnings season moving into the home stretch, thereappears to be little that could derail a move higher.

“That’s the $64,000 question - without a micro or macrofocus, what do we shift our attention to?” said Art Hogan,managing director of Lazard Capital Markets in New York.

“I would argue in a lack of critical information this mar-ket has found a path of least resistance to the upside.”

The economic calendar for the coming week is extremelylight, with consumer credit and wholesale inventories forMarch among the few notables.

Earnings season continues its wind down, with WaltDisney Co the only Dow component scheduled to report forthe week. Its results could also provide a glimpse into thehealth of consumer spending.

Other notable S&P 500 companies expected to post earn-ings include Tyson Foods, Dean Foods, Electronic Arts,Whole Foods Market, Nvidia Corp and Priceline.com.

Corporate earnings have improved from earlier marketexpectations, with the expected earnings growth now at5.2%, up from 1.5% at the start of earnings season.

According to Thomson Reuters data through Friday, of

the 404 companies in thebenchmark 500 index thathave reported earnings, 68.3%have topped analyst expecta-tions, above the 63% averagesince 1994 and the 67% aver-age for the past four quarters.

But revenue remains disap-pointing, with only 46.3% ofS&P 500 companies toppingWall Street expectations, wellbelow the 62% beat rate since2002 and shy of the 52% aver-age for the past four quarters.

With the S&P easily breez-ing past what was seen as itsfinal resistance point of 1,600,the index is now in unchartedwaters for investors to try andpredict when a pullback may occur or gains may slow.

“(The S&P 500) broke through that 1,600-resistance levellike it wasn’t even there based on the payrolls report,” saidPaul Mendelsohn, chief investment strategist at WindhamFinancial Services in Charlotte, Vermont.

“Generally you don’t want to fight a 52-week high, youdefinitely don’t want to fight an all-time high.”

For the week, the Dow rose 1.8%, the S&P 500 gained 2%,and the Nasdaq advanced 3%.

With the gains on Friday, the S&P 500 put together itsfirst consecutive weekly advances since a seven-week runthat ended in mid-March, a possible sign of continued trendshigher. Markets are heading into the traditionally weakersummer months. The index has fallen in May for the pastthree years.

“The key now is, you want to see the bulls continue topush higher, you don’t want to see the slip back,” said RyanDetrick, a senior technical strategist at Schaeffer’sInvestment Research in Cincinnati, Ohio.

“The ultimate contrarian would say a lot of that very wellcould be priced in, the thing most people aren’t expecting isa continued rally in the normally weak summer months,” hesaid.

By the same token, the lofty levels for equities could makethem ripe for a pullback, with investors resuming the battlebetween booking profits and buying dips. That battle causedthe index to alternate between weekly gains and lossesthroughout the latter portion of March and most of April.

“It is a bipolar market. It is either all on or all off,”Mendelsohn said. “Either things are great and we are goingto the moon, or everything is falling apart and it’s all over.”

May 8 - 14, 2013

24 | BACK PAGE | financialmirror.com

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 9M 9M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2011 2012 2012 2012 Per Per Yield High Low Close 31/12/2012 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2012

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/12 31/12/2012

Index performanceCSE General Index 124.29 92.66 97.61 114.86 -15.02FTSE/CySE 20 47.75 37.08 39.10 44.40 -11.94FTSE/XA & XAK Banking 188.86 81.63 117.61 168.87 -30.35MAIN MARKETMAIN MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 113.87 83.34 88.60 104.69 -15.37BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 - 1.24 - -1 371 000 -792 593 -210 956 0 n/a -76.37 0.278 0.185 0.251 -CYPRUS POPULAR BANK CPB ΛΑΙΚ 4 065 482 0.10 - 0.25 - -3 650 380 -291 493 -1 671 495 0 n/a -89.79 0.047 0.040 0.044 -HELLENIC BANK HB ΕΛΗΤ 619 689 0.43 71 264 0.78 0.15 -100 658 -73 081 219 -23 440 n/a -3.78 0.177 0.107 0.115 0.175 -34.29LOGICOM LOG ΛΟΤΖ 74 080 0.35 18 224 0.75 0.33 3 585 3 024 3 026 2 040 8.93 2.75 1.50 6.10 0.300 0.226 0.246 0.263 -6.46A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 10 341 0.49 0.09 -6 894 -1 527 109 -13 281 n/a -5.39 0.048 0.042 0.042 0.045 -6.67LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 5 066 0.27 0.04 -82 674 -4 830 -8 489 -30 442 n/a -6.61 0.019 0.011 0.011 0.018 -38.89SECTOR TOTAL / OΛIKO 104 895 0.63 0.10 -5 208 021 -1 160 500 -1 887 586 -65 123 1.55PARALLEL MARKET

PARALLEL MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 637.17 562.64 562.64 627.38 -10.32WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.78 0.13 6 700 3 780 2 372 6 005 4.57 5.26 2.31 9.63 0.260 0.220 0.240 0.250 -4.00VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 30 932 3.20 0.13 -2 312 -2 992 -258 -1 354 n/a -1.88 1.50 3.49 0.460 0.410 0.430 0.439 -2.05A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 29 236 0.25 0.65 4 059 -1 880 n/a -1.03 0.195 0.160 0.160 0.183 -12.57ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 16 100 0.45 0.20 197 287 -505 -492 n/a -0.28 2.10 22.83 0.124 0.092 0.092 0.115 -20.00LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 16 368 0.15 0.38 -1 734 67 -3 539 -34 500 n/a -12.22 0.061 0.054 0.058 0.058 0.00K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 7 915 4.69 0.13 3 250 3 181 2.49 23.71 1.050 0.590 0.590 1.050 -43.81G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.31 0.42 -1 647 -49 n/a -0.13 0.130 0.130 0.130 0.130 0.00MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.00 0.17 -1 046 -1 767 n/a -21.55 0.500 0.500 0.500 0.500 0.00PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.09 1.06 -1 608 -1 071 n/a -2.38 0.095 0.095 0.095 0.095 0.00LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 850 1.96 0.06 702 1 006 3.83 2.87 0.110 0.100 0.110 0.100 10.00LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 3 930 0.05 0.68 -3 657 -5 616 n/a -4.57 0.032 0.032 0.032 0.032 0.00LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 688 0.48 0.12 -1 273 -3 284 n/a -6.84 0.059 0.056 0.056 0.058 -3.45SECTOR TOTAL / OΛIKO 238 753 1.37 0.34 1 631 1 142 -1 930 -39 821 5.12ALTERNATIVE MARKETALTERNATIVE INDEX 2011 9M '11 9M '12 2012 Cents Cents % 657.64 624.36 625.18 636.57 -1.79ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 14 631 0.49 0.30 1 932 -3 731 -3.77 0.93 6.28 0.148 0.153 -3.27A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.02 0.56 -2 776 -637 -0.40 0.010 0.012 -16.67AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 408 0.45 0.11 -2 123 -1 284 -1.16 0.049 0.045 8.89ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 421 0.76 0.85 2 311 1 532 3.92 7.00 10.77 0.650 0.650 0.00BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 239 0.79 0.18 571 403 2.61 1.20 8.28 0.145 0.180 -19.44CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 101 0.33 0.11 -3 532 -7 040 -4.97 0.036 0.041 -12.20CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 242 0.40 0.06 -375 -376 -3.73 0.024 0.024 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 4 867 0.27 0.16 -3 913 -16 998 -15.72 0.045 0.042 7.14CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 576 0.03 0.08 -7 733 -14 283 -4.96 0.002 0.004 -50.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 289 0.65 0.46 -104 -95 -0.39 0.299 0.290 3.10C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 6 887 0.09 0.38 -2 998 -1 275 -0.61 0.033 0.037 -10.81CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 249 0.27 0.90 -652 -366 -7.12 0.243 0.270 -10.00CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 21 054 2.08 0.07 -4 639 -9 917 -7.21 0.153 0.153 0.00CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 130 5.70 0.24 -4 127 -2 868 -93.76 1.350 1.490 -9.40CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 27 716 1.86 0.16 6 152 1 756 482 4 381 4.76 3.20 10.63 0.301 0.346 -13.01CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.43 0.33 658 -226 -1.51 0.140 0.140 0.00DIMCO PLC DES ΝΤΙΜ 80 999 0.09 4 617 0.29 0.20 1 600 664 0.82 0.057 0.073 -21.92DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 743 0.30 0.19 -529 -666 -4.93 0.055 0.055 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 160 0.67 0.57 -257 -1 404 -8.78 0.385 0.385 0.00ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 135 0.04 0.23 -6 807 -8 999 -2.58 0.009 0.009 0.00EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 692 0.15 0.89 -15 527 -6 859 -20.17 0.138 0.140 -1.43FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.73 0.18 1 608 673 14.01 0.480 0.480 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 10 800 0.92 0.12 5 226 -3 246 -3.25 0.45 4.17 0.108 0.108 0.00KARAOLIS GROUP KARA 22 343 0.34 335 -0.10 -0.15 -2 268 -2 602 -11.65 0.015 0.015 0.00KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 948 0.09 1.27 -112 -203 -2.55 0.119 0.119 0.00KEO LTD KEO ΚΕΟ 30 978 0.43 10 842 3.40 0.10 -3 948 -8 013 -25.87 0.350 0.385 -9.09KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 709 0.38 0.25 -802 -670 -3.73 0.095 0.089 6.74KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 11 934 0.59 0.99 108 -2 852 -13.98 0.585 0.585 0.00JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 559 0.36 0.20 -1 263 -2 408 -3.86 0.073 0.069 5.80LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 694 0.75 0.07 -10 021 -9 471 -9.31 0.056 0.053 5.66MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 735 0.63 0.28 1 324 -1 006 -2.33 0.179 0.184 -2.72MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 941 0.09 0.14 -3 328 -1 399 -1.78 0.012 0.013 -7.69MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 164 -0.0075 -1.47 -337 -318 -2.13 0.011 0.011 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 31 408 0.18 0.40 -20 039 -14 396 -3.39 0.074 0.075 -1.33PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 62 038 1.31 0.54 10 783 5 428 6.20 1.70 2.40 0.709 0.733 -3.27PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 658 0.38 0.20 -868 -719 -3.25 0.075 0.075 0.00PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 15 298 0.004 10.26 -6 356 -5 473 -1.43 0.040 0.052 -23.08PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.40 0.44 75 -148 -4.12 1.510 1.510 0.00RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 298 0.04 0.03 151 -1 463 -0.49 0.001 0.001 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.43 480 -1 593 -4.83 0.050 0.050 0.00SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 557 0.43 0.16 973 -3 323 -9.10 0.070 0.066 6.06SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 2 727 1.33 0.03 -19 200 -21 450 -32.25 0.041 0.046 -10.87STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 6 825 2.44 0.09 1 577 2 218 6.82 2.00 9.52 0.210 0.230 -8.70TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.34 0.76 -891 -852 -6.98 0.260 0.260 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 207 0.04 0.25 13 -192 -0.93 0.010 0.010 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -56 -74 -0.76 0.020 0.020 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.19 5.38 2 739 1 153 1.54 1.000 1.000 0.00SECTOR TOTAL / OΛIKO 416 263 0.77 0.60 -87 300 1 756 482 -142 443

2012

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2/5/13

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 9M 9M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2011 2012 2012 2012 Per Per Yield High Low Close 31/12/2012 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2012

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/12 31/12/2012

2012

EMERGING MARKET (N.E.A.) CSE Code No. of Shares Market Cap Latest price Nominal Listing(000) EUR (000) EUR Value EUR Date

CONSTANTINOU BROS PROPERTIES ΚΩΑΜ/CBAM 1 950 36 855 18.90 0.01 29/3/10CYPRUS LIMNI RESORTS & GOLF ΛΙΜΝΗ/LIMNI 300 000 297 000 0.99 0.10 29/3/10ITTL TRADE TOURIST & LEISURE ΙΤΤΛ/ITTL 100 000 75 000 0.75 0.50 06/8/10INT'L LIFE GENERAL INSURANCE SA INLE 8 057 21 834 2.71 1.00 21/7/11ORCA INVESTMENT PLC ΟΡΚΑ/ORCA 1 200 14 280 11.90 0.01 10/9/10P.C. SPLASH WATER PUBLIC CO. ΠΚΣΓ/PCSW 35 052 42 062 1.20 0.25 10/10/11WARGAMING PUBLIC CO. ΓΚ/WG 3 400 3 400 1.00 0.10 2/11/11ECHMI S.A. INVESTMENT CONSULTANTS EXMI/ΕΗΜΙ 321 1 541 4.80 1.00 10/04/12EPILEKTOS ENERGY S.A. ΕΠΙΕΝ/EPIEN 10 906 43 624 4.00 0.32 28/06/12KERVERUS IT (CYPRUS) LTD ΚΕΡΒ/KERV 1 810 2 552 1.41 1.00 29/06/12C.O. CYPRUS OPPORTUNITY ENERGY ΓΚΑΖ/GAS 8 390 13 844 1.65 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 13 000 20 020 1.54 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 7 799 0.42 0.59 17/10/12GLOBAL DIGITAL SERVICES STC/ΣΤΣΙ 25 000 250 0.01 0.01 30/04/13TOTAL 580 061

WARRANTS No. of warrants Mkt Cap Exercise Period Exercise Price Expiry Date Latest(000) (00) euro cents Close

ALKIS HADJ. FROU-FROU (WAR. 2015) 24831 25 20-30 Jun 2001-2015 173 30-06-2005 0.001AMATHUS NAVIGATION (WAR.07-2013) 17606 176 1-15 May & 1-15 Nov 07-13 20c or EUR 35c 15-11-2013 0.010TOTAL 224

EMERGING MARKET CSE Code No. of Bonds Market Cap Latest price Listing Latest

(N.E.A.) EUR EUR Date NAV

GreenTea SA GRTEA 1 040 104 000 000 100 000 8 Nov 2011 N/A

Protean Global Futures (Perpetual Notes) PGFL 650 65 000 000 100 000 1 Dec 2012 N/A

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2011 9M '11 9M '12 2012 Cents Cents % 572.39 450.90 520.49 546.03 -4.68ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0369 -53.93 -737 4 0.01 0.017 0.017 0.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 5 222 0.1914 -51.41 -4 301 139 0.25 0.093 0.115 -19.13CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 4 316 0.2682 -63.83 -10 771 -8 799 -3 229 -2 774 -6.23 0.097 0.119 -18.49DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 48 600 0.7174 -66.13 -14 853 -3 423 -1.71 0.243 0.250 -2.80DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 565 0.0012 66.67 -6 892 -2 559 -0.91 0.002 0.004 -50.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 260 0.0660 36.36 -255 -22 -0.16 0.090 0.078 15.38INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 2 771 0.1709 -71.33 -9 493 -443 -0.78 0.049 0.048 2.30ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0589 -26.99 -86 -251 -2.28 0.043 0.043 0.00KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 418 0.2229 0.94 -180 -57 -2.85 0.209 0.210 -0.48REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0265 -24.53 -150 -182 -0.90 0.020 0.020 0.00TRIENA INV. INCOME TINC ΤΕΕΠ 2 729 0.85 2 183 1.0430 -23.30 331 155 5.68 11.00 13.75 0.800 0.800 0.00TRIENA INV. CAPITAL TCAP ΤΚΕΠ 2 729 0.85 5 458 2.1427 -6.66 -136 -1 921 -70.39 2.000 2.000 0.00TRIENA INTERNATIONAL TINT Τ∆ΕΠ 1 364 0.85 709 0.6125 -15.10 -36 12 0.88 0.520 0.520 0.00UNIGROWTH INVESTMENTS UNI ΓΙΕΠ 13 468 0.17 3 704 0.2000 37.50 -403 -782 -5.81 0.275 0.250 10.00SECTOR TOTAL / OΛIKO 77 077 -47 962 -8 799 -3 229 -12 104 0.00SHIPPING COMPANIES SECTOR

9M '11 9M '12

SPECIAL CATEGORY / 2011 2012 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 162 0.1728 -98.84 -69 -1 011 -1.25 0.002 0.002 -AD SHOPPING GALLERIES AD ΑΘΩΣ 128 936 0.17 13 023 0.06 1.68 -12 265 -12 265 -9.51 0.101 0.101 -A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 3 657 0.88 0.11 399 -350 -0.96 0.100 0.128 -21.88ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 5 296 0.02 2.41 -6 400 -6 400 -6.40 0.053 0.055 -CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 207 -1.21 -0.03 -2 974 -217 -4.29 0.041 0.041 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 1 600 0.12 0.27 -5 512 -11 266 -22.53 0.032 0.060 -CONSTANTINOU BROS. CBH ΚΩΝΣ 160 714 0.35 12 375 0.57 0.13 -3 755 -10 859 -6.76 0.077 0.070 -CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 9 388 -0.12 -0.19 -23 885 -55 832 -14.27 0.06 0.03 0.024 0.020 -D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 157 -0.20 -0.01 -9 100 -9 100 -5.79 0.001 0.002 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 23 -0.08 -0.04 -243 -391 -5.08 0.003 0.003 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 15 000 1.30 0.46 -701 -70 -0.28 1.12 1.87 0.600 0.650 -EFREMICO HOLDINGS EFR ΕΦΡΕ 11 385 0.43 285 0.086 0.29 35 35 0.31 0.025 0.020 -EMPIRE CAPITAL INV. EMP ΕΜ 47 853 0.87 35 890 0.05 15.00 -4 283 6 553 13.69 0.750 0.600 -EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 752 0.13 0.19 -219 -2 111 -6.73 0.024 0.024 -FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 148 0.0100 -70.00 -1 465 -1 465 -2.97 0.003 0.009 -FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -24 581 -220 -0.30 0.100 0.100 -KANIKA HOTELS KAN ΚΑΝΙ 60 250 0.35 7 833 0.67 0.19 -77 -77 n/a -0.13 0.14 0.10 0.130 0.130 -KNOSSOS INV. KNO ΚΝΕΠ 21 827 0.17 218 0.11 0.09 87 87 0.40 0.010 0.005 -K. KYTHREOTIS HOLDINGS KYTH ΚΥΘΡ 42 450 0.17 1 910 0.38 0.12 621 -3 654 -8.61 0.045 0.045 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 8 582 0.06 2.46 -10 339 -713 -1.15 0.139 0.139 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 189 -0.38 0.00 -11 700 -11 700 -6.18 0.001 0.001 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.30 0.78 -545 -605 -7.06 0.230 0.230 -NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 10 843 0.43 0.37 2 145 31 0.05 4.00 25.00 0.160 0.210 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 510 0.004 2.75 -1 484 494 1.07 0.011 0.009 -ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 1 619 1.49 0.01 -8 648 18 -17 728 -8 648 n/a -10.68 0.120 0.045 0.020 0.017 -PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 -1 879 -959 -9.93 0.080 0.080 -ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 2 925 0.28 0.20 -328 -410 -0.76 0.054 0.054 -SAFS HOLDINGS SAFS ΣΑΦΣ 70 220 0.17 140 0.000 6.67 -1 953 -450 -0.64 0.002 0.001 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 1 889 -0.08 -0.04 -15 879 -24 032 -3.82 0.003 0.014 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 77 0.05 - -3 735 921 2.39 0.002 0.002 -SUPHIRE HOLDINGS SUP ΣΑΠΦ 124 009 0.09 1 240 -0.12 -0.08 -60 -60 -0.05 0.010 0.010 -USB BANK USB ΤΡΑΓ 99 271 0.57 64 526 0.52 1.25 -8 961 -825 -0.83 0.650 0.660 -SECTOR TOTAL / OΛIKO 210 466 -157 753 18 -17 728 -155 569

MARKET TOTAL / OΛIKO AΓOPAΣ 1 047 454 -5 499 405 -1 166 383 -1 909 991 -415 060 source: Eurivex Ltd.

PAT:Profit After Tax NAV: Net Asset Value Bold: Final results

EPS: Earnings per Share based on existing number of shares.

P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Ignores weighted number of shares in circulationBook Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price. Forecasted profits are liable to change without notice and responsibility

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

May 8 - 14, 2013

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