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Archive for December, 2014

Savvas Vergas denies text charges

Four defendants, including former Paphos mayor Savvas Vergas, denied charges relating to threatening SMS text messages sent to a number of witnesses involved in the Aristo case.

Ministers approve insolvency bills

The Council of Ministers has approved two of the five bills relating to the insolvency framework, but they will almost certainly be contested by opposition parties when they are discussed.

Decline and fall of the demagogues

For a very long time Cyprus has suffered from ‘sovereign corruption’, but is the mould finally starting to crack as news of those once considered as demagogues are bought to justice.

Construction slowdown continues

The slowdown in the island’s construction sector persists with the number of building permits issued in Cyprus continuing to fall in September, according to official statistics.

Capital restrictions eased

The Cypriot authorities have eased the restrictions on capital movement imposed in April 2013 following the bailout crisis; individuals may now transfer up to €10,000 a month out of the country.

November property sales fall

The number of property sales in Cyprus fell in November according to the Department of Lands and Surveys with sales declining in both the domestic and overseas markets compared to November last year.

Statute of Limitations Law extension

The transition period for the Statute of Limitations Law that Cyprus introduced in 2012 was extended until 31 December 2014 may be extended by a further 6 months or possibly 12 months.

Will Cyprus get next bailout tranche?

Although the foreclosures law has yet to be voted by parliament, the Cypriot authorities believe that the troika of international lenders will disburse the next tranche of the bailout on 15 December.

Repossessions bill delayed to clear troika funds

A vote on two bills to suspend the implementation of the repossessions legislation will probably take place after 15 December by which time Cyprus should have received the next bailout tranche.

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