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Archive for February, 2012

Marfin Popular Bank posts €2.5 billion loss on Greece

Earlier today the Island’s second largest lender, the Marfin Popular Bank, announced a record full-year net loss of €2.5 billion, hit by a write-down on its Greek sovereign debt holdings.

Cyprus house prices predicted to fall further this year

House prices in Cyprus registered one of the largest falls in European countries according to the latest edition RICS European Housing Review and prices are predicted to fall further in 2012.

Hellenic Bank takes €99.5 million hit on Greek debt

Hot on the heels of the €1 billion loss reported by the Bank of Cyprus last week, the Hellenic Bank has posted a loss of €99.5 as a consequence of a 70 percent writedown on its Greek debt.

Depressing outlook for Cyprus’ economy

The European Commission’s interim report on the Cyprus economy paints a gloomy picture for the future resulting from a number of factors including a worsening of the external environment.

Bank of Cyprus takes a €1 billion hit on Greek debt

The Bank of Cyprus, the Island’s largest lender, posted a net loss of 1.01 billion Euros in its 2011 results on Tuesday after making a writedown totalling 1.32 billion Euros on its Greek sovereign debt holdings.

Cyprus economy has yet to hit bottom say economists

A panel of economists from the University of Cyprus’ Economic Research Unit believe that the present state of the global economy and the uncertain future of the Euro area have dramatically increased the risks for the Cyprus economy.

Corruption in Cyprus at all levels says former minister

Cyprus’ former finance minister, Charilaos Stavrakis, has said that Cyprus is a small country and one can see that some people who entered politics poor have subsequently become very rich.

Transfer of development rights to be aided by new bill

Proposals designed to assist those whose properties are located in environmentally protected areas or that have been affected by public works involve transferring their development rights to another property.

Cyprus construction output falls 17 percent

Construction output in Cyprus experienced one of the highest falls in the 27 EU member states during the third quarter of 2011 and prospects for improvements in the short-term are not favourable.

Free tickets to ‘A Place in the Sun Live’ at Earls Court

Complimentary tickets are now available to ‘A Place in the Sun Live’ overseas property exhibition at Earls Court in London that will include sessions on buying property in Cyprus and many other destinations.

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