The Cyprus Informer has published two recent articles about certain aspects of the Cyprus Economy;

Cyprus Government will have to write off Cyprus Bank Debts

Cyprus Banks and Cyprus Property

Like most  financial writers we are always looking for attributable facts and there is no better source than the IMF.

Do please read the articles linked to above and then read the following extracts from the IMF Report on Cyprus published on its own web site just a few days ago on 29 June 2009.

These are just extracts please do read the whole report from the above link.

On 13 June the Informer published an article entitled “Cyprus Government will have to write off Cyprus Bank Debts”.

On 10 June Bank of Cyprus announced that its fund raising of up to 645.327.822 Euro Convertible Capital Securities had been oversubscribed with total subscriptions amounting to almost 659 million Euro.

The Bank said that the capital raised from the issue will be used to further strengthen the Group’s capital adequacy and in particular its Tier 1 capital. As at the end of December 2008 it reported its Tier 1 capital ratio at 7.5% and with this new fund raising it would increase to 10%. Good News.

As the Informer anticipated the Cyprus Government will not be undertaking a major reform of title deeds or the law which allows developers to re-mortgage land on which houses have been sold without the issue of title.

This was announced in the Cyprus Press. 

The writing is on the wall for all to see.

Property sales in Cyprus had already stalled because of the worldwide financial crisis and the long running saga of title deeds and mortgages which has been brought to the forefront of world news by the campaigning organisation CPAG (Cyprus Property Action Group).

“INTERIOR Minister Neoclis Sylikiotios yesterday called on land developers to acknowledge they were part of the problem when it came to the title-deeds debacle, and to shoulder their responsibilities to buyers.

He said legislation was in process that would bring an end to the problem affecting 100,000 home owners, including 30,000 foreigners, most of whom are British.

Speaking at the annual general meeting of the Land and Building Developers Association (LBDA), Sylikiotis said the legislation aimed at removing the main reasons why developers effectively block the issuing of title deeds to the rightful owners of new property.

Charles Charalambous wrote a long article in the Cyprus Mail.  Here is a popular snippet about a black list of those who bounce cheques in Cyprus.  Beware.

A RECORD number of cheques totalling €2.1 million bounced in January and February, the Central Information Registry (CIR) has revealed.

The value of the dishonoured cheques for the first two months of 2009 already represents 37 per cent of the total for the whole of 2008, which was €5.6 million. The number of dishonoured cheques registered with the CIR in the first two months of this year represents 27 per cent of last year’s total.

If you are interested in reading a well presented round up of daily news relating to Cyprus as well as broadly based items on cyprus financial news then this new web site is well worth bookmarking and keeping this in your favourites.

There are also direct links to Cyprus Food.  And very nice recipes they are; with photos. 

Go to http://planetcyprus.info

In addition there is a direct link to a video stream of daily tv news from CYBC together with other videos about Cyprus.

The news desk updates the round up daily.  Well worth a visit.

Cyprus Property Help & Advice Centre™ ® ©
The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
http://cyprusinformer.eu

There have been articles in the press recently about the effect that the fall in sterling has had on those who have chosen to emigrate to Cyprus especially where they are getting income in sterling and living in euros. The 30% fall in value has caused belts to be tightened and in some cases real hardship. The Editor has a friend who still works for a Cyprus based estate agent and the comments are “they just drive by on the way to the airport leaving the keys to the house just saying rent it out for what you can or sell it !!”  From the volume of whole house contents sales in the classifieds this report is born out too well.  So what are real people saying about the prospects for Cyprus tourism this year.  Here are just a few snippets.  You soon get the flavour which is not too hard to guess and some examples of why.

When will the Government of the Republic of Cyprus realise that sorting out the issue of title deeds will stimulate the ailing building sector? Property buyers should not have to wait years for title deeds after completing payment for their property. Neither should they bear the real risk of the insolvency of a property developer causing the title deeds to be seized by a bank or other creditors including the Government of the Republic of Cyprus for unpaid taxes etc.,

By ALETHEA REYNOLDS  Copyright © Famagusta Gazette 2008

The Cyprus Electric Authority have introduced new ways for customers to settle their bills via the internet – this development means that expats who visit their home countries can pay online, without being in Cyprus.

As of last week, the EAC introduced a special payment area at their own website as well as payment options on the JCC website.

JCC is the same company that offers payment services for Road Tax and Department of Transport services.

You can pay anytime, day or night at http://www.eac.com.cy

Cyprus Property Help & Advice Centre™ ® ©
The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
http://cyprusinformer.eu

Conor’s latest comments on his blog, Shame on Cyprus are, “I suspended my vigil in London 17th October after 74 days and nights and took November off from all things Cypriot to rest with my family. Until the investigation concludes and charges made I feel I must continue with 2 & 3 day protests whenever the President of the Republic visits London.  If no justice is forthcoming it will be with great regret that I will resume the indefinite vigil in the Spring of 2009.”